Azure Power Global Ltd

AZREF

Not Compliant
Exchange
Sector
Headquarters
Group
OTCM
Utilities
India
Micro Cap

Azure Power Global Ltd is not Shariah Compliant because it fails the financial ratios.

-

Impure Income*

$0.979

Purification*

-

Zakat*

Financials

Market cap Group
Analysts' Rating
Price Target (Mean)
Total Analysts
Revenue Growth
Micro Cap
$0.00
0.00%
Operating Margin
Net Profit Margin
Quick Ratio
Current Ratio
EPS Growth
0.00%
0.00%
0.00
0.00
0.00%

Shariah Compliance

  • Updated on April 29, 2026
Debt
100%
✗
Non-Compliant Assets
60.44%
✗
Impure Income
0.00%
-

AAOIFI Rulebook:

  • Non-compliant Liabilities (like Interest-based Debt) < 30% of Market cap
  • Non-compliant Assets (like Interest-based Investments) < 30% of Market cap
  • Impure Revenues (incl. Interest Income) < 5% of Total Revenues

Source: AAOIFI SS21

Debt
100%
✗
Impure Income
0.00%
-

S&P Sharia Rulebook:

  • Interest-based Debt < 33% of 36-mo avg. Market cap
  • Impure Revenues (incl. Interest Income) < 5% of Total Revenues

Source: S&P Shariah Methodology

Debt
100%
✗
Impure Income
0.00%
-

Dow Jones Islamic Market (DJIM) Rulebook:

  • Interest-based Debt < 33% of 24-mo avg. Market cap
  • Impure Revenues (incl. Interest Income) < 5% of Total Revenues

Source: DJIM Methodology

Debt
69.77%
✗
Cash
8.34%
✓
Cash & AR
10.12%
✓
Impure Income
0.00%
-

FTSE Shariah Rulebook:

  • Interest-based Debt < 33.33% of Total Assets
  • Cash and interest-bearing items < 33.33% of Total Assets
  • Accounts receivable and cash < 50% of Total Assets
  • Impure Revenues (incl. Interest Income) < 5% of Total Revenues

Source: FTSE RUSSELL

Debt
69.77%
✗
Cash
8.34%
✓
Cash & AR
10.12%
✓
Impure Income
0.00%
-

MSCI Islamic Rulebook:

  • Interest-based Debt < 33.33% of Total Assets
  • Cash and interest-bearing items < 33.33% of Total Assets
  • Accounts receivable and cash < 33.33% of Total Assets
  • Impure Revenues (incl. Interest Income) < 5% of Total Revenues

Source: MSCI Islamic Indexes

Impure Income Breakdown

-
-
Interest Income
-

Note on Purification and Zakat:

  • Purification and Zakat (for long-term investing) calculations are in USD per share and based on AAOIFI methodology. AAOIFI requires purification every financial period (e.g. quarterly). 
  • If you follow S&P Shariah’s Dividend-only purification, then remove the impure income % from the dividends you receive. No purification required for non-dividend paying stocks, according to S&P Shariah.
  • For Zakat, if you did not invest in a company from a long term perspective, then consider the shares as trading goods and give 2.5% of the total value if a year has passed on them. 

Company Profile

Azure Power Global Limited is an India-based independent sustainable energy solutions provider and renewable power producer. The Company is engaged in renewable energy project development and operation. The Company 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 Company 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 Company has an approximately 4.3 gigawatts (GW) pan-India portfolio of renewable energy assets. The Company has a renewable energy assets base of approximately 3,041 megawatts (MW) of operational capacity.

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