CSWI
CSW Industrials, Inc.
Is CSWI Halal?
Specialty HVAC/R, plumbing, building and industrial-products manufacturing — generally permissible activity, but the current debt/assets screen fails.
What You Should Know
CSW Industrials manufactures specialty products for HVAC/R, plumbing, building, general-industrial, energy, mining and electrical end markets. Its March 31, 2026 Form 10-K reports assets of $2,316.684 million, debt of $869.294 million, cash of $33.799 million, receivables of $210.264 million and fiscal-year net revenues of $1,082.549 million. Debt/assets is 37.52%, above the examined FTSE, MSCI and Malaysia asset-based limits; liquidity/assets is 1.46% and receivables plus cash/assets is 10.54%. Gross interest income is not separately disclosed and no universal prohibited-revenue numerator is available.
⚠️ Concerns
- •Debt/assets is 37.52%, above examined 33% limits
- •Debt increased through acquisitions and financing activity
- •HVAC/R, plumbing, building, energy and mining end markets require qualitative review
- •Gross interest income is unavailable
- •No universal prohibited-revenue numerator is disclosed
Current quantitative Sharia screen
Based on 10-K figures for the period ended 2026-03-31; calculated 2026-07-15.
869.294 / 2,316.684
33.799 / 2,316.684
244.063 / 2,316.684
- Financial
- Fails
- Overall
- Fails
Debt/assets is 37.52%, above the examined 33.333% debt limit; liquidity/assets is 1.46% and receivables-plus-cash/assets is 10.54%.
- Financial
- Fails
- Overall
- Fails
Debt/assets is above the examined MSCI one-third limit; this is not an index-membership claim and the qualitative activity result remains incomplete.
- Financial
- Fails
- Overall
- Fails
Debt/assets is above the examined Malaysia one-third limit; this is a calculation against SAC ratios, not an official classification.
- Financial
- Not calculated
- Overall
- Incomplete
A licensed historical market-cap series is not stored; the asset-based debt failure is documented independently.
Business-activity disclosure
CSW Industrials manufactures specialty products for HVAC/R, plumbing, building, general-industrial, energy, mining and electrical end markets. The general-purpose industrial-products activity is generally permissible, but the filing does not provide a universal prohibited-revenue numerator for downstream uses.
Limitation: No universal prohibited-activity revenue numerator or scholar-specific purification percentage is disclosed; energy, mining and customer end-use allocation remains qualitative.
Purification
The filing does not separately disclose gross interest income; ZakatInvest does not infer a purification amount or prescribe a fixed scholar-approved percentage.
Inputs, assumptions and primary sources
- Amounts are USD millions from CSW Industrials' March 31, 2026 Form 10-K.
- Interest-bearing debt combines $29.458 million of current long-term debt with $839.836 million of long-term debt; operating leases are excluded.
- Cash and cash equivalents are $33.799 million; money-market instruments are included in cash equivalents and no additional securities balance is identified; net accounts receivable are $210.264 million.
- Fiscal-year net revenues are $1,082.549 million. The filing reports net interest expense of $22.245 million and discusses interest income, but does not provide a separately reproducible gross interest-income numerator.
- HVAC/R, plumbing, building, industrial, energy and mining products are retained as qualitative analysis; no universal prohibited-revenue numerator is disclosed.
This is a reproducible financial screen, not a fatwa. A failed total-assets screen can coexist with a pass under a market-cap methodology. ZakatInvest keeps the qualitative assessment separate so numerical thresholds do not erase material context.
Similar Stocks
Want to screen more assets?
Use our interactive Halal Checker to screen any stock, ETF, or crypto instantly.
Go to Halal Checker →