Is XL Axiata (EXCL) Halal?
Shariah Screening — 5 Standards
Based on financial data from December 2025
| Standard | Debt Ratio | Cash Ratio | Receivables | Income | Status |
|---|---|---|---|---|---|
| AAOIFI | 125.1% / 30% | 5.3% / 30% | 10.0% / 30% | 0.23% / 5% | ✗ NOT HALAL |
| DJIM | 125.1% / 33% | 5.3% / 33% | 10.0% / 33% | 0.23% / 5% | ✗ NOT HALAL |
| MSCI | 54.5% / 33% | 2.3% / 33% | 4.4% / 33% | 0.23% / 5% | ✗ NOT HALAL |
| S&P | 125.1% / 33% | 5.3% / 33% | 10.0% / 33% | 0.23% / 5% | ✗ NOT HALAL |
| FTSE | 54.5% / 33% | 2.3% / 33% | 4.4% / 50% | 0.23% / 5% | ✗ NOT HALAL |
Financial Highlights
Profitability
| Gross Margin | 54.9% | |
| Operating Margin | -10.2% | |
| Net Margin | -10.4% | |
| Return on Equity (ROE) | -15.7% | |
| Return on Assets (ROA) | -0.1% |
Cash Flow & Balance Sheet
| Free Cash Flow | $8.2T |
| Total Debt | $62.8T |
| Debt-to-Equity | 209.4 |
| Current Ratio | 0.5 |
| Total Assets | $115.3T |
Price & Trading
| Last Close | IDR 2,910.00 |
| 50-Day MA | IDR 3,152.60 |
| 200-Day MA | IDR 2,911.80 |
| Avg Volume | 43.2M |
| Beta | -0.2 |
|
52-Week Range
IDR 2,060.00
| |
About XL Axiata (EXCL)
PT XLSMART Telecom Sejahtera Tbk, together with its subsidiaries, provides telecommunication, telecommunications network, and multimedia services for consumers and businesses in Indonesia. It operates through the GSM Mobile and Telecommunications Network Services, and Managed and Information Technology Services. The company provides cellular mobile and closed fixed network, Internet, Internet telephony and interconnection, data communication system, packet switched local fixed network, telephony, and voice over Internet protocol services. It also offers digital content and home broadband services; voice and short message services; data and digital services; mobile communication services; call center services; and other telecommunication services, such as subscriber identity module (SIM) cards, and leased lines and towers. PT XLSMART Telecom Sejahtera Tbk was formerly known as PT XL Axiata Tbk and changed its name to PT XLSMART Telecom Sejahtera Tbk in April 2025. The company was founded in 1989 and is headquartered in Jakarta Selatan, Indonesia.
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Frequently Asked Questions
Is XL Axiata (EXCL) halal to invest in?
Based on our screening using AAOIFI Standard 21 (the strictest methodology), XL Axiata is Not Halal. The company fails one or more screening criteria. We screen against all 5 major standards: AAOIFI, DJIM, MSCI, S&P, and FTSE.
What is XL Axiata's debt ratio?
XL Axiata's debt ratio is 125.1% 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 54.5%.
What are XL Axiata's key financial metrics?
XL Axiata has a market capitalization of $51.5T, and revenue of $42.4T. The company maintains a gross margin of 54.9% and a net margin of -10.4%. Return on equity stands at -15.7%.
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.