4 Top Dividend Stocks With 2-4 Per Cent Yield to Watch for Future Multibagger Potential: UltraTech Cement, NTPC, Tata Steel and Great Eastern Shipping

Dividend stocks with 2-4 per cent yield to watch for multibagger potential start with a simple filter: size, a clean financial record and earnings that keep growing. UltraTech Cement, NTPC, Tata Steel and Great Eastern Shipping meet that test, with market caps from Rs 21,175 crore to Rs 3.17 lakh crore and UltraTech Cement offering the largest market cap at Rs 3,16,676 crore. Each of these companies has a dividend yield between 2 and 4 per cent and FY26 profit growth of at least 20 per cent, and net profit rose in FY26 and in the latest quarter.

This list covers companies with a dividend yield between 2 and 4 per cent and FY26 profit growth of at least 20 per cent, rising profit in FY26 and the latest quarter, and complete, verifiable financials, ranked by market capitalisation. The companies here range from midcaps to largecaps in size. Investors screening dividend stocks with 2-4 per cent yield usually begin with size and balance sheet strength, and this list follows the same logic. All figures are as of 21 October 2026 and are drawn from NSE and BSE data and company filings.

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What Are Dividend Stocks With 2-4 Per Cent Yield and Why Do They Attract Multibagger Interest?

Dividend stocks with 2-4 per cent yield are shares that pay a steady dividend and are also growing profit quickly. The four here cover cement, power generation, steel and shipping.

A dividend backed by rising profit is more reliable than one paid from a shrinking base. For dividend stocks with 2-4 per cent yield, latest quarter profit also rose. Whichever way you read dividend stocks with 2-4 per cent yield, the common thread is rising profit backed by complete financial data. A sensible way to study dividend stocks with 2-4 per cent yield is to look at profit growth, returns and valuation side by side. Below, each of dividend stocks with 2-4 per cent yield gets its own breakdown of growth, returns and valuation. Treat dividend stocks with 2-4 per cent yield as a research list, since share prices and rankings change with every earnings season.

Dividend Stocks With 2-4 Per Cent Yield at a Glance: Price, Market Cap, PE and ROE

Prices are closing prices as of 21 October 2026. Great Eastern Shipping combines the lowest PE of the group, 5.65, with the highest return on equity, 17.35%.

Stock	CMP (Rs)	Market Cap (Rs Cr)	PE	Industry PE	ROE	Debt to Equity	52-Week Range (Rs)
UltraTech Cement	10,849	3,16,676	36.95	29.41	10.66%	0.31	10,325.00 to 13,110.00
NTPC	303	3,04,475	10.75	21.61	13.31%	1.33	303.00 to 414.40
Tata Steel	172.45	2,20,272	19.56	22.42	10.56%	0.90	160.06 to 224.40
The Great Eastern Shipping Company	1,506.30	21,175	5.65	8.87	17.35%	0.06	1,002.55 to 1,798.00

UltraTech Cement: Profit Compounding at 3.36% a Year

UltraTech Cement is the largest cement producer in India by capacity, with plants and grinding units across the country. It reported FY26 revenue of Rs 89,089.04 crore, up 16.15% year on year, and net profit of Rs 8,188.35 crore, up 35.58%. Revenue has compounded at 13.81% a year since FY22. Operating margin was 19.71% in FY26. The debt-to-equity ratio is 0.31.

In the June 2026 quarter, revenue rose 15.49% to Rs 24,778.47 crore and net profit grew 17.24% to Rs 2,603.72 crore. Domestic institutions raised their holding from 16.65% in September 2025 to 20.86% in September 2026. The stock trades at a PE of 36.95 against an industry PE of 29.41. The dividend yield is 2.23%.

NTPC: Five-Year Gain of 110.40%

NTPC is India's largest power generation company and is growing its renewable energy portfolio. It reported FY26 revenue of Rs 1,89,798.56 crore and net profit of Rs 30,009.98 crore, up 48.19%. Net profit has compounded at 18.01% a year since FY22, while revenue has grown 8.89% a year. Operating margin was 32.45% in FY26.

The stock trades at a PE of 10.75 against an industry PE of 21.61, below the sector average, with a return on equity of 13.31%. The dividend yield is 2.87%. In the June 2026 quarter, revenue rose 6.94% to Rs 51,141.51 crore and net profit grew 12.90% to Rs 6,896.44 crore. The share price has gained 110.40% over five years. Domestic institutions raised their holding from 28.92% in June 2025 to 29.44% in June 2026.

