PSU Stocks List (Sep 2026): Best Government Companies by ROCE and Dividend
Public-sector companies from the BSE PSU and Nifty PSE/CPSE indices with ₹10,000 Cr+ market cap and ROCE above 10% — ranked by dividend yield.
This PSU stocks list, dated 15 Sep 2026, highlights 12 government-owned companies that combine a return on capital employed (ROCE) above 10% with a market capitalisation above ₹10,000 Cr. The ranking prioritises dividend yield, while profitability, leverage, cash flow and forensic indicators help frame the risks after the PSU re-rating seen since 2023.
Methodology
How This List Was Generated
Screened 12 stocks from the InvestSights screening dataset (6,000+ securities in the screening dataset).
Criteria: Government-owned companies (constituents of the BSE PSU and Nifty PSE/CPSE indices) with ROCE >10% and market cap >₹10,000 Cr, ranked by dividend yield. PSUs have been re-rated significantly since 2023 on efficiency improvements and asset monetization.
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Dividend yield determines the order of this PSU stocks list; it is not a forecast of future payouts. The additional metrics—including P/E, Piotroski score, debt-to-equity and free cash flow—provide context around each company’s 10%+ ROCE qualification.
PSU Stocks List: Summary
| # | Stock | Market Cap | Key Metric | P/E | Piotroski | Verdict |
|---|---|---|---|---|---|---|
| 1 | BPCL | ₹1,66,793.84 Cr | 7.93% yield; 24.44% ROCE | 4.65x | 4/9 | Highest dividend yield in the 12-stock screen |
| 2 | IOC | ₹2,65,690.38 Cr | 7.35% yield; 18.81% ROCE | 4.43x | 4/9 | High-yield entry with 209.58% PAT growth |
| 3 | SCI | ₹12,323.18 Cr | 5.95% yield; 10.05% ROCE | 7.56x | 5/9 | Yield stands out, but ROCE is near the 10% cut-off |
| 4 | Coal India | ₹2,65,274.64 Cr | 5.84% yield; 14.27% ROCE | 8.93x | 4/9 | Low 0.12 debt-to-equity, but PAT fell 12.06% |
| 5 | ONGC | ₹3,53,002.63 Cr | 4.74% yield; ₹71,582.53 Cr FCF | 8.64x | 6/9 | Largest market cap and FCF; credibility score is 30/100 |
| 6 | Hindustan Petroleum | ₹93,475.24 Cr | 4.62% yield; 22.44% ROCE | 3.95x | 4/9 | High ROCE with comparatively elevated 0.85 debt-to-equity |
| 7 | NMDC | ₹72,128.07 Cr | 4.59% yield; 24.25% ROCE | 9.00x | 4/9 | High ROCE and 27.38% operating margin |
| 8 | RITES | ₹10,278.19 Cr | 4.47% yield; 0.00 debt-to-equity | 20.57x | 5/9 | Near-zero leverage, but the highest P/E in the list |
| 9 | Bank of Maharashtra | ₹57,002.11 Cr | 4.08% yield; 21.12% ROE | 6.72x | 2/9 | Strong growth metrics, offset by a low Piotroski score |
| 10 | Power Grid | ₹2,79,762.16 Cr | 3.04% yield; 53.39% operating margin | 17.29x | 4/9 | High margin, but ₹-5,325.63 Cr free cash flow |
| 11 | NALCO | ₹66,036.09 Cr | 30.86% ROCE; 2.85% yield | 12.23x | 4/9 | Highest ROCE in the screen with near-zero leverage |
| 12 | Engineers India | ₹12,443.62 Cr | 20.49% ROCE; 27.23% revenue growth | 16.34x | 4/9 | High capital efficiency and minimal debt |
Individual Stock Analysis
1. Bharat Petroleum Corporation Limited (BPCL) — ₹1,66,793.84 Cr
BPCL is an Energy-sector PSU involved in refining and fuel marketing, with a market capitalisation of ₹1,66,793.84 Cr. It leads the ranking with a 7.93% dividend yield, while its 24.44% ROCE, 25.80% ROE and 93.78% PAT growth support its inclusion. The principal watchpoints are a 4/9 Piotroski score and debt-to-equity of 0.54, despite positive free cash flow of ₹30,544.41 Cr.
🔍 Full Analysis — investsights.in/stock/BPCL
2. Indian Oil Corporation Limited (IOC) — ₹2,65,690.38 Cr
IOC operates across the Energy value chain and has a market capitalisation of ₹2,65,690.38 Cr. Its 7.35% dividend yield ranks second, alongside 18.81% ROCE, 19.18% ROE and 209.58% year-on-year PAT growth. Investors should place the profit increase in context because revenue grew only 3.47%, while the Piotroski score is 4/9 and debt-to-equity is 0.60.
🔍 Full Analysis — investsights.in/stock/IOC
3. The Shipping Corporation of India Limited (SCI) — ₹12,323.18 Cr
SCI is an Industrials-sector shipping enterprise with a market capitalisation of ₹12,323.18 Cr. Its 5.95% dividend yield, 19.41% operating margin and 60.38% PAT growth qualify it for the third position. ROCE of 10.05% is only marginally above the screen’s 10% threshold, while free cash flow is negative at ₹-32.85 Cr.
🔍 Full Analysis — investsights.in/stock/SCI
4. Coal India Limited (COALINDIA) — ₹2,65,274.64 Cr
Coal India is an Energy-sector mining PSU valued at ₹2,65,274.64 Cr. The company combines a 5.84% dividend yield with 14.27% ROCE, 26.11% ROE and relatively low debt-to-equity of 0.12. Although revenue grew 35.51% and free cash flow was ₹34,416.12 Cr, PAT declined 12.06%, highlighting the potential divergence between sales and earnings.
