UPCOMING IPO HALAL STATUS (2025)
| COMPANY | IPO DATE | HALAL STATUS | DETAILS |
|---|---|---|---|
| Prostarm Info Systems Ltd. | 27 MAY | Shariah Compliant | |
| Astonea Labs Limited | 27 MAY | Non-Shariah Compliant | |
| Nikita Papers Limited | 27 MAY | Non-Shariah Compliant | |
| Blue Water Logistics Ltd. | 27 MAY | Non-Shariah Compliant | Coming Soon |
| Astonea Labs Limited | 27 MAY | Non-Shariah Compliant | Coming Soon |
| Aegis Vopak Terminals Ltd. | 26 MAY | Non-Shariah Compliant | Read More |
| Schloss Bangalore Ltd. | 26 MAY | Non-Shariah Compliant | Read More |
| Unified Data-Tech Solutions Ltd. | 22 MAY | Non-Shariah Compliant | Read More |
| Dar Credit & Capital Ltd. | 21 MAY | Non-Shariah Compliant | Read More |
| Belrise Industries Ltd. | 21 MAY | Non-Shariah Compliant | Read More |
| Borana Weaves Ltd. | 20 MAY | Non-Shariah Compliant | Read More |
| Accretion Pharmaceuticals Ltd. | 14 MAY | Non-Shariah Compliant | Read More |
| Integrity Infrabuild Developers Ltd. | 13 MAY | Shariah Compliant | Read More |
| Virtual Galaxy Infotech Ltd. | 09 MAY | DOUBTFUL | Read More |
| Manoj Jewellers Ltd | 05 MAY | Non-Shariah Compliant | Read More |
| Srigee DLM Limited | 05 MAY | Shariah Compliant | Read More |
| Kenrik Industries Limited | 29 APRIL | Shariah Compliant | Read More |
| Arunaya Organics Limited | 29 APRIL | Shariah Compliant | Read More |
| Ather Energy Limited | 28 APRIL | Shariah Compliant | Read More |
| Iware Supplychain Services Ltd | 28 APRIL | Non-Shariah Compliant | Read More |
| Tankup Engineers Ltd | 23 APRIL | Non-Shariah Compliant | Read More |
| Infonative Solutions Ltd | 28 MARCH | Shariah Compliant | Read More |
| Spinaroo Commercial Ltd | 28 MARCH | NOT HALAL | Read More |
| Aten Papers & Foam Ltd | 28 MARCH | NOT HALAL | Read More |
| Retaggio Industries Ltd | 27 MARCH | Shariah Compliant | Read More |
| Identixweb Limited | 26 MARCH | Shariah Compliant | Read More |
| ATC Energies System Ltd | 25 MARCH | Shariah Compliant | Read More |
| Shri Ahimsa Naturals Ltd | 25 MARCH | Shariah Compliant | Read More |
| Desco Infratech Ltd | 24 MARCH | NOT HALAL | Read More |
| Rapid Fleet Management Services Ltd | 21 MARCH | NOT HALAL | Read More |
| Active Infrastructures Ltd | 21 MARCH | NOT HALAL | Read More |
| Grand Continent Hotels Ltd | 20 MARCH | NOT HALAL | Read More |
| Paradeep Parivahan Ltd | 17 MARCH | NOT HALAL | Read More |
| Divine Hira Jewellers Ltd | 17 MARCH | NOT HALAL | Read More |
NIFTY 50 HALAL STOCKS LIST
| Stock Name | Halal Status | Reason |
|---|---|---|
| Reliance Industries Ltd | HALAL | Read More |
| HDFC Bank Ltd | NOT HALAL | Read More |
| Tata Consultancy Services Ltd | NOT HALAL | Read More |
| Bharti Airtel Ltd | NOT HALAL | Read More |
| ICICI Bank Ltd | NOT HALAL | Read More |
| State Bank of India Ltd | NOT HALAL | Read More |
| Infosys Ltd | NOT HALAL | Read More |
| Hindustan Unilever Ltd | HALAL | Read More |
| Kotak Mahindra Bank Ltd | NOT HALAL | Read More |
| Larsen & Toubro Ltd | NOT HALAL | Read More |
| Maruti Suzuki India Ltd | NOT HALAL | Read More |
| Sun Pharmaceutical Ltd | HALAL | Read More |
| Asian Paints Ltd | HALAL | Read More |
| Mahindra & Mahindra Ltd | NOT HALAL | Read More |
| Wipro Ltd | NOT HALAL | Read More |
| UltraTech Cement Ltd | HALAL | Read More |
| ITC Ltd | NOT HALAL | Read More |
| Axis Bank Ltd | NOT HALAL | Read More |
| Bajaj Auto Ltd | NOT HALAL | Read More |
| Bajaj Finance Ltd | NOT HALAL | Read More |
| Nestle India Ltd | HALAL | Read More |
| Titan Company Ltd | NOT HALAL | Read More |
| Power Grid Corporation Ltd | NOT HALAL | Read More |
| NTPC Ltd | NOT HALAL | Read More |
| ONGC Ltd | HALAL | Read More |
| Tata Steel Ltd | HALAL | Read More |
| HCL Technologies Ltd | MUTE | Read More |
| JSW Steel Ltd | NOT HALAL | Read More |
| Tech Mahindra Ltd | NOT HALAL | Read More |
| IndusInd Bank Ltd | NOT HALAL | Read More |
| Bajaj Finserv Ltd | NOT HALAL | Read More |
