4 Smallcap Dividend Stocks With Yield Above 2 Per Cent to Watch for Future Multibagger Potential: Great Eastern Shipping, CESC, Shipping Corporation and Zensar

Dividend stocks with yield above 2 per cent to watch for multibagger potential start with a simple filter: size, a clean financial record and earnings that keep growing. Great Eastern Shipping, CESC, Shipping Corporation and Zensar meet that test, with market caps from Rs 11,161 crore to Rs 21,175 crore and Great Eastern Shipping offering the highest return on equity at 17.35%. Each of these companies has a market capitalisation below Rs 30,000 crore and a dividend yield of at least 2 per cent, and net profit rose in FY26 and in the latest quarter.

This list covers companies with a market capitalisation below Rs 30,000 crore and a dividend yield of at least 2 per cent, rising profit in FY26 and the latest quarter, and complete, verifiable financials, ranked by market capitalisation. Each company has a market cap below Rs 30,000 crore. Investors screening dividend stocks with yield above 2 per cent 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 Yield Above 2 Per Cent and Why Do They Attract Multibagger Interest?

Dividend stocks with yield above 2 per cent are shares of smaller companies that return a good share of their price to investors as dividend each year. The four here cover two shipping companies, power distribution and IT services.

A dividend paid from rising profit is more reliable than one paid from a shrinking base. For dividend stocks with yield above 2 per cent, latest quarter profit also rose. Whichever way you read dividend stocks with yield above 2 per cent, the common thread is rising profit backed by complete financial data. For dividend stocks with yield above 2 per cent, checking each result against the latest quarter matters more than any single ratio. The next sections explain what stands out in each of dividend stocks with yield above 2 per cent, using FY26 and latest quarter data. Prices move daily, so recheck the figures for dividend stocks with yield above 2 per cent before you decide.

Dividend Stocks With Yield Above 2 Per Cent 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)
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
CESC	131.62	18,015	11.05	22.18	12.31%	1.73	128.31 to 204.50
Shipping Corporation of India	260.20	13,233	8.18	8.87	14.87%	0.29	195.55 to 368.75
Zensar Technologies	509.35	11,161	14.38	18.27	16.41%	0.02	416.15 to 822.00

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.

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. 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%.

CESC: Profit Compounding at 3.60% a Year

CESC generates and distributes power, with a distribution licence area in Kolkata, and is growing its renewable portfolio. It reported FY26 revenue of Rs 18,927.29 crore, up 8.93% year on year, and net profit of Rs 1,617.57 crore, up 13.20%. Revenue has compounded at 10.22% a year since FY22. Operating margin was 26.27% in FY26.

The stock trades at a PE of 11.05 against an industry PE of 22.18, below the sector average, with a return on equity of 12.31%. The dividend yield is 4.44%. In the June 2026 quarter, revenue rose 5.18% to Rs 5,559 crore and net profit grew 3.71% to Rs 419 crore. Domestic institutions raised their holding from 25.38% in June 2025 to 26.14% in June 2026.

Shipping Corporation: Quarterly Profit Up 74.87%

Shipping Corporation of India is a government-owned shipping line with a fleet of tankers, bulk carriers and container vessels. It reported FY26 revenue of Rs 6,226.78 crore, up 7.35% year on year, and net profit of Rs 1,352.92 crore, up 60.38%. Net profit has compounded at 11.82% a year since FY22, while revenue has grown 5.12% a year. Operating margin was 46.04% in FY26. The debt-to-equity ratio is 0.29.

In the June 2026 quarter, revenue rose 33.81% to Rs 1,956.84 crore and net profit grew 74.87% to Rs 619.34 crore. The share price has gained 98.18% over five years and 23.82% over the past year. Foreign investors raised their holding from 6.13% in June 2025 to 8.97% in June 2026. The stock trades at a PE of 8.18 against an industry PE of 8.87, below the sector average, with a return on equity of 14.87%. The dividend yield is 2.64%.

Zensar: Debt-to-Equity of 0.02

Zensar Technologies provides digital engineering, cloud and application services to global clients. It reported FY26 revenue of Rs 5,921.30 crore, up 8.83% year on year, and net profit of Rs 774.60 crore, up 19.21%. Net profit has compounded at 16.42% a year since FY22, while revenue has grown 7.82% a year. Operating margin was 19.78% in FY26. The debt-to-equity ratio is 0.02, which keeps interest costs low.

The stock trades at a PE of 14.38 against an industry PE of 18.27, below the sector average, with a return on equity of 16.41%. The dividend yield is 3.04%. In the June 2026 quarter, revenue rose 8.59% to Rs 1,565.60 crore and net profit grew 0.99% to Rs 183.80 crore. Domestic institutions raised their holding from 20.52% in June 2025 to 21.99% in June 2026.

