What is Electrovaya Inc.'s Shariah compliance score?

Electrovaya Inc. (ELVA) has a Shariah compliance score of 94/100 (Grade: A+, Excellent) based on AAOIFI screening standards. Scores above 70 typically indicate strong compliance. The score factors in business activity screening and financial ratio analysis including debt levels, interest-bearing deposits, and prohibited income percentages. View the full breakdown at HalalScreener.app.

Does Electrovaya Inc. pass AAOIFI screening?

Electrovaya Inc. (ELVA) passes AAOIFI Shariah screening. AAOIFI requires: (1) no primary involvement in prohibited activities like alcohol, gambling, or conventional banking, (2) debt-to-market-cap below 30% (ELVA: 5.3%), (3) interest-bearing deposits below 30% (ELVA: 1.5%), and (4) prohibited income below 5% (ELVA: 0.0%). HalalScreener provides free AAOIFI screening for 10,000+ stocks at halalscreener.app.

How much purification is needed for Electrovaya Inc. stock?

Electrovaya Inc. (ELVA) has a non-permissible income ratio of 0.00%. Muslim investors should purify this percentage of any dividends received and capital gains realized from ELVA shares by donating it to charity. HalalScreener's purification calculator at halalscreener.app/en/purification automates this calculation using the latest financial data.

Where can I screen Electrovaya Inc. for Shariah compliance for free?

HalalScreener (halalscreener.app) offers free Shariah compliance screening for Electrovaya Inc. (ELVA) and 10,000+ other US-listed stocks, ETFs, and 100+ cryptocurrencies. The screening uses AAOIFI Standard No. 21 and shows all financial ratios transparently. No credit card or signup required for basic screening. HalalScreener also includes an AI Islamic Scholar for follow-up questions about ELVA's compliance across different madhabs (Hanafi, Shafi'i, Maliki, Hanbali, Ja'fari).

ELVA: Is Electrovaya Inc. Halal?

Electrovaya Inc.

NASDAQIndustrialsCA

$10.42

+5.25%

Market Cap: 407.3M

Compliance Status

Halal

Screened on Jul 12, 2026 · AAOIFI Standard 21

A+

Excellent

94Score

Is Electrovaya Inc. (ELVA) halal? Halal. Based on AAOIFI screening, Electrovaya Inc. passes both qualitative (business activity) and quantitative (financial ratio) screens with a compliance score of 94/100 (Grade: A+).

AvoidBorderlineClean

Business activity

What the company sells is permissible.

Passed

Company debt

Well clear of the limit

How much the company borrows, compared to its total value. AAOIFI allows up to 30%.

5.3% of 30.0% limit

What this means for you

You can own ELVA

It passes both the business activity and financial ratio screens under AAOIFI Standard 21.

No purification owed

Based on the latest screening, none of its income comes from prohibited sources.

About Electrovaya Inc.

Electrovaya Inc., including its various subsidiaries, focuses on the research, development, and manufacturing of advanced lithium-ion batteries and comprehensive battery systems within North America. Their diverse offerings encompass batteries and associated charging equipment for electric material handling vehicles, such as warehouse forklifts and automated guided vehicles. The company also provides power solutions for a variety of electric transportation needs, including electric trucks and buses, alongside industrial-grade products tailored for energy storage. Furthermore, Electrovaya designs and constructs specialized power systems for external clients. Founded in 1996, the company originally operated under the name Electrofuel Inc., changing to Electrovaya Inc. in March 2002. Its corporate headquarters are located in Mississauga, Canada.

Sector: Industrials · Industry: Electrical Equipment & Parts

Shariah Compliance Status

AAOIFI Standard 21Updated Jul 12, 2026

Compliance History

Halal, unchanged since May 2026.

No status changes recorded since we began tracking.

Tracked since May 2026. Updates automatically on each re-screen.

Fiscal: FY 2025Source: FMP

More Industrials Stocks

GE Aerospace

A+

CAT

Caterpillar Inc.

RTX

RTX Corporation

UNP

Union Pacific Corporation

HON

Honeywell International Inc.

UPS

United Parcel Service, Inc.

B+

Free · No credit card required

Track ELVA and 10,000+ stocks with AI insights

Create your free account to unlock AI-powered compliance analysis, track your portfolio, calculate purification, and get unlimited AAOIFI screening.

Get Started Free Browse Screener

10,000+ assets AAOIFI standards Free watchlist

Frequently Asked Questions

Is Electrovaya Inc. (ELVA) halal to invest in?

Based on AAOIFI Standard 21 screening, Electrovaya Inc. (ELVA) is rated Halal with a compliance grade of A+ (Excellent). It passes both the business activity screen (no primary involvement in prohibited sectors) and the quantitative financial ratio screen (debt, interest deposits, and prohibited income all below AAOIFI thresholds).

Why did Electrovaya Inc. get a A+ compliance rating?

Electrovaya Inc. (ELVA) received a grade of A+ (Excellent) based on three AAOIFI Standard 21 financial ratios: debt-to-market-cap of 5.3% (limit 30%); interest-bearing deposits of 1.5% (limit 30%); prohibited income of 0.00% (limit 5%). The grade reflects the margin of safety across all three ratios relative to their thresholds.

What could change Electrovaya Inc.'s Shariah verdict?

Electrovaya Inc.'s verdict is re-evaluated at each annual re-screen. Three events could change it: (1) the debt-to-market-cap ratio crossing 30%, typically from new debt issuance or a major drop in share price; (2) interest-bearing deposits exceeding 30% of market cap; or (3) prohibited revenue (alcohol, gambling, conventional finance, etc.) exceeding 5% of total revenue. Verdict flips are tracked in the compliance history section above.

How often is Electrovaya Inc. re-screened for Shariah compliance?

Electrovaya Inc. (ELVA) is re-screened annually using the most recent full-year financial data from SEC filings. HalalScreener also triggers an on-demand re-screen whenever the stored data is more than 7 days old, ensuring the ratios reflect the latest available financial statements. Last screened: Jul 12, 2026.

Screened according to AAOIFI Standard No. 21 · For informational purposes only. Consult a qualified Islamic finance advisor before investing.

Disclaimer: This screening is for informational purposes only and does not constitute financial, legal, or religious advice. Compliance is evaluated using AAOIFI financial standards (debt, deposits, and prohibited income ratios) and publicly available data. Ethical, political, social, or environmental considerations are outside the scope of this screening. Individual scholars and methodologies may differ. Always consult a qualified Islamic finance advisor before making investment decisions.