NXT
Nextracker Inc.
Is NXT Halal?
Solar-tracker, balance-of-system and controls-software business — generally permissible activity, with methodology-dependent current financial results.
What You Should Know
Nextpower Inc. (formerly Nextracker Inc.)'s March 31, 2026 Form 10-K reports assets of $4,073.212 million, operating-lease liabilities of $52.858 million after repaying its prior term loan, cash of $1,094.976 million, receivables of $417.043 million and fiscal-year revenue of $3,559.390 million. Debt/assets is 1.30%, liquidity/assets is 26.88% and receivables plus cash/assets is 37.12%; the MSCI-style receivables screen fails while the FTSE and Malaysia-style known ratios pass. Disclosed interest income is $31.2 million (0.88% of revenue). No universal prohibited-revenue numerator is disclosed.
⚠️ Concerns
- •MSCI-style receivables-plus-cash/assets is 37.12%, above the examined 33.33% limit
- •The prior $150.0 million term loan was repaid during fiscal 2026; operating-lease liabilities remain
- •Large cash balance and utility-scale project cycles require continuing review
- •Disclosed interest income is 0.88% of fiscal-year revenue; no fixed purification percentage asserted
- •The current filing uses the legal name Nextpower Inc. (formerly Nextracker Inc.)
Current quantitative Sharia screen
Based on 10-K figures for the period ended 2026-03-31; calculated 2026-07-15.
52.858 / 4,073.212
1,094.976 / 4,073.212
1,512.019 / 4,073.212
31.2 / 3,559.39
- Financial
- Pass
- Overall
- Incomplete
Debt/assets is 1.30%, liquidity/assets is 26.88%, receivables-plus-cash/assets is 37.12% and disclosed interest income is 0.88%; the known FTSE ratios pass, but the activity numerator is incomplete.
- Financial
- Fails
- Overall
- Fails
Receivables-plus-cash/assets is 37.12%, above the examined MSCI 33.33% limit; debt/assets and liquidity/assets pass.
- Financial
- Pass
- Overall
- Incomplete
Known debt and liquidity ratios pass the examined Malaysia limits; this is not an official classification and prohibited activity is not separately quantified.
- Financial
- Not calculated
- Overall
- Fails
A licensed historical market-cap series is not stored; the MSCI-style receivables failure remains independently documented.
Business-activity disclosure
Nextpower (formerly Nextracker) designs and manufactures solar-tracker systems, balance-of-system hardware and controls software. The core clean-energy-equipment activity is generally permissible, but the filing does not provide a universal prohibited-revenue numerator for project and customer end uses.
Limitation: No universal prohibited-activity revenue numerator or scholar-specific purification percentage is disclosed; the screen does not infer one from project customers.
Purification
The filing discloses $31.2 million of interest income, but no scholar-specific purification percentage is asserted and the activity numerator remains incomplete.
Inputs, assumptions and primary sources
- Amounts are USD millions from Nextpower's March 31, 2026 Form 10-K; the filing identifies the registrant as Nextpower Inc., formerly Nextracker Inc.
- The prior $150.0 million term loan was repaid during fiscal 2026. The remaining balance-sheet obligation used here is $52.858 million of operating-lease liabilities; the $1.0 billion revolving facility was undrawn apart from letters of credit.
- Cash and cash equivalents are $1,094.976 million. A $5.700 million equity-security balance is excluded from interest-bearing securities.
- Net accounts receivable is $417.043 million and fiscal-year revenue is $3,559.390 million.
- The filing's fiscal-year discussion reports $31.2 million of interest income; this disclosed amount is used as the income input (0.88% of revenue). No universal prohibited-revenue numerator is disclosed.
- Solar trackers, balance-of-system hardware and controls software are generally permissible, while utility-scale project financing and customer end use remain qualitative context.
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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