🔍 Full Analysis — investsights.in/stock/COALINDIA
5. Oil and Natural Gas Corporation Limited (ONGC) — ₹3,53,002.63 Cr
ONGC is an Energy-sector exploration and production company with the list’s largest market capitalisation at ₹3,53,002.63 Cr. It offers a 4.74% dividend yield and generated ₹71,582.53 Cr in free cash flow, the highest absolute FCF among the 12 companies, while ROCE stands at 12.18%. Its management credibility score is 30/100, revenue growth is negative at -0.12%, and the Altman Z-score is 1.61.
🔍 Full Analysis — investsights.in/stock/ONGC
6. Hindustan Petroleum Corporation Limited (HINDPETRO) — ₹93,475.24 Cr
Hindustan Petroleum is an Energy-sector refining and fuel-marketing PSU with a market capitalisation of ₹93,475.24 Cr. Its 4.62% dividend yield is supported by 22.44% ROCE, 27.53% ROE, 167.93% PAT growth and ₹24,689.88 Cr in free cash flow. Debt-to-equity of 0.85 is higher than BPCL’s 0.54 and IOC’s 0.60, while its Piotroski score is 4/9.
🔍 Full Analysis — investsights.in/stock/HINDPETRO
7. NMDC Limited (NMDC) — ₹72,128.07 Cr
NMDC is a Basic Materials PSU focused on mineral production, with a market capitalisation of ₹72,128.07 Cr. It combines a 4.59% dividend yield with 24.25% ROCE, a 27.38% operating margin and 34.16% year-on-year revenue growth. The Piotroski score is 4/9, although debt-to-equity is comparatively low at 0.19 and the Altman Z-score is 4.83.
🔍 Full Analysis — investsights.in/stock/NMDC
8. RITES Limited (RITES) — ₹10,278.19 Cr
RITES is an Industrials-sector engineering and transport consultancy company with a market capitalisation of ₹10,278.19 Cr. Its 4.47% dividend yield is accompanied by 14.97% ROCE, a 20.21% operating margin and near-zero debt-to-equity of 0.00. The key valuation consideration is its 20.57x P/E—the highest among the 12 stocks—while revenue and PAT grew 8.89% and 6.62%, respectively.
🔍 Full Analysis — investsights.in/stock/RITES
9. Bank of Maharashtra (MAHABANK) — ₹57,002.11 Cr
Bank of Maharashtra is a Financial Services PSU with a market capitalisation of ₹57,002.11 Cr. It enters the list with a 4.08% dividend yield, 10.38% ROCE, 21.12% ROE, 21.39% revenue growth and 26.62% PAT growth. Its Piotroski score of 2/9 is the lowest in the screen, even as the management credibility score stands at 85/100 and free cash flow is ₹4,151.81 Cr.
🔍 Full Analysis — investsights.in/stock/MAHABANK
10. Power Grid Corporation of India Limited (POWERGRID) — ₹2,79,762.16 Cr
Power Grid is a Utilities-sector PSU with a market capitalisation of ₹2,79,762.16 Cr. It records a 3.04% dividend yield, 10.36% ROCE and the list’s highest operating margin at 53.39%, while PAT grew 20.49%. Key financial watchpoints are debt-to-equity of 1.47 and negative free cash flow of ₹-5,325.63 Cr, despite a management credibility score of 79/100.
🔍 Full Analysis — investsights.in/stock/POWERGRID
11. National Aluminium Company Limited (NATIONALUM) — ₹66,036.09 Cr
NALCO is a Basic Materials PSU operating in aluminium and related activities, with a market capitalisation of ₹66,036.09 Cr. Its 30.86% ROCE is the highest in this PSU stocks list, supported by 26.83% ROE, a 40.33% operating margin and near-zero debt-to-equity of 0.00. The 2.85% dividend yield is lower than the preceding 10 companies, while its Piotroski score is 4/9 despite positive free cash flow of ₹4,858.35 Cr.
🔍 Full Analysis — investsights.in/stock/NATIONALUM
12. Engineers India Limited (ENGINERSIN) — ₹12,443.62 Cr
Engineers India is an Industrials-sector engineering consultancy and project-services PSU with a market capitalisation of ₹12,443.62 Cr. It qualifies through 20.49% ROCE, 21.99% ROE and 27.23% revenue growth, while offering a 2.24% dividend yield. Its P/E of 16.34x is above several higher-yielding names, while the Piotroski score is 4/9 and free cash flow is ₹250.07 Cr.
🔍 Full Analysis — investsights.in/stock/ENGINERSIN
What This List Doesn’t Tell You
This PSU stocks list is based on reported metrics as of 15 Sep 2026, so measures such as the 209.58% PAT growth at IOC or the -12.06% PAT growth at Coal India remain backward-looking. Cross-sector comparisons also require care: Bank of Maharashtra operates in Financial Services with debt-to-equity of 1.06, while RITES operates in Industrials with debt-to-equity of 0.00, making identical ratio interpretations inappropriate.
Dividend yields ranging from 7.93% for BPCL to 2.24% for Engineers India can change with both distributions and market prices. The screen also does not capture every operational, regulatory, commodity-price or capital-allocation factor reflected in future performance.
How to Use This List
Treat the 12-stock screen as a research starting point rather than a recommendation list. Compare dividend sustainability with free cash flow—for example, BPCL reports ₹30,544.41 Cr of FCF, while SCI reports ₹-32.85 Cr—and assess whether profitability, leverage and valuation fit your research framework.
Review company filings, payout history, capital-expenditure requirements and management commentary before drawing conclusions from a single yield or ROCE figure.
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🔬 Check forensic health — investsights.in/stock/SYMBOL?tab=forensic
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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.
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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.