Highest Dividend Paying Stocks in India (Sep 2026): Yield, Cash Flow & Forensic Checks
Highest dividend yield stocks in India screened for Piotroski health, positive free cash flow and ₹10,000 Cr+ market cap — ranked by yield with forensic checks.
The highest dividend paying stocks in India can offer meaningful cash distributions, but yield alone does not establish financial quality or dividend sustainability. This curated list, dated 15 Sep 2026, combines dividend yield above 3% with a Piotroski F-Score of at least 5/9, market capitalisation above ₹10,000 Cr and positive free cash flow.
Methodology
How This List Was Generated
Screened 12 stocks from the InvestSights screening dataset (6,000+ securities in the screening dataset).
Criteria: Screened for dividend yield >3%, Piotroski F-Score ≥5, market cap >₹10,000 Cr, and positive free cash flow. Ranked by dividend yield.
Screen these stocks yourself — investsights.in/screener
The ranking is based strictly on dividend yield, from 6.75% for Castrol India to 3.96% for Cyient. Profitability, leverage, growth, valuation and forensic indicators are included to help investors look beyond the headline yield.
Highest Dividend Paying Stocks in India: Summary
| # | Stock | Market Cap | Key Metric | P/E | Piotroski | Verdict |
|---|---|---|---|---|---|---|
| 1 | Castrol India | ₹18,523.29 Cr | Yield 6.75%; FCF ₹1,048.86 Cr | 20.06x | 5/9 | Highest yield; D/E 0.03 |
| 2 | Wipro | ₹2,11,129.16 Cr | Yield 5.86%; FCF ₹15,625.8 Cr | 14.89x | 6/9 | Positive FCF; PAT growth 0.47% |
| 3 | Oracle Financial Services Software | ₹60,401.62 Cr | Yield 5.86%; FCF ₹2,834 Cr | 22.18x | 7/9 | OPM 44.47%; D/E 0.00 |
| 4 | Embassy Office Parks REIT | ₹40,241.40 Cr | Yield 5.82%; FCF ₹355.46 Cr | 117.69x | 7/9 | Revenue up 16.84%; PAT down 79.16% |
| 5 | Vedanta | ₹2,85,966.07 Cr | Yield 5.20%; FCF ₹15,687 Cr | 14.69x | 5/9 | PAT up 16.03%; revenue down 48.17% |
| 6 | ONGC | ₹3,53,002.63 Cr | Yield 4.74%; FCF ₹71,582.53 Cr | 8.64x | 6/9 | Lowest P/E in list at 8.64x |
| 7 | Tata Consultancy Services | ₹9,56,730.88 Cr | Yield 4.62%; FCF ₹50,506 Cr | 17.34x | 5/9 | ROCE 55.03%; ROE 45.83% |
| 8 | RITES | ₹10,278.19 Cr | Yield 4.47%; FCF ₹344.23 Cr | 20.57x | 5/9 | D/E 0.00; credibility 72/100 |
| 9 | GAIL (India) | ₹1,11,717.18 Cr | Yield 4.36%; FCF ₹2,442.36 Cr | 11.94x | 5/9 | PAT down 39.10% |
| 10 | HCL Technologies | ₹3,78,358.44 Cr | Yield 4.02%; FCF ₹19,778 Cr | 21.83x | 7/9 | Revenue up 10.07%; PAT down 4.56% |
| 11 | Petronet LNG | ₹48,765 Cr | Yield 4.02%; FCF ₹3,028.65 Cr | 9.53x | 5/9 | Revenue down 14.69% |
| 12 | Cyient | ₹10,178.02 Cr | Yield 3.96%; FCF ₹730.30 Cr | 19.41x | 5/9 | PAT down 30.50% |
Individual Stock Analysis
1. Castrol India Limited (CASTROLIND) — ₹18,523.29 Cr
Castrol India is an Energy-sector company with a market capitalisation of ₹18,523.29 Cr. It leads this ranking with a dividend yield of 6.75%, while its Piotroski F-Score is 5/9 and free cash flow is ₹1,048.86 Cr. Profitability is strong on the supplied metrics, with ROCE of 62.75%, ROE of 49.99% and an operating margin of 21.79%. The principal watchpoint is modest growth: revenue increased 6.65%, but PAT grew only 2.45%.
