The Indian market has shown remarkable resilience, with the Utilities sector gaining 3.5% while the overall market remained flat over the last week and up 44% over the past year. In this context of robust growth and positive earnings forecasts, identifying dividend stocks that offer stable returns can be a prudent strategy for investors seeking consistent income.
Top 10 Dividend Stocks In India
| Name | Dividend Yield | Dividend Rating |
| Castrol India (BSE:500870) | 3.20% | ★★★★★★ |
| Balmer Lawrie Investments (BSE:532485) | 4.28% | ★★★★★★ |
| D. B (NSEI:DBCORP) | 4.91% | ★★★★★☆ |
| Indian Oil (NSEI:IOC) | 8.24% | ★★★★★☆ |
| Bharat Petroleum (NSEI:BPCL) | 6.19% | ★★★★★☆ |
| VST Industries (BSE:509966) | 3.48% | ★★★★★☆ |
| Balmer Lawrie (BSE:523319) | 3.23% | ★★★★★☆ |
| Redington (NSEI:REDINGTON) | 3.30% | ★★★★★☆ |
| PTC India (NSEI:PTC) | 3.69% | ★★★★★☆ |
| 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 individuals, government departments, and corporate customers both in India and internationally, with a market cap of ₹1.26 trillion.
Operations: Bank of Baroda Limited's revenue segments comprise Treasury at ₹316.82 billion, Other Banking Operations at ₹110.76 billion, Corporate/Wholesale Banking at ₹502.78 billion, and Retail Banking (including Digital Banking and Other Retail Banking) at ₹512.25 billion.
Dividend Yield: 3.1%
Bank of Baroda's dividend payments are well covered by earnings with a low payout ratio of 20.9%, positioning it favorably for sustainability. However, the dividend track record has been volatile over the past decade, and the bank has a high level of bad loans at 2.9%. Recent fixed-income offerings totaling INR 200 billion may impact future financial stability but also reflect strong capital-raising capabilities.
- Get an in-depth perspective on Bank of Baroda's performance by reading our dividend report here.
- 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 ₹61.62 billion.
Operations: D. B. Corp Limited generates revenue from its radio segment (₹1.62 billion) and printing, publishing, and allied business segment (₹22.77 billion).
Dividend Yield: 4.9%
D. B. Corp's dividend payments are covered by both earnings (65.2% payout ratio) and cash flows (57% cash payout ratio), indicating sustainability despite a volatile dividend track record over the past decade. The company trades at 9.6% below estimated fair value, suggesting good relative value in the market. Recent earnings show significant growth, with net income rising to ₹1,178.66 million for Q1 2024 from ₹787.59 million a year ago, supporting its ability to maintain dividends amidst fluctuating payouts.
- Click here to discover the nuances of D. B with our detailed analytical 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 (NSEI:ONGC), 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 ₹3.77 trillion.
Operations: Oil and Natural Gas Corporation Limited generates revenue from its operations outside India (₹96.69 billion), refining and marketing within India (₹5.72 billion), onshore exploration and production in India (₹441.92 million), and offshore exploration and production in India (₹953.81 million).
Dividend Yield: 4.1%
Oil and Natural Gas Corporation (ONGC) has a dividend yield of 4.09%, placing it in the top 25% of Indian dividend payers. The company's dividends are well-covered by earnings (31.3% payout ratio) and cash flows (32.5% cash payout ratio). Despite a volatile dividend history, ONGC's payments have increased over the past decade. Recent management changes include appointing Shri Arunangshu Sarkar as Director (Strategy & Corporate Affairs), which may impact future strategic decisions.
- Unlock comprehensive insights into our analysis of Oil and Natural Gas stock in this dividend report.
- In light of our recent valuation report, it seems possible that Oil and Natural Gas is trading beyond its estimated value.
Seize The Opportunity
- Unlock our comprehensive list of 17 Top Indian Dividend Stocks by clicking here.
- Are any of these part of your asset mix? Tap into the analytical power of Simply Wall St's portfolio to get a 360-degree view on how they're shaping up.
- Join a community of smart investors by using Simply Wall St. It's free and delivers expert-level analysis on worldwide markets.
Seeking Other Investments?
- 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.
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About NSEI:DBCORP
D. B
Engages in newspaper printing and publishing, radio broadcasting, and provision of news digital platforms for news and event management businesses in India and internationally.
Outstanding track record with excellent balance sheet and pays a dividend.
