ENVESTMENTHalal Money Grows Too

STOCK SCREEN

Before investing, please always verify the current Shariah compliance of any stock on Screener.in.
Below are companies that were permissible as of our latest review – re‑check independently.

62 companies verified against Nifty Shariah 25, Musaffa, Islamicly, and Zamzam Capital.

⚠️ CRITICAL — A Permissible Company Does NOT Make Every Trade Halal

Even if a stock passes AAOIFI screening, the way you trade it matters. The following methods are widely considered impermissible by Islamic scholars:

  • Intra‑day trading (day trading) — often involves speculation and gharar.
  • Futures & Options (F&O) — considered derivatives with excessive uncertainty and zero ownership.
  • Margin trading / short selling— selling what you don't own or borrowing with interest.
  • Speculative crypto / forex — high gharar, often resembles gambling.

Permissible approach: Take delivery of shares (T+2 settlement), hold them as an owner, and earn from legitimate profits or dividends. Always consult a qualified scholar for personalised rulings.

⚠ Educational data as of Q2 2026. Always verify latest financial ratios on Screener.in and consult a qualified scholar. Not financial advice.

TCSTata Consultancy Services

IT Services
✓ PERMISSIBLE
Market Cap: ₹12.00 Lakh Cr
Source: Nifty Shariah 25 · Islamicly
Why: Core IT services – permissible. Near‑zero debt. Interest income <1%. Illiquid assets >80%.

INFYInfosys

IT Services
✓ PERMISSIBLE
Market Cap: ₹6.50 Lakh Cr
Source: Islamicly · Nifty Shariah 25
Why: IT services – permissible. Conservative debt. Minimal interest income. High illiquid ratio.

HCLTECHHCL Technologies

IT Services
✓ PERMISSIBLE
Market Cap: ₹3.94 Lakh Cr
Source: Nifty Shariah 25 · Islamicly
Why: IT services – low debt, interest well under 5%. Illiquid ratio 75%.

WIPROWipro

IT Services
✓ PERMISSIBLE
Market Cap: ₹2.60 Lakh Cr
Source: Islamicly · Nifty Shariah 25
Why: IT services – debt 3.2%, interest 0.5%. Illiquid 72%.

TECHMTech Mahindra

IT Services
✓ PERMISSIBLE
Market Cap: ₹1.41 Lakh Cr
Source: Nifty Shariah 25
Why: IT services – moderate debt, interest within limit. Illiquid >33%.

PERSISTENTPersistent Systems

IT Services
✓ PERMISSIBLE
Market Cap: ₹84.83K Cr
Source: Nifty Shariah 25
Why: IT services – low debt, negligible interest, high illiquid.

LTIMLTI Mindtree

IT Services
✓ PERMISSIBLE
Market Cap: ₹1.34 Lakh Cr
Source: Nifty Shariah 25
Why: IT services – low debt, interest <1%, illiquid >70%.

COFORGECoforge

IT Services
✓ PERMISSIBLE
Market Cap: ₹42.00K Cr
Source: Nifty Shariah 25
Why: IT services – low debt, negligible interest, illiquid >70%.

TATAELXSITata Elxsi

IT Services
✓ PERMISSIBLE
Market Cap: ₹45.00K Cr
Source: Islamicly
Why: IT/engineering services – zero debt, negligible interest, high illiquid.

MPHASISMphasis

IT Services
✓ PERMISSIBLE
Market Cap: ₹55.00K Cr
Source: Nifty Shariah 25
Why: IT services – low debt, interest well under 5%, passes illiquid test.

SUNPHARMASun Pharmaceutical

Pharmaceuticals
✓ PERMISSIBLE
Market Cap: ₹4.00 Lakh Cr
Source: Islamicly · Musaffa · Zamzam
Why: Pharma – permissible, moderate debt, interest <1%, illiquid >60%.

DRREDDYDr. Reddy's Laboratories

Pharmaceuticals
✓ PERMISSIBLE
Market Cap: ₹1.03 Lakh Cr
Source: Nifty Shariah 25 · Musaffa
Why: Pharma – debt 8.5%, interest 0.4%, passes all screens.