🔍 Full Analysis — investsights.in/stock/CASTROLIND
2. Wipro Limited (WIPRO) — ₹2,11,129.16 Cr
Wipro represents the Technology sector with a market capitalisation of ₹2,11,129.16 Cr. Its 5.86% dividend yield is supported by positive free cash flow of ₹15,625.8 Cr and a Piotroski F-Score of 6/9. The stock trades at 14.89x earnings, while ROCE and ROE stand at 14.75% and 14.91%, respectively. The growth profile is restrained, with revenue growth of 3.97% and PAT growth of just 0.47%.
🔍 Full Analysis — investsights.in/stock/WIPRO
3. Oracle Financial Services Software Limited (OFSS) — ₹60,401.62 Cr
Oracle Financial Services Software is a Technology company valued at ₹60,401.62 Cr. It combines a dividend yield of 5.86% with free cash flow of ₹2,834 Cr and the list’s joint-high Piotroski F-Score of 7/9. Its operating margin is 44.47%, ROCE is 40.06%, and debt-to-equity is only 0.00. The forensic caveat is a management credibility score of 48/100, even though the Altman Z-Score is 30.33.
🔍 Full Analysis — investsights.in/stock/OFSS
4. Embassy Office Parks REIT (EMBASSY) — ₹40,241.40 Cr
Embassy Office Parks REIT is a Real Estate vehicle with a market capitalisation of ₹40,241.40 Cr. It qualifies with a dividend yield of 5.82%, a Piotroski F-Score of 7/9 and positive free cash flow of ₹355.46 Cr. Revenue grew 16.84%, and the operating margin reached 49.97%. The key risks in the supplied figures are a 79.16% decline in PAT, debt-to-equity of 1.08, an Altman Z-Score of 0.98 and a P/E of 117.69x.
🔍 Full Analysis — investsights.in/stock/EMBASSY
5. Vedanta Limited (VEDL) — ₹2,85,966.07 Cr
Vedanta is a Basic Materials company with a market capitalisation of ₹2,85,966.07 Cr. Its dividend yield is 5.20%, supported by free cash flow of ₹15,687 Cr, while its Piotroski F-Score is 5/9. PAT grew 16.03%, ROE was 42.59%, and the stock traded at 14.69x earnings. Investors assessing income durability must weigh the 48.17% revenue contraction and debt-to-equity ratio of 0.81.
🔍 Full Analysis — investsights.in/stock/VEDL
6. Oil and Natural Gas Corporation Limited (ONGC) — ₹3,53,002.63 Cr
ONGC is an Energy-sector company with a market capitalisation of ₹3,53,002.63 Cr. Its 4.74% dividend yield is accompanied by the list’s largest free cash flow figure of ₹71,582.53 Cr and a Piotroski F-Score of 6/9. The company trades at 8.64x earnings, while PAT growth was 14.35%. Its weaker forensic indicators include an Altman Z-Score of 1.61 and management credibility of 30/100, alongside a 0.12% revenue decline.
🔍 Full Analysis — investsights.in/stock/ONGC
7. Tata Consultancy Services Limited (TCS) — ₹9,56,730.88 Cr
TCS is a Technology company and the list’s largest constituent by market capitalisation at ₹9,56,730.88 Cr. It offers a dividend yield of 4.62%, positive free cash flow of ₹50,506 Cr and a Piotroski F-Score of 5/9. Return metrics are elevated, with ROCE of 55.03%, ROE of 45.83% and an Altman Z-Score of 10.48. The near-term watchpoint is slower growth, as revenue rose 4.58% and PAT increased 1.35%.
🔍 Full Analysis — investsights.in/stock/TCS
8. RITES Limited (RITES) — ₹10,278.19 Cr
RITES is an Industrials company with a market capitalisation of ₹10,278.19 Cr, slightly above the screen’s ₹10,000 Cr threshold. Its dividend yield is 4.47%, free cash flow is ₹344.23 Cr, and its Piotroski F-Score is 5/9. The balance-sheet figure is notable, with debt-to-equity at 0.00, while management credibility is the list’s highest supplied score at 72/100. The stock’s P/E of 20.57x should be assessed against revenue growth of 8.89% and PAT growth of 6.62%.
