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Over the last 7 days, the Indian market has dropped 1.1%, but it has risen by an impressive 41% over the past year, with earnings expected to grow by 17% per annum in the coming years. In this dynamic environment, identifying dividend stocks with solid yields can provide a steady income stream and potential for capital appreciation.
Top 10 Dividend Stocks In India
| Name | Dividend Yield | Dividend Rating |
| Castrol India (BSE:500870) | 3.26% | ★★★★★★ |
| Balmer Lawrie Investments (BSE:532485) | 3.99% | ★★★★★★ |
| D. B (NSEI:DBCORP) | 5.01% | ★★★★★☆ |
| HCL Technologies (NSEI:HCLTECH) | 3.20% | ★★★★★☆ |
| VST Industries (BSE:509966) | 3.64% | ★★★★★☆ |
| Indian Oil (NSEI:IOC) | 8.55% | ★★★★★☆ |
| Redington (NSEI:REDINGTON) | 3.10% | ★★★★★☆ |
| Canara Bank (NSEI:CANBK) | 3.05% | ★★★★★☆ |
| Bank of Baroda (NSEI:BANKBARODA) | 3.17% | ★★★★★☆ |
| PTC India (NSEI:PTC) | 3.70% | ★★★★★☆ |
Click here to see the full list of 21 stocks from our Top Indian Dividend Stocks screener.
Here's a peek at a few of the choices from the screener.
Gulf Oil Lubricants India
Simply Wall St Dividend Rating: ★★★★★☆
Overview: Gulf Oil Lubricants India Limited manufactures, markets, and trades lubricants for the automobile and industrial sectors in India, with a market cap of ₹65.41 billion.
Operations: Gulf Oil Lubricants India Limited generates ₹33.83 billion in revenue from its lubricants segment.
Dividend Yield: 3%
Gulf Oil Lubricants India Limited's dividend payments are covered by earnings with a payout ratio of 57.4% and cash flows at 62.7%. Recent earnings showed strong growth, with net income rising to ₹860.38 million in Q1 2024 from ₹680.22 million a year ago, supporting its dividend sustainability despite past volatility. The stock trades at a favorable P/E ratio of 20.1x compared to the Indian market average of 33x, making it an attractive option for dividend investors seeking value.
Indian Oil
Simply Wall St Dividend Rating: ★★★★★☆
Overview: Indian Oil Corporation Limited, along with its subsidiaries, engages in the refining, pipeline transportation, and marketing of petroleum products both in India and internationally, with a market cap of ₹2.25 trillion.
Operations: Indian Oil Corporation Limited generates revenue primarily from petroleum products amounting to ₹8.25 billion and petrochemicals totaling ₹262.95 million.
Dividend Yield: 8.6%
Indian Oil Corporation's dividend payments have been volatile over the past decade but are covered by earnings (39.6% payout ratio) and cash flows (56.8% cash payout ratio). The stock trades at a favorable P/E ratio of 7.3x, well below the Indian market average of 33x, indicating good value. Despite an unstable track record, recent increases in dividends and strong earnings growth last year bolster its appeal for dividend investors.