CIPLACipla

Pharmaceuticals
✓ PERMISSIBLE
Market Cap: ₹99.32K Cr
Source: Nifty Shariah 25
Why: Pharma – debt 7.1%, interest 0.5%, illiquid >33%.

DIVISLABDivi's Laboratories

Pharmaceuticals
✓ PERMISSIBLE
Market Cap: ₹95.00K Cr
Source: Musaffa
Why: Pharma – almost zero debt, negligible interest, illiquid 80%.

LUPINLupin

Pharmaceuticals
✓ PERMISSIBLE
Market Cap: ₹1.07 Lakh Cr
Source: Nifty Shariah 25
Why: Pharma – debt 10.1%, interest <1%, passes all tests.

APOLLOHOSPApollo Hospitals

Healthcare Services
✓ PERMISSIBLE
Market Cap: ₹1.08 Lakh Cr
Source: Nifty Shariah 25
Why: Healthcare services – permissible, acceptable debt, low interest.

BIOCONBiocon

Pharmaceuticals
✓ PERMISSIBLE
Market Cap: ₹38.00K Cr
Source: Musaffa
Why: Pharma/biotech – moderate debt, interest within limits, passes.

ALKEMAlkem Laboratories

Pharmaceuticals
✓ PERMISSIBLE
Market Cap: ₹55.00K Cr
Source: Musaffa
Why: Pharma – acceptable debt, low interest, passes screens.

AUROPHARMAAurobindo Pharma

Pharmaceuticals
✓ PERMISSIBLE
Market Cap: ₹48.00K Cr
Source: Nifty Shariah 25
Why: Pharma – debt 18.4%, interest 1.1%, illiquid >50%, passes.

GLANDGland Pharma

Pharmaceuticals
✓ PERMISSIBLE
Market Cap: ₹25.00K Cr
Source: Musaffa
Why: Pharma – low debt, negligible interest, strong illiquid.

LAURUSLABSLaurus Labs

Pharmaceuticals
✓ PERMISSIBLE
Market Cap: ₹20.00K Cr
Source: Musaffa
Why: Pharma – moderate debt, interest under 1%, passes.

IPCALABIpca Laboratories

Pharmaceuticals
✓ PERMISSIBLE
Market Cap: ₹30.00K Cr
Source: Musaffa
Why: Pharma – permissible sector, debt under control, passes.

HINDUNILVRHindustan Unilever

FMCG
✓ PERMISSIBLE
Market Cap: ₹5.00 Lakh Cr
Source: Islamicly · Nifty Shariah 25 · Musaffa · Zamzam
Why: Consumer staples – zero debt, negligible interest, illiquid 68%.

NESTLEINDNestlé India

FMCG – Food
✓ PERMISSIBLE
Market Cap: ₹2.41 Lakh Cr
Source: Nifty Shariah 25 · Musaffa · Zamzam
Why: Food products – permissible, low debt, interest under 1%.

TATACONSUMTata Consumer Products

FMCG
✓ PERMISSIBLE
Market Cap: ₹1.08 Lakh Cr
Source: Nifty Shariah 25
Why: Consumer goods – debt 3.2%, interest 0.3%, passes.

GODREJCPGodrej Consumer Products

FMCG
✓ PERMISSIBLE
Market Cap: ₹1.10 Lakh Cr
Source: Nifty Shariah 25
Why: Consumer goods – debt 5.4%, interest 0.5%, passes.

DABURDabur India

FMCG
✓ PERMISSIBLE
Market Cap: ₹95.00K Cr
Source: Musaffa
Why: Ayurvedic/FMCG – low debt, negligible interest, passes.

MARICOMarico

FMCG
✓ PERMISSIBLE
Market Cap: ₹65.00K Cr
Source: Musaffa
Why: Consumer goods – very low debt, interest 0.2%, illiquid >70%.

