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What is dividend payout ratio? With real Indian companies

Dividend payout in plain English: the share of a year's profit paid to shareholders, dividend per share and dividend policy rules, with real figures.

Reviewed by Cityfort Research on , 1 min read

For learning only. Cityfort is not a SEBI-registered adviser and does not recommend buying or selling any security. Prices shown are dated and may be out of date.

What does dividend payout mean?

A dividend is cash a company pays its shareholders out of profit. The payout ratio is the share of the year's profit paid out this way.

Dividend per share, or DPS, is the amount paid on each share. A company may pay part during the year, called an interim dividend, and the rest after the year ends.

How is it worked out?

Divide total dividends for the year by net profit and multiply by 100. Per share, it is the same as DPS divided by earnings per share.

What do the rules say?

The 1,000 largest listed companies by market value must have a dividend distribution policy.[S1] It explains when shareholders may or may not expect a dividend, and what the board looks at.[S1]

Results filings must also state the dividend per share paid or recommended for the year, including interim dividends.[S1]

Why do payouts differ so much?

A company that needs cash for new plants may pay out little. A mature business with few big projects may pay out most of its profit.

So the ratio shows a choice about how profit is used. It is not a score, and it can change from year to year.

See it in real companies

Dividend payout ratio at companies on Cityfort

13 companies on Cityfort, listed A–Z (not ranked).

Asian Paints
60.9%FY26 · source S1
Bharti Airtel
52.2%FY26 · source S1
HDFC Bank
31.9%FY26 · source S1
Hindustan Unilever
90.6%FY26 · source S1
Infosys
67.1%FY26 · source S1
ITC
87.8%FY26 · source S1, S5
Kalyani Steels
17.1%FY26 · source S1, S36
L&T
32.5%FY26 · source S1
LIC
22.0%FY26 · source S15, S1
Saksoft
9.6%FY26 · source S1
SBI
20.0%FY26 · source S1, S87
TCS
80.9%FY26 · source S8, S1
Titan
26.2%FY26 · source S8, S1

From each company's filings, as cited on its Cityfort stock page. These figures change when a stock page is updated.

See it in real companies

Dividend per share at companies on Cityfort

17 companies on Cityfort, listed A–Z (not ranked).

Asian Paints
₹27.50 a shareFY26 · source S1
Bajaj Finance
₹6.00 a shareFY26 · source S1
Bharti Airtel
₹24.00 a shareFY26 · source S1
HDFC Bank
₹15.50 a shareFY26 · source S1
Hindustan Unilever
₹41.00 a shareFY26 · source S1
ICICI Bank
₹12.00 a shareFY26 · source S1, S71
Infosys
₹48.00 a shareFY26 · source S1
ITC
₹14.50 a shareFY26 · source S1, S5
Kalyani Steels
₹10.00 a shareFY26 · source S1, S36
Kotak Mahindra Bank
₹0.65 a shareFY26 · source S9
L&T
₹38.00 a shareFY26 · source S1
LIC
₹10.00 a shareFY26 · source S15, S1
Reliance Industries
₹6.00 a shareFY26 · source S1, S19
Saksoft
₹1.00 a shareFY26 · source S1
SBI
₹17.35 a shareFY26 · source S1, S87
TCS
₹110.00 a shareFY26 · source S8, S1
Titan
₹15.00 a shareFY26 · source S8, S1

From each company's filings, as cited on its Cityfort stock page. These figures change when a stock page is updated.

Questions people ask

Can a company pay out more than it earned in a year?
Yes. It can draw on profit kept from earlier years. Its dividends for that year then add up to more than the year's profit.
Do companies have to publish a dividend policy?
The 1,000 largest listed companies by market value must. They put it on their website and link it in the annual report. Others may do so voluntarily.[S1]

Sources

  1. S1SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Regulation 43A and Schedule IV Part A (as amended to 15 Oct 2026) · SEBITier 1: company or exchange filing · 15 Oct 2026

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Disclaimer

For learning only. Cityfort is not a SEBI-registered adviser and does not recommend buying or selling any security. Prices shown are dated and may be out of date.

Investing in securities involves risk, including loss of capital. Before making any investment decision, do your own research and consider consulting a SEBI-registered investment adviser.

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Cityfort publishes educational content that explains how listed companies work. Cityfort is not registered with the Securities and Exchange Board of India (SEBI) as an Investment Adviser or Research Analyst and does not provide investment advice, recommendations, ratings, price targets or any opinion on whether to buy, sell or hold any security.

All information is taken from publicly available sources, mainly company filings on BSE and NSE, which are listed on each page with dates. We work to keep it accurate and correct errors publicly, but we do not guarantee that it is complete, accurate or up to date. Any market price or price-based ratio shown is dated, may be out of date by the time you read it, and is included only to explain concepts.

Statements by company management are reported as statements, with their date and source; they are not our forecasts.