In this paper, the empirical investigation is conducted on the firm-specific determinants of dividend payment policy among NIFTY 50 listed companies during the period 2014 to 2024. The secondary data for 50 firms over a period of 10 years (N = 500) was collected from CMIE Prowess IQ, BSE, and NSE company reports. Fixed Effects (FE) Panel Regression (selected using Hausman specification test) with Panel Corrected Standard Errors (PCSE) was used to determine the effect of ROE, SIZE, LEV, LIQ, SG, and FCF on the Dividend Payout Ratio (DPR). Results indicate that profitability (β = 0.4521, p < 0.001), FCF (β = 0.2987, p < 0.001), and LIQ (β = 0.0912, p < 0.001) have a positive impact on DPR, whereas LEV (β = −0.1234, p < 0.001) limits the dividend. The within R² of 62.34% reinforces the model's high level of explanatory ability. The findings support the theories of agency cost, signalling, life cycle, and pecking order, thus contributing empirical insights to dividend policy behaviour in India's top large cap stock market segment.\\n\\n