BRITANNIABritannia Industries

FMCG – Food
✓ PERMISSIBLE
Market Cap: ₹1.10 Lakh Cr
Source: Musaffa
Why: Bakery/food – permissible, acceptable debt, low interest.

EMAMILTDEmami

FMCG
✓ PERMISSIBLE
Market Cap: ₹28.00K Cr
Source: Musaffa
Why: Consumer goods – debt within limits, low interest, passes.

VBLVarun Beverages

FMCG – Beverages
✓ PERMISSIBLE
Market Cap: ₹1.20 Lakh Cr
Source: Musaffa
Why: Beverages – permissible, moderate debt, interest under 1%.

JYOTHYLABSJyothy Labs

FMCG
✓ PERMISSIBLE
Market Cap: ₹18.00K Cr
Source: Musaffa
Why: Consumer goods – low debt, negligible interest, passes.

GILLETTEGillette India

FMCG
✓ PERMISSIBLE
Market Cap: ₹25.00K Cr
Source: Musaffa
Why: Consumer products – low debt, interest <1%, passes.

ASIANPAINTAsian Paints

Paints & Coatings
✓ PERMISSIBLE
Market Cap: ₹2.26 Lakh Cr
Source: Nifty Shariah 25 · Zamzam · Musaffa
Why: Paint manufacturing – permissible, very low debt, interest 0.2%, illiquid 79%.

PIDILITINDPidilite Industries

Chemicals
✓ PERMISSIBLE
Market Cap: ₹1.38 Lakh Cr
Source: Nifty Shariah 25
Why: Adhesives/chemicals – permissible, low debt, interest 0.3%, illiquid >75%.

SRFSRF

Chemicals
✓ PERMISSIBLE
Market Cap: ₹68.00K Cr
Source: Musaffa
Why: Chemicals/textiles – permissible, moderate debt, interest acceptable.

ULTRACEMCOUltraTech Cement

Cement
✓ PERMISSIBLE
Market Cap: ₹3.39 Lakh Cr
Source: Nifty Shariah 25 · Islamicly · Musaffa · Zamzam
Why: Cement – permissible, debt 18.3%, interest 1.9%, illiquid 46%, passes.

SHREECEMShree Cement

Cement
✓ PERMISSIBLE
Market Cap: ₹90.00K Cr
Source: Musaffa
Why: Cement – permissible, moderate debt, low interest, passes.

AMBUJACEMAmbuja Cements

Cement
✓ PERMISSIBLE
Market Cap: ₹1.50 Lakh Cr
Source: Islamicly · Nifty Shariah 25
Why: Cement – permissible, debt under 33%, interest <5%, passes.

SIEMENSSiemens India

Engineering
✓ PERMISSIBLE
Market Cap: ₹1.30 Lakh Cr
Source: Musaffa
Why: Engineering – permissible, zero debt, negligible interest, illiquid 77%.

ABBABB India

Engineering
✓ PERMISSIBLE
Market Cap: ₹80.00K Cr
Source: Musaffa
Why: Engineering – permissible, very low debt, interest 0.4%, illiquid 79%.

HAVELLSHavells India

Electrical Equipment
✓ PERMISSIBLE
Market Cap: ₹78.00K Cr
Source: Nifty Shariah 25 · Musaffa
Why: Electrical goods – permissible, low debt, interest 0.6%, passes.

CUMMINSINDCummins India

Industrial Products
✓ PERMISSIBLE
Market Cap: ₹1.42 Lakh Cr
Source: Nifty Shariah 25
Why: Industrial manufacturing – permissible, acceptable debt, low interest.

VOLTASVoltas

Engineering
✓ PERMISSIBLE
Market Cap: ₹42.00K Cr
Source: Musaffa
Why: Engineering – permissible, debt 6.1%, interest low, passes.

THERMAXThermax

Engineering
✓ PERMISSIBLE
Market Cap: ₹38.00K Cr
Source: Musaffa
Why: Engineering – permissible, low debt, interest <1%, passes.

POLYCABPolycab India

Electrical Equipment
✓ PERMISSIBLE
Market Cap: ₹50.00K Cr
Source: Musaffa
Why: Electrical – permissible, low debt, interest <1%, passes.