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

The table compares scale and growth across these dividend stocks with yield above 2 per cent. 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)	Revenue Growth (YoY)	4-Year Revenue CAGR	4-Year Net Profit CAGR	Operating Margin (Latest Quarter)
Great Eastern Shipping	6,312.42	2,942.52	2.53%	14.53%	47.03%	80.71%
CESC	18,927.29	1,617.57	8.93%	10.22%	3.60%	20.95%
Shipping Corporation	6,226.78	1,352.92	7.35%	5.12%	11.82%	51.32%
Zensar	5,921.30	774.60	8.83%	7.82%	16.42%	18.44%

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Institutional Holding in Great Eastern Shipping, CESC, Shipping Corporation and Zensar

Institutional holding shows who is backing these dividend stocks with yield above 2 per cent alongside the promoter. The table uses the latest reported quarter for each. Great Eastern Shipping has the deepest institutional backing, with FII and DII together holding 41.14% as of September 2026. Domestic institutions increased their holding over the past year in CESC (from 25.38% to 26.14%) and Zensar (from 20.52% to 21.99%).

Stock	Promoter	FII	DII	Public	Quarter
Great Eastern Shipping	30.07%	29.52%	11.62%	28.79%	September 2026
CESC	52.11%	11.47%	26.14%	10.28%	June 2026
Shipping Corporation	63.75%	8.97%	2.08%	25.20%	June 2026
Zensar	48.99%	10.73%	21.99%	18.29%	June 2026

Risks to Weigh in Dividend Stocks With Yield Above 2 Per Cent

Being careful with dividend stocks with yield above 2 per cent 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: A low PE can also reflect slower growth, so compare each PE with the growth rate instead of reading it alone.
• 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 Yield Above 2 Per Cent

Picking from dividend stocks with yield above 2 per cent 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 22.18) 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 yield above 2 per cent, Great Eastern Shipping stands out for the highest return on equity at 17.35%, CESC for 8.93% revenue growth in FY26, Shipping Corporation for 7.35% revenue growth in FY26 and Zensar for a nearly debt-free balance sheet, with a debt-to-equity ratio of 0.02. 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 yield above 2 per cent 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 Yield Above 2 Per Cent to Watch

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

Ans. Great Eastern Shipping, CESC, Shipping Corporation and Zensar are the 4 names this list highlights, with market caps of Rs 21,175 crore, Rs 18,015 crore, Rs 13,233 crore and Rs 11,161 crore respectively. Great Eastern Shipping is notable for the highest return on equity at 17.35%. CESC stands out for 8.93% revenue growth in FY26. Shipping Corporation offers 7.35% revenue growth in FY26. Zensar brings a nearly debt-free balance sheet, with a debt-to-equity ratio of 0.02. These are watchlist names for dividend stocks with yield above 2 per cent, 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 yield above 2 per cent depend on earnings growth and the price paid at entry, so staggering purchases and consulting a SEBI-registered advisor is sensible.

Can Zensar become a multibagger from here?

Ans. Zensar has a market cap of Rs 11,161 crore. A multibagger outcome in dividend stocks with yield above 2 per cent requires earnings to keep growing faster than the market for several years. Net profit has compounded at 16.42% a year since FY22, and FY26 revenue rose 8.83%. At a PE of 14.38 against an industry PE of 18.27, valuation should be checked against that growth before investing.

What is the market cap of Great Eastern Shipping, CESC, Shipping Corporation and Zensar?

Ans. As of 21 October 2026, Great Eastern Shipping has a market cap of Rs 21,175 crore, CESC has a market cap of Rs 18,015 crore, Shipping Corporation has a market cap of Rs 13,233 crore and Zensar has a market cap of Rs 11,161 crore. All of them qualify as smallcaps. 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 yield above 2 per cent.

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

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. Comparing each PE with growth gives a fuller picture than the PE alone.

Is Great Eastern Shipping trading below its industry PE?

Ans. Great Eastern Shipping trades at a PE of 5.65 against an industry PE of 8.87. A lower PE means investors pay less for each rupee of earnings, but it should be read with growth (net profit has compounded at 47.03% a year since FY22 and FY26 revenue rose 2.53%) and balance sheet strength before drawing a conclusion.

How much do institutions hold in Great Eastern Shipping, CESC, Shipping Corporation and Zensar?

Ans. As of the latest reported quarter, FII and DII together hold 41.14% of Great Eastern Shipping (29.52% and 11.62%), 37.61% of CESC (11.47% and 26.14%), 11.05% of Shipping Corporation (8.97% and 2.08%) and 32.72% of Zensar (10.73% and 21.99%). Rising institutional holding is a useful signal in dividend stocks with yield above 2 per cent, though it should be read with earnings trends rather than on its own.