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Following our previous piece on high-EPS Shariah-compliant stocks in India, we now present Part 2, highlighting five more large- and mega-cap companies that pass Islamic financial filters and demonstrate strong profitability.
These companies continue to benefit from India’s domestic growth momentum, robust margins, and expanding sectoral diversity. With Earnings Per Share (EPS) as our core financial filter, this list continues to avoid small-cap volatility and focuses on consistency and scale.
1. Why These Stocks?
Each stock featured meets two broad criteria:
- Halal-compliant business activities and financial ratios (based on AAOIFI standards).
- Strong EPS performance, indicating sustainable profitability and operational efficiency.
While EPS is not the sole indicator of a healthy business, it provides a snapshot of value creation on a per-share basis – especially useful when comparing screened companies across sectors.
2. Five High-EPS Halal Indian Stocks
a) ACC Ltd (ACC.NS)
EPS (2025): INR 129.2
One of India’s oldest and most respected cement manufacturers, ACC benefits from infrastructure tailwinds and increased private housing demand. With a stable capital structure and improving cost efficiency, its EPS reflects operational maturity and sector leadership.
b) Tata Elxsi Ltd (TATAELXSI.NS)
EPS (2025): INR 127.3
A global design and engineering services company, Tata Elxsi serves sectors like automotive, media, and healthcare. The company continues to deliver strong EPS on the back of embedded software demand and digital product design growth.
c) Mahanagar Gas Ltd (MGL.NS)
EPS (2025): INR 107.0
MGL distributes natural gas in Mumbai and surrounding regions. It maintains a low-debt structure and consistently generates high returns. Rising demand for cleaner fuels in urban India supports stable cash flows and strong earnings.
d) Fermenta Biotech Ltd (506854.BO)
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EPS (2025): INR 89.5
This specialty chemicals and nutraceuticals firm is best known for manufacturing Vitamin D3. Although less widely known than other pharma peers, Fermenta’s consistent exports and diversified pharma-linked customer base – especially in the global Vitamin D3 market – support its solid per-share performance.
e) Craftsman Automation Ltd (CRAFTSMAN.NS)
EPS (2025): INR 88.8
Operating across automotive and industrial engineering sectors, Craftsman Automation benefits from India’s growing vehicle demand and localization push. Its disciplined capital allocation has helped the company maintain steady per-share profitability despite sector cycles.
3. Outlook: Broadening Sector Access for Halal Investors
As India’s markets deepen and diversify, halal investors are gaining access to broader sectoral representation – industrial automation and biotech to gas utilities and engineering services.
While short-term market adjustments (like BSE-NSE expiry reshuffling) may cause temporary volatility, India’s fundamentals – including retail participation, policy stability, and margin resilience – remain intact.
4. Final Thoughts
India’s equity landscape offers far more halal-aligned choices than before. This second list of high-EPS, Shariah-compliant stocks highlights companies that combine ethical screening with operational strength. As always, compliance status should be regularly verified, and investment decisions should consider both ethical and financial goals.
For investors seeking long-term value aligned with their principles, India continues to be a compelling and dynamic frontier.
References
[1] Musaffa Stock Screenings, https://musaffa.com/stocks
[2] Bloomberg, “India Market Buzz: Improved Earnings to Drive Smallcap Momentum”, June 18, 2025
[3] Reuters, “India’s BSE slips as expiry day shift raises market share, profit hit concerns”, June 18, 2025
[4] AAOIFI, Shariah Standard No. 21: Financial Papers (Shares & Bonds)
Disclaimer: The content is for informational purposes only and does not constitute legal, investment or financial advice.
It is important to conduct your own research or consult with a financial or investment advisor. Past performance is not indicative of future results. All logos or brands are referenced for identification purposes only and do not constitute an endorsement of any kind. This information is accurate as of the date of publication and may not reflect recent changes. Access our comprehensive legal disclaimers at https://musaffa.com/disclaimer.