Dividend Storm in February: PSU Giants, Pharma Majors, and Blue-Chips Announce Cash Bonanza for Shareholders

A wave of dividend announcements across Indian markets has put PSU majors, pharma leaders, and cash-rich blue-chips in the spotlight. Companies like Hindustan Aeronautics, Hero MotoCorp, ONGC, and Power Finance Corporation have declared strong payouts, with dividend percentages stretching into triple and even four-digit territory. With ex-dates clustered in mid-February, investors focusing on high dividend yield stocks, passive income plays, and PSU dividend themes are tracking these counters closely.

The Indian equity market is witnessing a dividend-heavy earnings season, with companies across sectors—from defence and oil to pharma, utilities, and auto—returning surplus cash to shareholders. This surge reflects strong balance sheets, healthy cash flows, and improved EBITDA margins, particularly among PSU and export-oriented companies.

For income-focused investors, the clustering of ex-dates within a narrow window presents both alpha opportunities and timing risks, especially as dividend-adjusted price movements often trigger short-term volatility.

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Dividend Heavyweights and High-Payout Announcements

Several companies have stood out with large dividend percentages and strong absolute payouts, indicating robust profitability and capital discipline.

Shutterstock Dividend yield comparison chart

Company	Dividend Type	Ex-Date	Dividend per Share	Dividend %
Hindustan Aeronautics	Interim	18 Feb 2026	₹35	700%
Hero MotoCorp	Interim	11 Feb 2026	₹110	5500%
ONGC	Interim	18 Feb 2026	₹6.25	125%
Oil India	Interim	18 Feb 2026	₹7	70%
Power Finance Corporation	Interim	20 Feb 2026	₹4	40%
Castrol India	Final	23 Mar 2026	₹5.25	105%
Torrent Power	Interim	16 Feb 2026	₹15	150%
Apollo Hospitals	Interim	16 Feb 2026	₹10	200%
Cummins India	Interim	11 Feb 2026	₹20	1000%
Page Industries	Interim	11 Feb 2026	₹125	1250%

Key takeaways from the table:

• Auto and defence names dominate high absolute payouts.

• PSU energy stocks continue to be consistent dividend generators.

• Consumer and pharma majors show strong cash-return discipline.

Expert Insight: “Dividend announcements at this scale typically signal strong operating cash flows and low leverage. PSU energy and defence names, in particular, are emerging as reliable yield anchors in volatile markets,” said a senior equity strategist at a domestic brokerage.

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PSU Dividend Theme: Oil, Defence, and Rail Stocks in Focus

Public sector undertakings continue to lead the dividend cycle, driven by stable earnings visibility and government capital allocation discipline.

Key PSU dividend announcements:

• Hindustan Aeronautics – ₹35 interim dividend
• ONGC – ₹6.25 interim dividend
• Oil India – ₹7 interim dividend
• Power Finance Corporation – ₹4 interim dividend
• SJVN – ₹1.15 interim dividend
• NMDC – ₹2.5 interim dividend
• Mazagon Dock Shipbuilders – ₹7.5 interim dividend

Sectoral heatmap (by dividend intensity):

Sector	Key Names	Dividend Trend
Defence	HAL, Mazagon Dock	Very High
Oil & Gas	ONGC, Oil India	High
Power & Utilities	PFC, SJVN, NHPC	Stable High
Metals & Mining	NMDC, Hindustan Copper	Moderate

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Mid-Cap and High-Yield Opportunities

Beyond blue-chips and PSUs, several mid-cap and niche companies have announced attractive dividend percentages, making them interesting for yield hunters.

Company	Ex-Date	DPS	Dividend %
Gulf Oil Lubricants India	13 Feb 2026	₹21	1050%
KPR Mill	13 Feb 2026	₹2.5	250%
Mahanagar Gas	13 Feb 2026	₹12	120%
Uniparts India	16 Feb 2026	₹7	70%
Kirloskar Oil Engines	20 Feb 2026	₹2.5	125%

These companies often offer better dividend yields relative to market cap, though liquidity and price volatility can be higher around ex-dates.

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Key Ex-Dates Investors Should Track This Week

Shutterstock Ex-dividend calendar chart

Clustered ex-dates (high activity window):

13 February 2026

• Hero MotoCorp
• NMDC
• Mazagon Dock
• Mahanagar Gas
• Gulf Oil Lubricants

16 February 2026

• Apollo Hospitals
• Torrent Power
• Uniparts India
• Escorts Kubota

18 February 2026

• Hindustan Aeronautics
• ONGC
• Oil India
• Bharat Forge
• Natco Pharma

20 February 2026

• Power Finance Corporation
• Firstsource Solutions
• SJVN
• Kirloskar Oil Engines

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What This Means for Dividend Investors

The current cycle suggests a cash-return phase across sectors, especially where:

• Net debt levels are low

• Free cash flow generation is strong

• Capex cycles are stabilizing

From a valuation standpoint:

• High dividend stocks often act as defensive plays during market corrections.
• Dividend yield can support downside protection when P/E compression occurs.
• PSU dividend themes are gaining traction among income-focused portfolios.

Expert Insight: “In an environment of moderate earnings growth and elevated valuations, dividend yield becomes a key component of total return. Investors are increasingly screening for high free-cash-flow companies with stable payout ratios,” noted a fund manager at a large AMC.

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Popular Trading Platforms for Dividend and Stock Investing in India

For investors looking to track ex-dates, dividend yields, and corporate actions, these platforms are widely used:

• Zerodha – Popular discount broker with strong analytics.
• Upstox – Fast-growing platform with advanced charting.
• Angel One – Full-service broker with research tools.
• Groww – Beginner-friendly interface for stocks and mutual funds.
• ICICI Direct – Established full-service trading platform.

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⚠️ DISCLAIMER: We Are Not Financial Advisors This article is for informational and educational purposes only and should not be considered investment advice. Stock market investments are subject to market risks. Please consult a certified financial advisor before making any investment decisions.