Dividend stocks to buy: HCPL, Coal India among 15 stocks with higher yields than FD rates in FY26

Investors looking for regular income from equities may consider dividend-paying stocks. SBI Securities has identified 15 stocks that offered dividend yields higher than the interest rates available on leading bank fixed deposits (FDs) in FY26, with these companies consistently paying dividends in FY26, FY25 and FY24.

The brokerage's screen excludes Vedanta Ltd due to the company's ongoing demerger and separate listing of its businesses. The dividend yield calculations are based on the closing share prices as of August 31, 2026.

15 dividend stocks with high yields: Majestic Auto Ltd topped the list with a dividend yield of 16.8 per cent in FY26, compared with 2.8 per cent in FY25 and 4.2% in FY24.

Jagran Prakashan followed with a dividend yield of 16.4 per cent in FY26. Its dividend yield stood at 9.8 per cent in FY25 and 8.2 per cent in FY24. Premco Global offered an 11.6 per cent dividend yield in FY26, compared with 11.9 per cent in FY25 and 2.6 per cent in FY24.

Accelya Solutions India Ltd, Indo Borax & Chemicals Ltd, PTC India Ltd, D-Link (India) and PTL Enterprises recorded dividend yields ranging from 7.6 per cent to 8 per cent in FY26.

Other companies on the list included Alldigi Tech, KSE Ltd, Hindustan Petroleum Corporation Ltd, JSW Dulux, Coal India Ltd, Radiant Cash Management & Services Ltd and Honda India Power Products Ltd, with FY26 dividend yields ranging from 6.3 per cent to 7.4 per cent.  

Dividend stocks vs FD rates For comparison, leading banks such as SBI, HDFC Bank and ICICI Bank were offering FD interest rates in the range of around 5.9 per cent to 6.3 per cent for select 2–3 year tenures, although rates vary depending on the bank, tenure and investor category.

Investors should note that dividend yield and total investment return are not the same. A 16.8 per cent dividend yield means the dividend payout, relative to the stock's price, was equivalent to 16.8%; it does not necessarily mean investors earned a 16.8 per cent return on their investment. The comparison with fixed deposits should therefore be viewed primarily as a comparison of income yield.

Investors should also bear in mind that stocks and fixed deposits generate income differently. While dividends can vary depending on a company's payout and share price, fixed deposits provide interest income at a predetermined rate. The comparison is therefore useful for assessing potential income generation, but is not like-for-like in terms of risk, certainty of income or potential capital appreciation.

SBI Securities also cautioned that historical dividend yields and post-adjusted share prices may not always provide a complete picture. Past dividend payouts are not a guarantee of future dividends, while the calculations may incorporate adjustments for stock splits, bonus issues and other corporate actions. The brokerage also noted that some companies follow different financial year-end periods and that dividend payouts used in the analysis may pertain to different financial periods.

Overall, the screen highlights stocks that delivered significantly higher dividend yields than prevailing bank FD rates in FY26, but investors should evaluate the sustainability of dividends, business fundamentals, valuation and capital-loss risk before making an investment decision.