Vedanta has experienced a notable decline in its dividend yield rankings, dropping to seventh position among India's top dividend-paying stocks based on December 31, 2025 closing prices, according to a recent analysis by SBI Securities. This represents a significant shift in the dividend yield landscape, with lesser-known companies now occupying the top positions.

Vedanta's Declining Dividend Performance

Vedanta's dividend yield for FY25 stands at 7.2%, marking a decline from 8.8% recorded as of October 31, 2025. The company previously held the second position in SBI Securities' November 3, 2025 report, trailing only behind Premco Global. The current yield represents a substantial decrease from the company's FY23 dividend yield of 16.8%.

Despite the declining yield, Vedanta shares have rallied 35.00% over the past year, which contributes to the lower dividend yield calculation as strong stock price performance can reduce yield percentages.

New Leaders in Dividend Yield Rankings

Multibase India has emerged as the surprise leader with an exceptional dividend yield of 24.8% for FY25. This represents a dramatic improvement from 1.4% in FY24 and 0.9% in FY23. The company, which specializes in specialty and intermediate chemicals for consumer and industrial applications, has a market capitalization of ₹270.57 crores on BSE.

Multibase India's impressive yield was supported by an interim dividend of ₹53.00 per share distributed in November, representing a substantial payout compared to previous dividends.

Complete Top 10 Dividend Yield Rankings

The remaining positions in the top 10 list include established companies across various sectors:

Other Notable High-Yield Stocks

Several widely followed stocks maintain relatively high dividend yields outside the top 10:

• ONGC: 5.1%
• REC: 5.0%
• Quess Corp: 4.9%
• Hindustan Zinc: 4.7%
• Power Finance Corporation (PFC): 4.4%
• GAIL: 4.4%
• NMDC: 4.0%
• Tata Consultancy Services: 3.9%
• HCL Technologies: 3.7%
• ITC: 3.6%
• Oracle Financial Services: 3.4%

Analysis Methodology

SBI Securities calculated dividend yields based on December 31, 2025 closing prices, considering only companies that have consistently paid dividends over the last three financial years. The analysis highlights how dividend yields can fluctuate due to stock price movements, with strong rallies potentially reducing yield percentages even when absolute dividend payments remain stable.

Vedanta Limited has informed stock exchanges about a significant GST penalty order received by its subsidiary ESL (Electrosteel Steels Limited) from tax authorities. The disclosure was made under Regulation 30 of SEBI Listing Regulations on December 31, 2025.

GST Penalty Details

ESL received an order from the Joint Commissioner of CGST & CX, Headquarters Ranchi, confirming a penalty of ₹54,61,78,958 along with tax demand and applicable interest. The penalty order was issued on December 29, 2025, and received by ESL on December 30, 2025.

Nature of Violations

The penalty pertains to two main GST-related issues spanning a five-year period from FY 2018-19 to FY 2022-23:

• Payment of GST on various financial income
• Reversal of input tax credit on account of defaulting vendors

The order was issued by the Office of the Principal Commissioner of Central Goods & Service Tax & Central Excise, located at Central Revenue Building, 5A, Main Road, Ranchi – 834001.

Company's Response and Impact Assessment

Vedanta has outlined its strategy to contest the penalty order through legal channels. The company intends to file a writ before the court or an appeal against the order with Appellate Authorities.

The disclosure was signed by Prerna Halwasiya, Company Secretary & Compliance Officer, and submitted to both BSE Limited and National Stock Exchange of India Limited as per regulatory requirements.

Regulatory Compliance

The disclosure was made pursuant to Regulation 30 read with Schedule III of SEBI Listing Regulations, specifically under Clause 20 of Para A of Part A of Schedule III. This regulation requires listed companies to inform stock exchanges about material events that could impact the company's operations or financial position.