Indian Dividend Stocks To Boost Your Portfolio

The Indian market has climbed 1.3% in the last 7 days and is up 45% over the past 12 months, with earnings expected to grow by 17% per annum. In this thriving environment, dividend stocks that offer steady income and potential for capital appreciation can be a valuable addition to your portfolio.

Top 10 Dividend Stocks In India

Name	Dividend Yield	Dividend Rating
Castrol India (BSE:500870)	3.24%	★★★★★★
Balmer Lawrie Investments (BSE:532485)	4.35%	★★★★★★
D. B (NSEI:DBCORP)	4.63%	★★★★★☆
Indian Oil (NSEI:IOC)	8.24%	★★★★★☆
VST Industries (BSE:509966)	3.59%	★★★★★☆
Balmer Lawrie (BSE:523319)	3.22%	★★★★★☆
NMDC (BSE:526371)	3.21%	★★★★★☆
Redington (NSEI:REDINGTON)	3.33%	★★★★★☆
PTC India (NSEI:PTC)	3.72%	★★★★★☆
Bank of Baroda (NSEI:BANKBARODA)	3.12%	★★★★★☆

Click here to see the full list of 17 stocks from our Top Indian Dividend Stocks screener.

Let's uncover some gems from our specialized screener.

Bank of Baroda (NSEI:BANKBARODA)

Simply Wall St Dividend Rating: ★★★★★☆

Overview: Bank of Baroda Limited offers a range of banking products and services to individual, government, and corporate clients both in India and internationally, with a market cap of ₹1.26 trillion.

Operations: Bank of Baroda Limited's revenue segments include Treasury (₹316.82 billion), Other Banking Operations (₹110.76 billion), Corporate/Wholesale Banking (₹502.78 billion), and Retail Banking - Other Retail Banking (₹512.25 billion).

Dividend Yield: 3.1%

Bank of Baroda's dividend yield is among the top 25% in India, with a current payout ratio of 20.9%, indicating dividends are well covered by earnings. However, its dividend track record has been volatile over the past decade. Recent earnings growth and a forecasted payout ratio of 22.1% suggest sustainability. The bank completed several fixed-income offerings totaling INR 200 billion recently, which may impact future financial strategies and stability.

• Click here to discover the nuances of Bank of Baroda with our detailed analytical dividend report.
• Insights from our recent valuation report point to the potential undervaluation of Bank of Baroda shares in the market.

D. B (NSEI:DBCORP)

Simply Wall St Dividend Rating: ★★★★★☆

Overview: D. B. Corp Limited operates in newspaper printing and publishing, radio broadcasting, and digital news platforms for news and event management in India and internationally, with a market cap of ₹65.40 billion.

Operations: D. B. Corp Limited generates revenue from three primary segments: ₹22.77 billion from printing, publishing, and allied businesses; and ₹1.62 billion from radio broadcasting.

Dividend Yield: 4.6%

D. B. Corp's dividend payments are covered by both earnings (payout ratio: 65.2%) and cash flows (cash payout ratio: 57%), with a yield in the top 25% of Indian market payers at 4.63%. Despite recent earnings growth of 114.3%, its dividend history has been volatile over the past decade, indicating unreliability. The company declared an interim dividend of INR 7 per share for FY2024-25, payable by August 14, 2024.

• Dive into the specifics of D. B here with our thorough dividend report.
• Our expertly prepared valuation report D. B implies its share price may be lower than expected.

Oil and Natural Gas (NSEI:ONGC)

Simply Wall St Dividend Rating: ★★★★★☆

Overview: Oil and Natural Gas Corporation Limited, along with its subsidiaries, is involved in the exploration, development, and production of crude oil and natural gas both in India and internationally, with a market cap of ₹3.76 trillion.

Operations: Oil and Natural Gas Corporation Limited generates revenue primarily from its operations in India, with ₹5.72 billion from Refining & Marketing, ₹0.44 billion from Onshore Exploration and Production (E&P), and ₹0.95 billion from Offshore E&P, along with an additional ₹96.69 million from international activities.

Dividend Yield: 4.1%

Oil and Natural Gas Corporation's (ONGC) dividend payments are covered by both earnings (payout ratio: 31.3%) and cash flows (cash payout ratio: 32.5%), with a yield in the top 25% of Indian market payers at 4.1%. Despite this, its dividend history has been volatile over the past decade. ONGC declared a final dividend of ₹2.50 per share for FY2024 on August 30, reflecting its commitment to returning value to shareholders amidst fluctuating earnings.

• Get an in-depth perspective on Oil and Natural Gas' performance by reading our dividend report here.
• Our valuation report unveils the possibility Oil and Natural Gas' shares may be trading at a premium.

Turning Ideas Into Actions

• Discover the full array of 17 Top Indian Dividend Stocks right here.
• Already own these companies? Bring clarity to your investment decisions by linking up your portfolio with Simply Wall St, where you can monitor all the vital signs of your stocks effortlessly.
• Elevate your portfolio with Simply Wall St, the ultimate app for investors seeking global market coverage.

Interested In Other Possibilities?

• Explore high-performing small cap companies that haven't yet garnered significant analyst attention.
• Fuel your portfolio with companies showing strong growth potential, backed by optimistic outlooks both from analysts and management.
• Find companies with promising cash flow potential yet trading below their fair value.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com