Its dividend collections from non-financial central public sector enterprises (CPSEs) and entities where it holds minority stakes totalled ₹70,577 crore so far this fiscal year, compared with the revised annual estimate of ₹71,000 crore.
With about three weeks to go in March when dividend flows usually soar, chances of such collections scaling a fresh peak this fiscal year have further brightened, a senior official said. The higher-than-expected revenue collections will help the government meet its FY26 fiscal deficit target of 4.4% of gross domestic product despite a downward revision of the nominal GDP under the recently released revamped framework, said a senior official.
As per data from DIPAM, proceeds from disinvestment totalled ₹15,563 crore, while the mop-up from asset monetisation added ₹18,837 crore. In FY25, disinvestment and asset monetisation collections were ₹17,202 crore, trailing the revised estimate of ₹33,122 crore for the fiscal year. The government has stopped declaring a separate disinvestment target since 2024-25. It now announces a combined divestment and asset monetisation goal.
ET had in December reported that dividend flows from CPSEs and other entities could hit a fresh record high this fiscal year, exceeding the previous high of ₹74,140 crore recorded in fiscal 2025. The government has budgeted dividend revenue at ₹75,000 crore for 2026-27.
Higher-than-budgeted dividend inflows have helped cushion the impact of weak disinvestment receipts in recent years, apart from reflecting strong performance by CPSEs. Disinvestment proceeds this fiscal year have come largely from stake dilutions in Bharat Heavy Electricals (₹4,465 crore), Mazagon Dock Shipbuilders (₹3,673 crore), Bank of Maharashtra (₹2,624 crore) and Indian Railways Finance Corporation (₹2,330 crore).
Petro Cos lead dividend pay-outs
The data showed that petroleum and natural gas companies together remained the biggest contributors to the dividend kitty with a pay-out of ₹24,273 crore so far this fiscal year, followed by firms in the power (₹12,363 crore) and coal (₹8,727 crore) sectors.
Among individual CPSEs, ONGC remained the biggest dividend payer at ₹10,002 crore, followed by Coal India (₹8,132 crore), Indian Oil Corporation (₹5,818 crore), Bharat Petroleum Corporation (₹5,171 crore) and NTPC (₹4,385 crore).