Dividend powerhouse: Coal India, ITC, REC, NMDC, Aptech, Radiant Cash - Which stock is real dividend multiplier? Details

Coal India , ITC Limited, NMDC , Radiant Cash Management, and REC Limited are among the top companies with attractive dividend yield. These stocks also stand out for their constantly growing dividend yield over the last three financial years. But which of them has emerged as the highest dividend multiplier? Let’s find out

Dividend yield is a ratio which indicates the amount paid by a company as dividend in a year, compared to its stock price. It is generally expressed in percentage and tells you how much money you earn from a stock while remaining invested in it.

Coal India has announced a total of ₹ 26.5 per equity share dividend in last twelve months. Its dividend yield has increased from 6.3% in FY24 to 6.6% in FY26. With this, its dividend yield growth stood at 4.76%. The stock was trading 1.62% lower at ₹ 407.25 per share on BSE at 11 am. Its share price value has surged 6.55% in one year, but declined 17% in two years. Over the last three years, it has delivered 41.5% return.

ITC has announced a dividend equivalent to ₹ 14.50 per equity share over the last twelve months. Its dividend yield stood at 5.7% in FY26, which was recorded at 5.4% in FY24. The stock was trading 3.43% lower at ₹ 256.20 per share on BSE at 11 am.

Radiant Cash Management has declared an equity dividend of ₹ 2.5 per share over the last twelve months. Its dividend yield remained constant over the last three fiscal years at 6.3%. The stock was down 1.88% at ₹ 33.99 per share on BSE at 11:30 am. The stock has delivered negative returns over the last three years. Its share price value has declined 39% in one year, 58% in two years, and 63% in three years.

REC Limited share price was trading 0.25% lower at ₹ 299 per share on BSE. The stock has announced dividend amounting to ₹ 18 per share over the last twelve months. Its dividend yield has surged from 5.1% in FY24 to 5.9% in FY26.

NMDC has announced ₹ 3.50 per equity share dividend in the last one year. Its dividend yield has increased from 2.5% in FY25 to 3.8% in FY26. The stock was trading 1.54% lower at ₹ 71.74 per share. NMDC has delivered -5.9% return in one year, -1.69% return in two years, and 47.7% return in three years.

Aptech Limited share price was trading 1.94% lower at ₹ 85.35 per share on BSE. The stock has delivered a negative 28% return in one year, -59% return in two years, and - 69% return in three years.

NMDC’s three year dividend yield growth stood at 52% between FY24 and FY26, which is the highest among all the six stocks.

Constantly rising dividend yield can be the result of two scenarios. First one is when dividend has structurally increased because earnings and free cash flow have strengthened. The second scenario is when the stock price has declined or corrected, which mechanically raises dividend yield, explains Pankaj Pandey, Head of Retail Research, ICICI Securities.

“For businesses such as PSUs, commodity companies and mature cash-generative franchises, a high payout can be perfectly rational. If incremental reinvestment opportunities generate sub-optimal returns, returning surplus cash to shareholders is actually a good capital allocation strategy,” stated Pankaj Pandey.

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