TCS
Tata Consultancy Services
Is TCS Halal?
Indian IT services — generally permissible technology.
What You Should Know
TCS's March 2026 consolidated statements report ₹182,372 crore of assets, ₹11,283 crore of lease liabilities, ₹6,417 crore of cash, ₹33,988 crore of investments and ₹267,021 crore of revenue. Debt/assets is 6.19%, while receivables-plus-cash/assets is 40.76%, above the examined MSCI total-assets limit; customer mix and consolidated interest income remain incomplete.
⚠️ Concerns
- •Receivables-plus-cash/assets is 40.76% under the examined MSCI total-assets screen
- •BFSI, government and defense customer end uses are not quantified
- •Investments include bonds, certificates of deposit and commercial paper
- •Consolidated interest-income numerator is unavailable
Current quantitative Sharia screen
Based on annual-report figures for the period ended 2026-03-31; calculated 2026-07-15.
11,283 / 182,372
40,405 / 182,372
74,336 / 182,372
- Financial
- Incomplete
- Overall
- Incomplete
Debt/assets is 6.19%, liquidity/assets is 22.16% and receivables-plus-cash/assets is 40.76%; the known FTSE ratios pass, but the interest-income input is unavailable and business activity is not fully quantified.
- Financial
- Fails
- Overall
- Fails
Debt/assets is 6.19% and liquidity/assets is 22.16%, but receivables-plus-cash/assets is 40.76%, above the examined MSCI total-assets limit.
- Financial
- Pass
- Overall
- Incomplete
Debt/assets is 6.19% and liquidity/assets is 22.16%, below the examined Malaysia limits; activity and interest-income inputs remain incomplete, so this is not an official classification.
- Financial
- Not calculated
- Overall
- Not calculated
A licensed 24- or 36-month market-cap series is not stored; market-cap denominator methods are not calculated.
Business-activity disclosure
TCS provides information-technology services, consulting, software and business-process services. The core technology activity is generally permissible, while customer-sector and government/defense end-use questions remain qualitative.
Limitation: The consolidated filing does not provide a universal prohibited-revenue numerator or a standalone consolidated interest-income numerator in the screen inputs, so the conclusion remains methodology-dependent.
Purification
The consolidated filing does not provide a standalone interest-income numerator in the screen inputs, and no scholar-approved purification percentage is calculated.
Inputs, assumptions and primary sources
- Amounts are INR crore from TCS's audited consolidated financial statements for March 31, 2026.
- Interest-bearing debt includes current and non-current lease liabilities of $1,830 crore and $9,453 crore; no conventional borrowing balance is reported.
- Current investments are $33,770 crore and non-current investments are $218 crore; cash and cash equivalents are $6,417 crore.
- Trade receivables combine billed and unbilled current and non-current balances of $67,919 crore; consolidated revenue from operations is $267,021 crore.
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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