| Grasim Industries Ltd | NOT HALAL | Read More |
| SBI Life Insurance Ltd | NOT HALAL | Read More |
| Shriram Finance Ltd | NOT HALAL | Read More |
| Cipla Ltd | HALAL | Read More |
| Bharat Electronics Ltd | MUTE | Read More |
| Adani Ports Ltd | NOT HALAL | Read More |
| BPCL Ltd | HALAL | Read More |
| Dr. Reddy's Laboratories Ltd | HALAL | Read More |
| Eicher Motors Ltd | NOT HALAL | Read More |
| Hindalco Industries Ltd | HALAL | Read More |
| Hero MotoCorp Ltd | NOT HALAL | Read More |
| Britannia Industries Ltd | HALAL | Read More |
| Tata Consumer Products Ltd | HALAL | Read More |
| Apollo Hospitals Enterprise Ltd | HALAL | Read More |
| Coal India Ltd | HALAL | Read More |
| Trent Ltd | MUTE | Read More |
| HDFC Life Insurance Company Ltd | NOT HALAL | Read More |
| Adani Enterprises Ltd | NOT HALAL | Read More |
| Tata Motors Ltd | DOUBTFUL | Read More |
What Makes a Stock Halal?​
For a stock to be considered Halal and Shariah-compliant, it must pass Shariah screening standards. At HalalFinance.co.in, our Halal Stocks List is based on the following globally accepted criteria:
- Business Activity: The company must not engage in haram industries such as alcohol, gambling, pork products, conventional banking, or insurance.
- Debt Ratio: Total interest-bearing debt should be less than 33% of total assets.
- Non-Halal Income: Income from interest or other non-permissible sources must be below 5% of total revenue.
- Illiquid Asset Ratio: At least 20% of the company’s assets should be in tangible, illiquid form (like land, property, or equipment).
- Cash vs. Market Cap: The company’s net liquid assets should not exceed its market capitalization.
- Non-Halal Investments: No more than 33% of total assets can be invested in non-permissible avenues.
Why Does a Stock’s Halal Status Change?
A stock’s Halal status isn’t permanent. It can change due to:
- A shift in the company’s business operations (e.g. entering haram sectors).
- Changes in financial ratios that breach Shariah thresholds (like excessive debt).
- New disclosures in financial statements or annual reports.
Important Guidelines for Muslim Investors
- Always check before investing — A stock’s compliance status may change over time.
- Purify non-Halal income — If a stock earns less than 5% non-permissible income, the equivalent amount should be donated to charity, without intending personal reward.
- Consult experts when needed — Use professional judgment and seek advice from a Shariah scholar or financial expert.
- Bookmark Our page — We regularly update our Halal Stocks list based on the latest available reports.
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Shariah Screening Methodology
| Step | Screening Criteria | Details |
|---|---|---|
| 1 | Business Activities | - Exclude companies involved in haram activities (e.g., alcohol, gambling, pork, nightclubs). - Financial services (e.g., banks, insurance) require detailed assessment; avoid if unclear. |
| 2 | Non-Compliant Income Ratio | - Non-Shariah-compliant income (e.g., interest-based earnings) must not exceed 5% of total revenue. - Purify income by donating equivalent earnings to charity. |
| 3 | Interest-Bearing Debt Ratio | - Interest-bearing debt (e.g., loans, leases) must not exceed 33% of total assets. - Analyze financial statements to identify interest-free liabilities. |
| 4 | Illiquid Assets Ratio | - At least 20% of total assets should be illiquid (e.g., property, machinery, intellectual property). - Ensures fair valuation and compliance with Islamic principles. |
| 5 | Net Liquid Assets vs. Market Capitalization | - Net liquid assets (cash holdings) should not exceed market capitalization. - Ensures shareholders are not overpaying for cash. |
| 6 | Non-Compliant Investments to Total Assets | - Investments in non-Shariah-compliant instruments (e.g., bonds, derivatives) must be less than 33% of total assets. - Promotes ethical and socially responsible investments. |