ONGCOil & Natural Gas Corp

Oil & Gas
✓ PERMISSIBLE
Market Cap: ₹3.60 Lakh Cr
Source: Nifty Shariah 25 · Islamicly · Zamzam
Why: Oil & gas extraction – permissible, debt 12.4%, interest 2.8%, illiquid 61%.

COALINDIACoal India

Mining
✓ PERMISSIBLE
Market Cap: ₹2.68 Lakh Cr
Source: Nifty Shariah 25 · Islamicly · Zamzam
Why: Coal mining – permissible, almost zero debt, interest 1.5%, illiquid 63%.

GAILGAIL India

Energy
✓ PERMISSIBLE
Market Cap: ₹1.01 Lakh Cr
Source: Nifty Shariah 25
Why: Gas transmission – permissible, moderate debt, interest under 3%, passes.

PETRONETPetronet LNG

Energy
✓ PERMISSIBLE
Market Cap: ₹42.00K Cr
Source: Islamicly · Zamzam
Why: Gas infrastructure – permissible, low debt, interest <1%, passes.

IGLIndraprastha Gas

Energy
✓ PERMISSIBLE
Market Cap: ₹1.00 Lakh Cr
Source: Islamicly · Musaffa
Why: City gas distribution – permissible, low debt, interest negligible.

MARUTIMaruti Suzuki India

Automobile
✓ PERMISSIBLE
Market Cap: ₹2.60 Lakh Cr
Source: Islamicly · Musaffa · Zamzam
Why: Automobile manufacturing – permissible, low debt, interest 0.7%, illiquid >60%.

EICHERMOTEicher Motors

Automobile
✓ PERMISSIBLE
Market Cap: ₹1.00 Lakh Cr
Source: Musaffa
Why: Automobile – permissible, very low debt, interest 0.4%, passes all tests.

HEROMOTOCOHero MotoCorp

Automobile
✓ PERMISSIBLE
Market Cap: ₹1.05 Lakh Cr
Source: Nifty Shariah 25 · Islamicly
Why: Two‑wheeler manufacturing – permissible, low debt, passes.

BAJAJ‑AUTOBajaj Auto

Automobile
✓ PERMISSIBLE
Market Cap: ₹1.30 Lakh Cr
Source: Musaffa
Why: Automobile – permissible, low debt, interest negligible, illiquid >55%.

TVSMOTORTVS Motor Company

Automobile
✓ PERMISSIBLE
Market Cap: ₹55.00K Cr
Source: Musaffa
Why: Automobile – permissible, debt 6.5%, interest low, passes.

WHIRLPOOLWhirlpool of India

Consumer Durables
✓ PERMISSIBLE
Market Cap: ₹22.00K Cr
Source: Musaffa
Why: Consumer durables – permissible, low debt, interest under 1%.

TTKPRESTIGTTK Prestige

Consumer Durables
✓ PERMISSIBLE
Market Cap: ₹10.00K Cr
Source: Musaffa
Why: Kitchen appliances – permissible, low debt, negligible interest.

CROMPTONCrompton Greaves Consumer

Consumer Durables
✓ PERMISSIBLE
Market Cap: ₹25.00K Cr
Source: Musaffa
Why: Fans/lighting – permissible, low debt, interest under 1%.

TITANTitan Company

Jewellery & Watches
✓ PERMISSIBLE
Market Cap: ₹2.90 Lakh Cr
Source: Musaffa
Why: Jewellery & watches – permissible, low debt, interest under 5%, illiquid >60%.

PAGEINDPage Industries

Textiles / Apparel
✓ PERMISSIBLE
Market Cap: ₹40.00K Cr
Source: Musaffa
Why: Garment manufacturing – permissible, low debt, interest <1%.

KPRMILLKPR Mill

Textiles
✓ PERMISSIBLE
Market Cap: ₹25.00K Cr
Source: Musaffa
Why: Textile manufacturing – permissible, moderate debt, low interest.