Dividend Yield: Kaise Nikalein Aur Kaise Padhein

Dividend yield hai kya

Dividend company ke munafe ka wo hissa hai jo shareholders ko cash diya jaata hai. Dividend yield usi cash payment ko aaj ek share ki keemat ke percentage ke roop mein batati hai.

Yeh sirf ek sawaal ka jawab deti hai: agar main aaj ke bhaav par yeh share khareedun aur company pichhle saal jitna deti rahi utna deti rahe, to mere chukaye bhaav par mujhe kitna cash return milega? Yeh is baare mein kuch nahi kehti ki share ka bhaav badhega ya girega.

Yeh kyun maayne rakhti hai

Akeli rupee amount kuch nahi batati. ₹100 ke share par ₹10 ka dividend bada hai, aur ₹5,000 ke share par wahi ₹10 bahut chhota. Percentage mein badalne se hi do companies ki tulna sambhav hoti hai, aur dividend ki tulna FD rate ya inflation se ki ja sakti hai.

Yeh reader ko Indian market ki sabse aam galatfehmi se bhi bachati hai: dividend ko face value ke percentage mein batana, jo kahin bada aur asli mein bemaani number hota hai.

Formula

Dividend Yield (%) = (Saalana dividend per share ÷ Maujooda market price per share) × 100

Saalana dividend per share yaani baarah maheenon mein per share ghoshit kul rakam — interim aur final, aur agar aap asli payment dekh rahe hain to koi special dividend bhi. Market price aaj ka chaalu bhaav hai, jo roz badalta hai — isliye dividend na badle tab bhi yield roz badalti rehti hai.

Step by step solved example

Maan lijiye ek share ki face value ₹10 hai, wo abhi ₹200 par chal raha hai, aur company ne saal bhar mein us par ₹10 ka dividend ghoshit kiya hai.

Face value, dividend aur market price — teen alag cheezein

Uljhan yahin sabse zyada rehti hai, isliye teeno ko saaf-saaf alag kar lena zaroori hai.

• Face value (ya par value) jaari karte samay tay kiya gaya ek accounting number hai — aam taur par ₹10, ₹5, ₹2 ya ₹1. Iska istemaal company law ke kaam mein hota hai, jaise dividend ghoshit karna aur share capital ginna. Na yeh aapki chukayi keemat hai, na share ki asli keemat.
• Per share ghoshit dividend wo asli rupaya hai jo har share par diya jaata hai. Indian companies aksar ise face value ke percentage mein batati hain, isliye ₹10 face value par "100% dividend" ka matlab hai ₹10 per share.
• Market price wo keemat hai jis par share aaj exchange par chal raha hai — yeh buyers aur sellers tay karte hain, company nahi.
• Dividend yield dividend ko market price ke muqable naapti hai. Inmein se sirf yahi aapka cash return batati hai.

Galatfehmi, saaf shabdon mein

"Company ne 50% dividend ghoshit kiya" jaisi headline ka matlab lagbhag hamesha face value ka 50% hota hai. ₹10 face value par yeh ₹5 per share hai.

Agar share ₹200 par chal raha hai, to investor ne 50% nahi kamaya. Usne ₹200 par ₹5 kamaya, yaani 2.5% yield. Ghoshit 50% aur asli 2.5% ke beech ka yahi faasla poori galatfehmi hai — aur is example mein yeh bees gune ka farq hai.

Jab bhi dividend percentage mein bataya jaaye, pehla sawaal hamesha yahi hai: kiska percentage?

Yield ko kaise padhein

Oonchi yield ka matlab yeh ho sakta hai ki company khoob cash lauta rahi hai — ya yeh ki uske share ka bhaav tezi se gira hai, jisse yield maths ke hisaab se apne aap badh jaati hai, bina kuch accha hue. Girta bhaav aur oonchi yield aksar saath aate hain, aur aise mein yield inaam nahi, lakshan hai.

Kam ya zero yield bhi koi kami nahi hai. Jo company apna munafa growth mein dobara laga rahi hai wo kuch bhi na de — aur uske daur ke hisaab se yeh poori tarah uchit ho sakta hai. Yield payout ki policy batati hai, quality nahi.

Yield peeche dekhne wala number bhi hai: yeh pehle se ghoshit dividend se nikalti hai. Company kabhi bhi dividend ghata ya rok sakti hai, aur uske saath aapki nikali hui yield bhi chali jaati hai.

Dividend yield kya nahi batati

Yeh aapka kul return nahi batati, jo is par bhi depend karta hai ki share ka bhaav kya karta hai — aur bhaav ka badlav aam taur par dividend se kahin bada hota hai.

Yeh nahi batati ki dividend tikaau hai ya nahi. Uske liye dekhna hoga ki company apni kamai ka kitna hissa baant rahi hai, aur kya paida hua cash use sambhal sakta hai.

Yeh tax ko nahi jodti. Maujooda Indian law ke tehat dividend investor ke haath mein taxable hai, isliye aapki nikali yield tax se pehle ki hai aur aapke haath mein kam pahunchta hai.

Aur yeh company ke business, karz ya sambhavnaon ke baare mein kuch nahi kehti. Yeh ek ratio hai, poora assessment nahi.

Iska mutual fund se naata

Equity mutual fund shares rakhta hai, isliye wo companies jo dividend deti hain wo scheme mein aata hai aur uski NAV mein dikhta hai. Yeh wahi baat nahi hai ki scheme aapko dividend de rahi ho.

Scheme ka IDCW option — Income Distribution cum Capital Withdrawal, jise pehle dividend option kaha jaata tha — aapko ek rakam deta hai aur utni hi NAV ghata deta hai. Yeh aapke apne investment mein se withdrawal hai, us par upar se kamai gayi yield nahi. Dono baaton mein shabd ek jaisa hai, kaam bilkul alag.