HCL
HCL Technologies
Is HCL Halal?
Indian IT outsourcing — core business is permissible, but the current MSCI receivables-plus-cash screen fails.
What You Should Know
HCLTech's March 31, 2026 IFRS statements report debt/assets of 0.14%, liquidity/assets of 26.25%, receivables plus cash/assets of 34.75%, and disclosed interest income of 1.19% of revenue. IT, cloud, engineering and software services are generally permissible, while AI, cybersecurity, public-sector and financial-services end uses require qualitative review.
⚠️ Concerns
- •Receivables plus cash/assets is 34.75%, above the examined MSCI limit
- •Financial-services, public-sector and defense work is not isolated
- •Short-term deposits and securities are material
- •Disclosed interest income is 1.19% of revenue
Current quantitative Sharia screen
Based on IFRS annual financial statements figures for the period ended 2026-03-31; calculated 2026-07-14.
17 / 12,261
3,219 / 12,261
4,261 / 12,261
174 / 14,664
- Financial
- Pass
- Overall
- Incomplete
Debt/assets is 0.14%, liquidity/assets is 26.25%, receivables plus cash/assets is 34.75% and interest income is 1.19%; the activity numerator remains undisclosed.
- Financial
- Fails
- Overall
- Fails
Receivables plus cash/assets is 34.75%, above the examined MSCI 33.33% total-assets limit; debt and liquidity pass.
- Financial
- Pass
- Overall
- Incomplete
Debt and liquidity are below the examined Malaysia limits; this is not an official SAC classification and the activity numerator remains incomplete.
- Financial
- Not calculated
- Overall
- Incomplete
A licensed historical market-cap series is not stored.
Business-activity disclosure
HCLTech provides IT services, engineering, cloud, cybersecurity, software and digital transformation products. The core technology business is generally permissible in principle, while financial-services, public-sector, defense, AI and customer end uses require qualitative review.
Limitation: The filing does not provide a school-neutral prohibited-revenue numerator for customer industries, public-sector work, products, data services or downstream end use.
Purification
HCLTech discloses USD 174 million of interest income, approximately 1.19% of revenue. The disclosed amount is a screen input, not a purification prescription.
Inputs, assumptions and primary sources
- Amounts are USD millions from HCLTech's March 31, 2026 IFRS financial statements.
- Borrowings are USD 17 million; lease liabilities are excluded.
- Cash and cash equivalents are USD 872 million. Current and non-current investments plus other bank balances total USD 2,347 million and are treated as a conservative liquidity-securities input.
- Trade receivables and unbilled receivables total USD 3,389 million; 2026 revenue is USD 14,664 million.
- Disclosed interest income on debt securities, bank deposits and other sources totals USD 174 million, or approximately 1.19% of revenue.
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.
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