Tata Steel: Market Cap of Rs 2,20,272 Crore

Tata Steel is one of the world's major steel makers, with operations in India, the UK and the Netherlands. It reported FY26 revenue of Rs 2,33,541.72 crore, up 6.12% year on year, and net profit of Rs 10,885.82 crore, up 242.99%. Operating margin was 15.12% in FY26.

In the June 2026 quarter, revenue rose 14.14% to Rs 61,026.97 crore and net profit grew 18.82% to Rs 2,385.24 crore. Domestic institutions raised their holding from 26.25% in June 2025 to 26.62% in June 2026. The stock trades at a PE of 19.56 against an industry PE of 22.42, below the sector average. The dividend yield is 2.27%.

Great Eastern Shipping: 47.03% Profit CAGR Since FY22

The Great Eastern Shipping Company owns and operates crude tankers, product tankers and dry bulk carriers and also has an offshore business. It reported FY26 revenue of Rs 6,312.42 crore, up 2.53% year on year, and net profit of Rs 2,942.52 crore, up 25.52%. Net profit has compounded at 47.03% a year since FY22, while revenue has grown 14.53% a year. Operating margin was 66.75% in FY26. The debt-to-equity ratio is 0.06, which keeps interest costs low.

The stock trades at a PE of 5.65 against an industry PE of 8.87, below the sector average, with a return on equity of 17.35%. The dividend yield is 2.37%. In the June 2026 quarter, revenue rose 71.01% to Rs 2,286.21 crore and net profit grew 159.43% to Rs 1,308.84 crore. The share price has gained 330.69% over five years and 42.23% over the past year. Foreign investors raised their holding from 24.88% in September 2025 to 29.52% in September 2026.

Dividend Stocks With 2-4 Per Cent Yield: Financial Comparison on Growth and Margins

The table compares scale and growth across these dividend stocks with 2-4 per cent yield. Latest quarter means the most recent reported quarter for each company, and only metrics that are positive for every company are shown.

Stock	Revenue (Rs Cr)	Net Profit (Rs Cr)	Latest Quarter Revenue Growth	Net Profit Growth (YoY)	Latest Quarter Profit Growth	Operating Margin (Latest Quarter)
UltraTech Cement	89,089.04	8,188.35	15.49%	35.58%	17.24%	20.83%
NTPC	1,89,798.56	30,009.98	6.94%	48.19%	12.90%	35.04%
Tata Steel	2,33,541.72	10,885.82	14.14%	242.99%	18.82%	15.31%
Great Eastern Shipping	6,312.42	2,942.52	71.01%	25.52%	159.43%	80.71%

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Institutional Holding in UltraTech Cement, NTPC, Tata Steel and Great Eastern Shipping

Institutional holding shows who is backing these dividend stocks with 2-4 per cent yield alongside the promoter. The table uses the latest reported quarter for each. Tata Steel has the deepest institutional backing, with FII and DII together holding 45.99% as of June 2026. Domestic institutions increased their holding over the past year in UltraTech Cement (from 16.65% to 20.86%), NTPC (from 28.92% to 29.44%) and Tata Steel (from 26.25% to 26.62%).

Stock	Promoter	FII	DII	Public	Quarter
UltraTech Cement	58.48%	12.69%	20.86%	7.97%	September 2026
NTPC	51.10%	16.30%	29.44%	3.15%	June 2026
Tata Steel	32.95%	19.37%	26.62%	21.06%	June 2026
Great Eastern Shipping	30.07%	29.52%	11.62%	28.79%	September 2026

Risks to Weigh in Dividend Stocks With 2-4 Per Cent Yield

Being careful with dividend stocks with 2-4 per cent yield means looking at what can slow the story as well as what can speed it up. Four points matter most:

• Past growth may not repeat.
• Share prices can move sharply in either direction.
• Valuation: UltraTech Cement trades at a PE of 36.95 against an industry PE of 29.41, so earnings need to keep growing to support the price.
• Concentration: Holding all 4 names puts the allocation in one sector, so size each position to match your risk appetite.

How to Choose Between Dividend Stocks With 2-4 Per Cent Yield

Picking from dividend stocks with 2-4 per cent yield comes down to four checks, applied in order.

1. Check balance sheet strength first, and prefer a debt-to-equity ratio below 1 for non-financial companies.
2. Compare each PE with the industry PE (8.87 to 29.41) and ask whether the growth rate justifies any gap.
3. Track net profit growth, the operating margin and the return on equity in every quarterly result.
4. Stagger entries across quarters and review institutional holding every reporting season.

