Market uncertainty is prompting investors to increasingly focus on high-dividend-yield stocks as they look for relatively stable sources of income amid volatility. Dividend-paying companies can offer investors a cushion when capital appreciation remains uncertain, making the theme particularly relevant in a volatile market environment.
Defensive plays are gaining traction, with utilities, FMCG, PSUs and select metals emerging as key areas of interest. Investors are also watching for dividend and bonus-related announcements, which could provide additional triggers for stocks with a strong track record of shareholder payouts. Infrastructure trusts, REITs and InvITs have also remained attractive from an income perspective, with dividend yields ranging between 8% and 13% over the past one year.
Among stocks with a minimum market capitalisation of Rs 500 crore and a minimum dividend yield of 6% in fiscal 2026, Allcargo Logistics had the highest dividend yield at 14%, compared with 13% in fiscal 2025 and 10% in fiscal 2024. Indo Borax & Chemicals followed with an 11% yield in fiscal 2026, while its dividend yield was zero in the previous two years.
Jagran Prakashan recorded a dividend yield of 9% in fiscal 2026, up from 8% in fiscal 2025 and 6% in fiscal 2024. Accelya Solutions had an 8% yield, compared with 6% in both fiscal 2025 and fiscal 2024. D-Link (India) reported a 7% yield in fiscal 2026, rising from 4% in fiscal 2025 and 1% in fiscal 2024.
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JSW Dulux also recorded a 7% dividend yield in fiscal 226, compared with 3% in fiscal 2025 and 2% in fiscal 2024. Radiant Cash Management's yield stood at 7%, against 7% in fiscal 2025 and 8% in fiscal 2024. PTC India and MSTC each reported a 7% yield in fiscal 2026, compared with 4% and 2%, respectively, in fiscal 2025. Coal India maintained a 6% dividend yield in fiscal 2026, unchanged from fiscal 2025 and fiscal 2024.
Stock-specific business triggers could determine how these dividend-theme stocks perform going ahead. Allcargo Logistics could benefit from the upcoming festive season, which is expected to aid business numbers. Indo Borax & Chemicals is likely to remain in focus on expectations of strong demand in its boron segment, while stable newsprint prices could support Jagran Prakashan.
Accelya Solutions could benefit from a recovery in travel and airline activity, while strong government incentives could aid sentiment towards D-Link (India). JSW Dulux is expected to benefit from further distribution growth, potentially supporting its business outlook.
Radiant Cash Management could see support from expected price hikes in the second quarter. PTC India is expected to benefit from continued strong execution, while MSTC could gain from coal linkage auctions. For Coal India, the outlook remains mixed, with commentary and expectations around fiscal 2027 numbers likely to remain key for investors.
The attraction of dividend stocks, however, goes beyond the headline yield. Investors need to assess whether dividends are supported by sustainable earnings and cash flows. A high dividend yield can also result from a decline in the stock price rather than a rise in the payout. With uncertainty remaining elevated, stocks offering a combination of dividend visibility, stable cash flows and reasonable valuations could continue to attract investor interest.
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