Is Azure Power Global Ltd halal to invest in?

As of October 2026, Azure Power Global Ltd AZREF is classified as not halal according to Musaffa’s Shariah screening methodology. This classification is based on an assessment of the company’s business activities and financial ratios against Islamic investment guidelines.

Is Azure Power Global Ltd a Shariah-compliant stock?

A stock is Shariah-compliant if the company operates in permissible business activities and meets Islamic financial screening thresholds. Musaffa analyzes Azure Power Global Ltd using these criteria to determine its compliance status.

Can Muslims buy shares of Azure Power Global Ltd?

Muslim investors may consider investing in Azure Power Global Ltd if it meets Shariah compliance standards. Investors typically review the company's business activities, debt levels, and non-permissible income before making a decision.

Why is Azure Power Global Ltd classified as NOT HALAL?

Musaffa determines the Shariah status of Azure Power Global Ltd by analyzing whether the company's core business operations are permissible and whether its financial ratios fall within accepted Islamic thresholds.

How often is the Shariah compliance for Azure Power Global Ltd updated?

The Shariah compliance status of Azure Power Global Ltd may be updated periodically when new financial statements, earnings reports, or business activity information become available.

Can a halal stock like Azure Power Global Ltd become non-compliant?

Yes. A stock that is currently Shariah-compliant may become non-compliant if the company's financial ratios exceed Shariah thresholds or its business activities change.

Where can I check the Shariah status of Azure Power Global Ltd?

You can check the latest Shariah compliance status of Azure Power Global Ltd on Musaffa's stock page, where screening results and key financial indicators are updated to help Muslim investors make informed decisions.

Is Azure Power Global Ltd Stock Halal?

Shariah Compliance Analysis of AZREF Stock

United States Utilities Micro Cap

No. As of October 2026, Azure Power Global Ltd (AZREF) is classified as NOT HALAL by Musaffa under its AAOIFI-based Shariah screening methodology. Azure Power Global Ltd does not pass Musaffa's business and financial screening criteria.

Azure Power Global Ltd. is a holding company, which engages in the development, production, and sale of solar energy. The firm is engaged in renewable energy project development and operation. The firm builds and operates solar, wind, and hybrid projects across India, which supply renewable energy to government utilities, both in the state and the center, as well as to independent industrial and commercial customers. The firm operates in the Sale of power segment. The Company’s projects include PUNJAB 4, ANDHRA PRADESH 2, TELANGANA 1, GUJARAT 2, RAJASTHAN 2, KARNATAKA 3, KARNATAKA 4, MAHARASHTRA 3, UTTAR PRADESH 2, CHHATTISGARH 1, DELHI 1, BIHAR 1, ASSAM 1, and others. The firm has an approximately 4.3 gigawatts (GW) pan-India portfolio of renewable energy assets. The firm has a renewable energy assets base of approximately 3,041 megawatts (MW) of operational capacity.

AZREF Shariah Compliance

Screening Methodology: AAOIFI

As of October 2026, Azure Power Global Ltd is classified as not halal.

NOT HALAL

Azure Power Global Ltd (AZREF) Chart

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Financial Metrics & Statements of Azure Power Global Ltd (AZREF)

FAQ's for Azure Power Global Ltd (AZREF)

As of October 2026, Azure Power Global Ltd AZREF is classified as not halal according to Musaffa’s Shariah screening methodology. This classification is based on an assessment of the company’s business activities and financial ratios against Islamic investment guidelines.
A stock is Shariah-compliant if the company operates in permissible business activities and meets Islamic financial screening thresholds. Musaffa analyzes Azure Power Global Ltd using these criteria to determine its compliance status.
Muslim investors may consider investing in Azure Power Global Ltd if it meets Shariah compliance standards. Investors typically review the company’s business activities, debt levels, and non-permissible income before making a decision.
Musaffa determines the Shariah status of Azure Power Global Ltd by analyzing whether the company’s core business operations are permissible and whether its financial ratios fall within accepted Islamic thresholds.
The Shariah compliance status of Azure Power Global Ltd may be updated periodically when new financial statements, earnings reports, or business activity information become available.
Yes. A stock that is currently Shariah-compliant may become non-compliant if the company’s financial ratios exceed Shariah thresholds or its business activities change.
You can check the latest Shariah compliance status of Azure Power Global Ltd on Musaffa’s stock page, where screening results and key financial indicators are updated to help Muslim investors make informed decisions.

Alternate Halal Stocks for Azure Power Global Ltd (AZREF)

Related Halal Stocks are Shariah-compliant companies that align with Islamic investment principles, avoiding prohibited industries like alcohol, gambling, and interest-based finance.

Name	Price	1D Change	Market Cap	Rating
Hallador Energy Co HNRG	$11.71	7.87%	$707.62M	Unlock
Montauk Renewables Inc MNTK	$2.14	0.94%	$331.65M	Unlock
AleAnna Inc ANNA	$2.55	0.78%	$194.78M	Unlock
Atlantic Power and Infrastructure Corp AWSL	$0.00	50.00%	$73.86K	Unlock