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  1. HDFC Bank's 1:1 bonus to Page Industries' ₹150 dividend: Corporate actions steal the show in Q1FY26 earnings season

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HDFC Bank's 1:1 bonus to Page Industries' ₹150 dividend: Corporate actions steal the show in Q1FY26 earnings season

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6 min read | Updated on August 12, 2025, 15:01 IST

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SUMMARY

Several large and mid-cap companies announced interim dividends, bonus issues alongside their Q1 FY26 results. From HDFC Bank, Pidilite Industries' 1:1 bonus issue to Page Industries’ hefty ₹150 per share interim dividend indicate Q1FY26 was not just about earnings, but it was a quarter filled with significant shareholder rewards.

Pidilite has announced a 1:1 bonus issue after 15 years, along with a special interim dividend of ₹10 per share.

Pidilite has announced a 1:1 bonus issue after 15 years, along with a special interim dividend of ₹10 per share.

The first quarter earnings season will soon come to an end, with very few companies remaining to announce their results in the last leg. As per experts, companies posted yet another quarter of weak earnings, with average profit growth of 38 of the NIFTY50 companies remaining in low single digits. Companies belonging to banking and financials reported lower margins following steep repo rate cuts in recent quarters, while slower credit growth also impacted the sector.

Meanwhile, the IT sector continues to report subdued earnings amid tepid demand for IT services in the US and global markets. However, despite lackluster earnings, there were a few bright spots, especially in the domestic infrastructure, auto and cement segments.

Along with the quarterly results, several companies have also announced corporate actions, including bonus shares and an interim dividend.

Here’s a list of companies that rewarded shareholders along with quarterly earnings:

June quarter corporate actions round-up

CompanyCorporate actionDetails
HDFC BankSpecial interim dividend & bonus issueSpecial interim dividend of ₹5 per share and 1:1 bonus shares
Pidilite IndustriesSpecial interim dividend & bonus issueSpecial interim dividend of ₹10 per share and a 1:1 bonus issue
Page IndustriesInterim dividendInterim dividend of ₹150 per share
Aurobindo PharmaInterim dividendInterim dividend ₹4 per share
Power Finance Corporation (PFC)Interim dividendInterim dividend ₹3.70 per share
Mankind PharmaInterim dividendInterim dividend of ₹1 per share
Container Corporation of India (CONCOR)Interim dividendInterim dividend of ₹1.60 per share
Embassy Office Parks REITInterim dividendInterim dividend of ₹5.80 per share
TIPS Music LimitedInterim dividendInterim dividend of ₹4 per share
Dr. Lal PathLabsInterim dividendInterim dividend of ₹6 per share

HDFC Bank: Doubling up on shareholder rewards

India’s largest private lender coupled its Q1 results with a special interim dividend of ₹5 per share and first ever 1:1 bonus issue. The dividend record date was set for 25 July 2025, with payment scheduled for 11 August. This twin move not only rewards shareholders but also signals management’s confidence in future earnings capacity. Management remains confident of sustaining loan growth at or above the system rate in FY27, backed by strong customer centricity, technology, and operational execution. HDFC Bank shares are trading 1.1% lower on Tuesday, August 12 on NSE. So far this year, HDFC Bank shares have delivered 11.2% return to investors.

Pidilite Industries: Special dividend + bonus shares

Pidilite, an adhesive manufacturer, commemorated its founder’s 101st birth anniversary with a special interim dividend of ₹10 per share and a 1:1 bonus issue. The company has announced a bonus issue after 15 years. The last instance of the company issuing free shares was back in March 2010, when it had also declared a 1:1 bonus. The record date for the said bonus issue is yet to be declared. The company reported double-digit revenue growth and margin expansion in Q1, underscoring the financial strength behind these shareholder-friendly announcements. So far this year, Pidilite Industries stock has gained over 6.8%.

Page Industries

Known for its Jockey brand, Page Industries declared an eye-catching first interim dividend of ₹150 per share for FY26. With the record date set for August 13, 2025, and payment due by September 5, the move reflects strong cash flows and profitability despite a competitive apparel market. It has witnessed Q1FY26 revenue growth of 3.1% YoY to ₹1,316.6 crore, driven by steady sales volume momentum and resilient demand in its core apparel categories. Page Industries shares are trading over 2% lower at 44,105 apeice on August 12, 2025.

Power Finance Corporation (PFC)

Alongside its Q1FY26 results, Power Finance Corporation’s board declared a first interim dividend of ₹3.70 per share. The state-owned company reported a 21% year-on-year rise in its consolidated net profit at ₹4,502 crore, while net interest income (NII) jumped 26% to ₹5,469 crore for the quarter.

Aurobindo Pharma

Aurobindo Pharma approved an interim dividend of ₹4 per share (400% of face value) alongside steady revenue growth in Europe and growth markets. Despite a slight YoY dip in US formulations revenue, the company’s healthy EBITDA margins of 20.4% leave room for sustained payouts. The pharma stock is trading 0.6% higher at 1,059 per share on NSE today.

Mankind Pharma

Marking its 30th anniversary, Mankind Pharma’s board approved an interim dividend of ₹1 per share. The record date for this was August 8, 2025. The payout comes on the back of a 25% YoY revenue jump in Q1, driven by recovery in volume, consistent chronic outperformance and BSV consolidation.

Besides these, several other companies across sectors reinforced their commitment to shareholder returns with notable dividend announcements in Q1FY26. Container Corporation of India (CONCOR) declared an interim dividend of ₹1.60 per share (32% of ₹5 face value), with the record date set for 13 August 2025. Embassy Office Parks REIT announced a ₹5.80 per unit dividend, translating to a dividend yield of 6.01%, maintaining its steady payout track despite a dip in quarterly profits.

Tips Music Limited rewarded investors with a first interim dividend of ₹4 per share, supported by double-digit revenue growth across both digital and non-digital segments. Dr. Lal PathLabs approved an interim dividend of ₹6 per share (60% of face value), backed by solid revenue and profit growth, highlighting its ability to deliver consistent returns alongside business expansion.

Before you leave

Corporate actions like dividends and bonuses serve as tangible indicators of a company’s confidence in its earnings stability and cash reserves. For long-term investors, such moves can enhance total shareholder return, while bonuses improve liquidity and accessibility in the market. However, these should be weighed alongside core fundamentals, sustained profitability, market positioning, and industry dynamics.

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Consistency beats timing.
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About The Author

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Sreenivas Ajankar is a Deputy Editor at Upstox and has over nine years of experience in capital markets. His areas of expertise include equity research, analysis and business valuation.