Is ELVA halal?
Electrovaya Inc.
Halal
Electrovaya Inc. passed every check under AAOIFI Shariah standard No. 21: no prohibited business activity, and all three financial ratios are within limits.
Checked: 14 October 2026
Exchange
NASDAQ
Price
5.07
Day
-5.41%
Market cap
$262.0M
Industry
Electrical Equipment & Parts
Sector
Industrials
What the company does
Electrovaya (Canada) makes lithium-ion batteries for forklifts and warehouse equipment (long-life ceramic-separator technology); Walmart is a major customer. Its money comes from battery sales.
What was checked
The AAOIFI standard has four steps: business activity first, then three financial ratios. Fail one and the stock is not halal.
Business activity
No prohibited activity
Interest-bearing debt / market cap
limit 30%
Interest-bearing debt $41.06M ÷ 36-month average market cap $204.30M = 20.1%
20.1%
Pass
Cash & investments / market cap
limit 30%
Cash + interest-bearing securities $13.08M ÷ 36-month average market cap $204.30M = 6.4%
6.4%
Pass
Non-compliant income / total revenue
limit 5%
—
No data
Figures from the company's filings (2026-06-30), USD. Market cap is a 36-month average (the S&P Shariah index approach), so a one-day price move does not flip the verdict. Today's market cap: $261.99M.
For information (AAOIFI 3/1 note): cash + receivables are 36.3% of total assets (2026-06-30). AAOIFI recommends tangible assets of at least one third — this figure does not affect the verdict, and other major screeners do not apply it either.
In the lists
- In the S&P 500
- Not in the S&P 500
- Among halal stocks
- 0.00% · #1084 of 1454
- Held by funds
- Not held by any tracked fund
Halal stocks in the same industry
The largest halal stocks in Electrical Equipment & Parts — for comparison.
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- Halal investingBlogWhy does a stock's halal status change?A stock that was halal yesterday can leave the list today. The four main reasons — and why none of them is a bug.
Halal is the first question. The second: when to enter?
Our scanner watches 1454 halal stocks around the clock and fires a signal with entry, TP and SL when a technical setup completes. The full signal history — with outcomes — is public.
This is neither investment advice nor a fatwa. Screening is based on public financial statements and AAOIFI standard No. 21; data may lag. For a personal decision consult your own scholar.