Is Electrovaya Inc. (ELVA) Halal?
Shariah Screening — 5 Standards
Based on financial data from September 2025
| Standard | Debt Ratio | Cash Ratio | Receivables | Income | Status |
|---|---|---|---|---|---|
| AAOIFI | 5.9% / 30% | 1.7% / 30% | 4.3% / 30% | 2.32% / 5% | ✓ HALAL |
| DJIM | 5.9% / 33% | 1.7% / 33% | 4.3% / 33% | 2.32% / 5% | ✓ HALAL |
| MSCI | 35.3% / 33% | 9.9% / 33% | 25.8% / 33% | 2.32% / 5% | ✗ NOT HALAL |
| S&P | 5.9% / 33% | 1.7% / 33% | 4.3% / 33% | 2.32% / 5% | ✓ HALAL |
| FTSE | 35.3% / 33% | 9.9% / 33% | 25.8% / 50% | 2.32% / 5% | ✗ NOT HALAL |
Financial Highlights
Profitability
| Gross Margin | 30.9% | |
| Operating Margin | 11.6% | |
| Net Margin | 5.3% | |
| Return on Equity (ROE) | 16.9% | |
| Return on Assets (ROA) | 6.7% |
Cash Flow & Balance Sheet
| Operating Cash Flow | $2M |
| Free Cash Flow | -$10M |
| Total Debt | $23M |
| Debt-to-Equity | 72.5 |
| Current Ratio | 4.2 |
| Total Assets | $64M |
Price & Trading
| Last Close | $7.35 |
| 50-Day MA | $8.71 |
| 200-Day MA | $6.34 |
| Avg Volume | 552K |
| Beta | 0.8 |
|
52-Week Range
$2.25
| |
About Electrovaya Inc. (ELVA)
Electrovaya Inc. engages in the design, development, manufacture, and sale of lithium-ion batteries, battery management systems, and battery-related products for energy storage, clean electric transportation, and other specialized applications in North America. It operates infinity battery systems comprising of low and high voltage systems. The company also operates solid state battery technology. In addition, it offers lithium-ion battery systems to power MHEV, including fork-lifts, as well as accessories, such as battery chargers to charge the batteries; lithium-ion batteries for robotic applications; lithium ion battery cell and modules for sales to OEM customers in the defense, construction, and other applications; high voltage battery systems for electric bus, truck, and defense applications; and industrial products for energy storage. The company was formerly known as Electrofuel Inc. and changed its name to Electrovaya Inc. in March 2002. Electrovaya Inc. was incorporated in 1996 and is headquartered in Mississauga, Canada.
Purification Calculator
As a halal stock with 2.32% impermissible income, you need to purify your dividends.
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Frequently Asked Questions
Is Electrovaya Inc. (ELVA) halal to invest in?
Based on our screening using AAOIFI Standard 21 (the strictest methodology), Electrovaya Inc. is Halal. The company passes all financial ratio thresholds for debt, cash, receivables, and impermissible income. We screen against all 5 major standards: AAOIFI, DJIM, MSCI, S&P, and FTSE.
What is Electrovaya Inc.'s debt ratio?
Electrovaya Inc.'s debt ratio is 5.9% under the AAOIFI standard (which uses market capitalization as the denominator). The AAOIFI threshold is 30%. Under MSCI and FTSE (which use total assets as the denominator), the debt ratio is 35.3%.
Does Electrovaya Inc. require dividend purification?
Yes, Electrovaya Inc. has an impermissible income ratio of 2.32%, which means 2.32% of any dividends received should be donated to charity as purification. This is because a small portion of the company's revenue comes from non-Shariah-compliant sources.
What are Electrovaya Inc.'s key financial metrics?
Electrovaya Inc. has a market capitalization of $365M, trailing P/E ratio of 67.3, and revenue of $64M. The company maintains a gross margin of 30.9% and a net margin of 5.3%. Return on equity stands at 16.9%.
How often is the screening data updated?
Our screening data is updated regularly using the latest available financial statements and market data. Stock prices and market caps are refreshed frequently, while financial statements are updated quarterly when companies report earnings.
Disclaimer: HalalStockGuide.com provides Shariah compliance screening for educational and informational purposes only. This is not a fatwa, financial advice, or a recommendation to buy or sell any security. Screening results are based on publicly available financial data and established methodologies. Always consult a qualified Islamic scholar and a licensed financial advisor before making investment decisions.