Investors seeking dividend income may find a range of options across the Indian market. According to Religare Broking Ltd's September 2026 analysis, ten stocks—including PTC India, Coal India, REC, ONGC, TCS, HCLTech, GAIL and Petronet LNG—offer some of the highest dividend yields based on FY26 adjusted payouts, ranging from 3.3% to as high as 9.7%. The list spans multiple sectors—power and its financing arms (PTC India, REC, Power Finance Corporation), energy and utilities (Coal India, ONGC, GAIL, Petronet LNG), infrastructure (Gujarat Pipavav Port) and information technology (TCS, HCLTech)—illustrating that high payout policies are not confined to a single industry in India. For income-focused investors, dividend yield is calculated as dividend per share divided by the share price, which means unusually high yields can sometimes reflect a depressed share price as much as generous payouts—a factor worth weighing alongside valuation multiples such as the P/E ratios listed here.

PTC India tops the list with a 9.7% dividend yield, while the stock trades at a P/E of 8.7x. Its FY26 dividend per share stood at ₹14.70, nearly double the ₹7.80 paid in FY25.

Coal India follows with a 6.6% dividend yield and a P/E of 7.9x. Its FY26 dividend per share stood at ₹26.40, up from ₹25.50 in FY25. The company has also announced a ₹5.25 final dividend for FY26. As a state-run miner and one of India's largest coal producers, Coal India has historically been a consistent dividend payer, with the government's majority stake aligning with its distribution-heavy payout policy.

REC offers a 6.2% dividend yield, while its P/E stands at 5.3x, among the lowest on the list. The power financier paid a dividend of ₹19.60 per share in FY26, compared with ₹20.40 in FY25.

Oil & Natural Gas Corporation (ONGC) offers a 5.8% dividend yield, with the stock trading at a P/E of 6.7x. ONGC's FY26 dividend per share stood at ₹13.50, higher than the ₹12.30 paid in FY25.

Gujarat Pipavav Port also features among the top dividend-yielding stocks, offering a 5.7% yield. The stock trades at a P/E of 14.9x, while its FY26 dividend per share rose to ₹9.60 from ₹7.70 in FY25.

Power Finance Corporation offers a 5% dividend yield and trades at a P/E of just 4.9x, the lowest among the stocks on the list. Its FY26 dividend per share stood at ₹16.70, up from ₹13.50 in FY25.

Two IT majors also feature on the list. TCS offers a 4.5% dividend yield and trades at a P/E of 16.2x, with an FY26 dividend per share of ₹109. HCLTech offers a 4.1% yield and trades at a P/E of 19.6x, with an FY26 dividend per share of ₹54. Their inclusion reflects the cash-rich balance sheets typical of large Indian IT services firms, which have long combined dividends with share buybacks as their primary routes for returning capital to shareholders.

GAIL India features with a 3.5% dividend yield, while the stock trades at a P/E of 11.8x. Its FY26 dividend per share stood at ₹6, slightly lower than the ₹6.50 paid in FY25.

Petronet LNG rounds off the list with a 3.3% dividend yield and a P/E of 10.7x. The company paid a dividend of ₹10 per share in FY26, unchanged from the previous financial year.

For readers tracking these names, the data points to watch going forward include whether FY27 payouts sustain, grow or retreat relative to the FY26 levels cited here, given that seven of the ten companies raised their dividends year over year while REC and GAIL India trimmed theirs and Petronet LNG held steady.

Source: CNBC-TV18, based on Religare Broking Ltd's September 2026 analysis.