Boralex Inc

BLX.TO

Not Compliant
Exchange
Sector
Headquarters
Group
TSE
Utilities
Canada
Mid cap

Boralex Inc is not Shariah Compliant because it fails the financial ratios.

-

Impure Income*

-

Purification*

-

Zakat*

Financials

Market cap Group
Analysts' Rating
Price Target (Mean)
Price Target (Low)
Price Target (High)
Total Analysts
Mid cap
BUY
$27.39
$25.03
$32.18
9
Revenue Growth
Operating Margin
Net Profit Margin
Quick Ratio
Current Ratio
EPS Growth
-11.57%
27.08%
4.22%
0.00
0.96
66.68%

Shariah Compliance

  • Updated on July 26, 2025
Debt
100%
✗
Non-Compliant Assets
0.32%
✓
Impure Income

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

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

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
57.79%
✗
Cash
5.12%
✓
Cash & AR
8.27%
✓
Impure Income

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
57.79%
✗
Cash
5.12%
✓
Cash & AR
8.27%
✓
Impure Income

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

Boralex Inc. is a Canada-based company focused on the development, construction, and operation of renewable energy power facilities. The Company is present in Canada, France, United States and United Kingdom and operates renewable energy production technologies in three sectors: wind, solar and hydroelectricity as well as energy storage technologies. It is an independent producer of onshore wind power in Canada and France. It also has facilities in United States and development projects in United Kingdom. It designs, builds and operates wind energy facilities. Once a wind power plant is up and running, the Company monitors each asset’s performance, ensures regular maintenance and works to improve its efficiency on an ongoing basis. It is also focused on floating solar technology. It develops and deploys agrivoltaic technology. Its installed capacity is over 3.1 gigawatts (GW). Its pipeline of projects and growth path total over 78 GW in wind, solar and electricity storage projects.

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