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Conclusion

Among dividend stocks with 2-4 per cent yield, UltraTech Cement stands out for the largest market cap at Rs 3,16,676 crore, NTPC for 6.94% revenue growth in the June 2026 quarter, Tata Steel for 6.12% revenue growth in FY26 and Great Eastern Shipping for the highest return on equity at 17.35%. Which one suits a portfolio depends on how much valuation risk it can carry, so staggering entries and reviewing each quarterly result is a sound habit. Investors comparing dividend stocks with 2-4 per cent yield should rank them on growth, financial strength and the price paid, and anyone who wants personalised guidance can consult a SEBI-registered advisor before acting.

Frequently Asked Questions on Dividend Stocks With 2-4 Per Cent Yield to Watch

Which are the best dividend stocks with 2-4 per cent yield to watch for multibagger potential?

Ans. UltraTech Cement, NTPC, Tata Steel and Great Eastern Shipping are the 4 names this list highlights, with market caps of Rs 3,16,676 crore, Rs 3,04,475 crore, Rs 2,20,272 crore and Rs 21,175 crore respectively. UltraTech Cement is notable for the largest market cap at Rs 3,16,676 crore. NTPC stands out for 6.94% revenue growth in the June 2026 quarter. Tata Steel offers 6.12% revenue growth in FY26. Great Eastern Shipping brings the highest return on equity at 17.35%. These are watchlist names for dividend stocks with 2-4 per cent yield, not recommendations, so match each one to your own risk profile and time horizon.

Is Great Eastern Shipping a good stock for long-term investors?

Ans. Great Eastern Shipping has a return on equity of 17.35%, a PE of 5.65 against an industry PE of 8.87 and a market cap of Rs 21,175 crore. Net profit has compounded at 47.03% a year since FY22, and FY26 revenue rose 2.53% while June 2026 quarter net profit grew 159.43%. Long-term returns in dividend stocks with 2-4 per cent yield depend on earnings growth and the price paid at entry, so staggering purchases and consulting a SEBI-registered advisor is sensible.

Can NTPC become a multibagger from here?

Ans. NTPC has already gained 110.40% in five years, so another multi-fold move would need sustained earnings growth. A multibagger outcome in dividend stocks with 2-4 per cent yield requires earnings to keep growing faster than the market for several years. Net profit has compounded at 18.01% a year since FY22, and June 2026 quarter net profit grew 12.90%. At a PE of 10.75 against an industry PE of 21.61, valuation should be checked against that growth before investing.

What is the market cap of UltraTech Cement, NTPC, Tata Steel and Great Eastern Shipping?

Ans. As of 21 October 2026, UltraTech Cement has a market cap of Rs 3,16,676 crore, NTPC has a market cap of Rs 3,04,475 crore, Tata Steel has a market cap of Rs 2,20,272 crore and Great Eastern Shipping has a market cap of Rs 21,175 crore. UltraTech Cement is the largest of the group. Market cap changes daily with the share price, so check the latest figure on the Univest Screener or on NSE before taking a decision on dividend stocks with 2-4 per cent yield.

What are the risks of investing in dividend stocks with 2-4 per cent yield?

Ans. The main risks are market swings, slower growth than expected and valuations that already reflect good news. Companies with strong balance sheets and steady earnings handle these better. UltraTech Cement trades at a PE of 36.95 against an industry PE of 29.41, so earnings growth needs to hold up.

Why is UltraTech Cement trading at a PE of 36.95?

Ans. UltraTech Cement's PE of 36.95 compares with an industry PE of 29.41. The market is paying a premium for latest-quarter profit growth of 17.24% and FY26 revenue growth of 16.15%, which also means the stock is more sensitive if growth slows. Investors in dividend stocks with 2-4 per cent yield who are comfortable with higher valuation risk may prefer to stagger purchases instead of investing in one go.

How much do institutions hold in UltraTech Cement, NTPC, Tata Steel and Great Eastern Shipping?

Ans. As of the latest reported quarter, FII and DII together hold 33.55% of UltraTech Cement (12.69% and 20.86%), 45.74% of NTPC (16.30% and 29.44%), 45.99% of Tata Steel (19.37% and 26.62%) and 41.14% of Great Eastern Shipping (29.52% and 11.62%). Rising institutional holding is a useful signal in dividend stocks with 2-4 per cent yield, though it should be read with earnings trends rather than on its own.