🔍 Full Analysis — investsights.in/stock/RITES
9. GAIL (India) Limited (GAIL) — ₹1,11,717.18 Cr
GAIL is a Utilities company with a market capitalisation of ₹1,11,717.18 Cr. It enters the list with a dividend yield of 4.36%, free cash flow of ₹2,442.36 Cr and a Piotroski F-Score of 5/9. Its valuation is 11.94x earnings, while debt-to-equity stands at 0.28 and the Altman Z-Score is 3.37. Earnings momentum is the central concern, with PAT down 39.10%, revenue down 0.22% and an operating margin of 5.42%.
🔍 Full Analysis — investsights.in/stock/GAIL
10. HCL Technologies Limited (HCLTECH) — ₹3,78,358.44 Cr
HCL Technologies is a Technology company with a market capitalisation of ₹3,78,358.44 Cr. It has a dividend yield of 4.02%, free cash flow of ₹19,778 Cr and a Piotroski F-Score of 7/9. Revenue grew 10.07%, while ROCE was 26.53%, ROE was 22.14% and the Altman Z-Score was 7.42. The contrasting figure is PAT growth of -4.56%, while management credibility stands at 50/100.
🔍 Full Analysis — investsights.in/stock/HCLTECH
11. Petronet LNG Limited (PETRONET) — ₹48,765 Cr
Petronet LNG is an Energy-sector company with a market capitalisation of ₹48,765 Cr. Its dividend yield is 4.02%, with positive free cash flow of ₹3,028.65 Cr and a Piotroski F-Score of 5/9. The company trades at 9.53x earnings and reports ROCE of 17.93%, ROE of 17.56% and debt-to-equity of 0.11. Its weaker figures are a 14.69% revenue decline, a 1.51% fall in PAT and management credibility of 26/100.
🔍 Full Analysis — investsights.in/stock/PETRONET
12. Cyient Limited (CYIENT) — ₹10,178.02 Cr
Cyient is an Industrials company with a market capitalisation of ₹10,178.02 Cr, narrowly exceeding the screen’s ₹10,000 Cr requirement. Its 3.96% dividend yield is accompanied by free cash flow of ₹730.30 Cr and a Piotroski F-Score of 5/9. Debt-to-equity is 0.08, and management credibility is 63/100. The principal concerns are revenue growth of -1.25%, PAT growth of -30.50%, ROE of 7.53% and an operating margin of 9.08%.
🔍 Full Analysis — investsights.in/stock/CYIENT
What This List Doesn’t Tell You
This ranking of the highest dividend paying stocks in India reflects data available on 15 Sep 2026 and therefore does not establish future dividend amounts or future free cash flow. Sector comparisons also require context: the list spans P/E ratios from 8.64x for ONGC to 117.69x for Embassy Office Parks REIT, while debt-to-equity ranges from 0.00 for RITES to 1.08 for Embassy.
Several forensic fields are also incomplete: Beneish M-Scores were not supplied for the 12 stocks, while Altman Z-Scores were unavailable for Vedanta, RITES, Petronet LNG and Cyient. Dividend yields can change after 15 Sep 2026 as market prices or distributions change.
How to Use This List
Treat this list as a research starting point rather than a buy list. For each of the 12 stocks, examine whether positive free cash flow, profitability and balance-sheet strength can support the displayed dividend yield of between 3.96% and 6.75%.
Compare the Piotroski scores of 5/9–7/9 with growth trends, debt-to-equity, management credibility and available Altman Z-Scores. Where forensic metrics are unavailable, review financial statements and management commentary before reaching an investment decision.
🔍 Screen stocks yourself — investsights.in/screener
🔬 Check forensic health — investsights.in/stock/SYMBOL?tab=forensic
🎙️ Read management commentary — investsights.in/stock/SYMBOL?tab=concall
The highest dividend paying stocks in India screen narrows more than 6,000 securities to 12 names, but dividend yield remains only one component of a complete assessment.
Disclaimer
This list is for informational and educational purposes only. It does not constitute investment advice. Consult a SEBI-registered investment advisor before making investment decisions. Data as of the most recent screener refresh on InvestSights.
Related: All curated stock lists · Stock screener · Methodology & data sourcing
InvestSights is an analytics platform and is not SEBI-registered as a Research Analyst or Investment Adviser. All figures are educational, descriptive data — not investment advice. Consult a SEBI-registered adviser before investing.