NYSE Shariah screener · October 2026
Is Infosys Limited (INFY) Halal?
Infosys Limited · NYSE: INFY · Technology
The short answer
Yes - Infosys Limited (INFY) passes this Shariah stock screen at all three gates. Infosys, headquartered in Bengaluru, India, is a global IT services, consulting, and outsourcing company: per its FY2026 Form 20-F, 95.2% of FY2026 revenue ($20,158M) came from software services including BPM, and 4.8% from products and platforms - none involve alcohol, tobacco, gambling, weapons, adult entertainment, pork, or conventional finance. The financial ratios pass comfortably: the company has no outstanding borrowings, so debt is about 0.0% of its ~$44.89B market cap, below the ~33% ceiling, and interest income from investments of $305M is about 1.51% of revenue, below the 5% ceiling. This is a factual screen, not a religious ruling - consult a qualified scholar for personal rulings. Note that third-party screeners genuinely disagree on INFY: Zoya rates it compliant while Musaffa rates it not halal, both as of October 2026.
Gate 1 — Business activity: PASS
Infosys Limited (NYSE: INFY), headquartered in Bengaluru, India, is a global IT services, consulting, and outsourcing company per its FY2026 Form 20-F (fiscal year ended March 31, 2026; IFRS; filed June 15, 2026). Revenue splits into software services including business process management (BPM) services - 95.2% of FY2026 revenue (digital transformation, AI-powered core modernization, application development and maintenance) - and products and platforms - 4.8% (including the Finacle banking software suite). FY2026 revenue was $20,158 million, of which 97.1% came from exports of services and products outside India. Business-screen implication (factual): every segment sells IT services, consulting, and software - none involve alcohol, tobacco, gambling, weapons, adult entertainment, pork, or conventional finance (banks are clients of its software; Infosys does not itself lend, take deposits, or sell financial products). Gate 1 passes. Facts only.
Gate 2 — Debt and cash: PASS
Per Infosys's FY2026 Form 20-F (fiscal year ended March 31, 2026; SEC Commission File Number 001-35754), the liquidity section states: 'We have no outstanding borrowings' as of March 31, 2026 and 2025. Total interest-bearing debt is therefore $0M, against a market cap of about $44.89B (NYSE-listed ADR, verified October 2, 2026, per MarketBeat) - debt / market cap is about 0.0%, below the ~33% ceiling. Cash and cash equivalents of $2,341M plus current investments of $1,365M total about 8.3% of market cap. Undiscounted lease liabilities of $1,078M exist but are operating leases, not interest-bearing borrowings, and are excluded. Gate 2 passes. Facts only.
Gate 3 — Non-compliant income: PASS
Infosys's FY2026 Form 20-F discloses interest income from investments of $305M for fiscal 2026 - interest income on financial assets carried at amortized cost of $184M plus interest income on financial assets at fair value through other comprehensive income of $121M (Note 2.16, Other income, net; same figure given in the MD&A). Against FY2026 revenue of $20,158M, that is about 1.51% of revenue - below the 5% non-compliant income ceiling. A separate one-off $46M of interest income on income tax refunds was also recognized; including it gives about 1.74%, still below 5%. Lines used: the Note 2.16 interest-income disclosures. Gate 3 passes. Facts only.
Key figures used
- Business: software services including BPM 95.2% of FY2026 revenue; products and platforms (incl. Finacle banking software) 4.8%; FY2026 revenue $20,158M, 97.1% from exports outside India
- No haram segments: IT services, digital consulting, and outsourcing - no alcohol, tobacco, gambling, weapons, adult entertainment, pork, or conventional finance; banks are software clients, Infosys does not lend or take deposits itself
- Debt: $0M - the FY2026 20-F states 'We have no outstanding borrowings' - debt / market cap approx 0.0% of ~$44.89B, under the ~33% ceiling; undiscounted lease liabilities $1,078M excluded as operating leases
- Cash: $2,341M cash and cash equivalents + $1,365M current investments approx 8.3% of market cap
- Interest income: $305M from investments ($184M amortized cost + $121M FVOCI, Note 2.16) vs FY2026 revenue $20,158M - approx 1.51% of revenue, under the 5% ceiling; separate one-off $46M interest on income tax refunds would take it to ~1.74%, still under 5%
- Zoya covers INFY at zoya.finance/stocks/infy: compliant/halal (Oct 2026) - headline rating only, its page detail text is auto-generated and internally inconsistent; Musaffa covers INFY at musaffa.com/stock/INFY/: NOT HALAL (Oct 2026, AAOIFI) - specific failing threshold not published on the page; ShariaPortfolio: no per-stock INFY page surfaced
- ADR structure: Infosys ADSs each represent one equity share (par value Rs 5), registered on NYSE under INFY; the company voluntarily delisted its ADSs from Euronext Paris and London in July 2018 and remains listed on NYSE - verified still listed
Frequently asked questions
What does Infosys do?
Infosys Limited (NYSE: INFY), headquartered in Bengaluru, India, is a global IT services, consulting, and outsourcing company. Per its FY2026 Form 20-F (fiscal year ended March 31, 2026; IFRS; filed June 15, 2026), 95.2% of FY2026 revenue came from software services including business process management (BPM) services, and 4.8% from products and platforms. FY2026 revenue was $20,158 million; 97.1% of it was generated from exports of services and products outside India. The company states it has no outstanding borrowings.
Why does Infosys pass this Shariah stock screen?
Infosys passes this three-gate Shariah stock screen. Gate 1 (business activity): IT services, digital consulting, and outsourcing - none involve alcohol, tobacco, gambling, weapons, adult entertainment, pork, or conventional finance (its banking clients use its software; Infosys itself does not lend or take deposits). Gate 2 (debt): the FY2026 20-F states the company has no outstanding borrowings, so debt is about 0.0% of its ~$44.89B market cap, below the ~33% ceiling. Gate 3 (non-compliant income): interest income from investments of $305M is about 1.51% of FY2026 revenue ($20,158M), below the 5% ceiling. Result: PASS. This is a factual screen, not a religious ruling - consult a qualified scholar for personal rulings. Note: third-party screeners disagree on INFY - Zoya rates it compliant while Musaffa rates it not halal (both as of October 2026), so readers should weigh the differing standards.
What is Infosys's interest-bearing debt ratio?
Per Infosys's FY2026 Form 20-F (fiscal year ended March 31, 2026; SEC Commission File Number 001-35754), the liquidity section states 'We have no outstanding borrowings' as of March 31, 2026 and 2025. Against a market cap of about $44.89B (NYSE ADR, verified October 2, 2026, per MarketBeat), debt / market cap is about 0.0% - below the ~33% ceiling. Cash and cash equivalents of $2,341M plus current investments of $1,365M total $3,706M, about 8.3% of market cap. Undiscounted lease liabilities of $1,078M exist but are operating leases, not interest-bearing borrowings, and are excluded from the debt figure. Facts only.
What is Infosys's non-compliant income ratio?
Infosys's FY2026 Form 20-F (fiscal year ended March 31, 2026; IFRS) discloses, in the management discussion of other income and in Note 2.16 (Other income, net), interest income from investments of $305M for fiscal 2026 - comprising interest income on financial assets carried at amortized cost ($184M) and at fair value through other comprehensive income ($121M). Against FY2026 revenue of $20,158M, that is about 1.51% of revenue, below the 5% non-compliant income ceiling. A separate one-off $46M of interest income on income tax refunds was also recognized; including it gives about 1.74%, still below 5%. Lines used: the Note 2.16 interest-income disclosures. Facts only.
Do Zoya, Musaffa, or ShariaPortfolio cover Infosys?
Zoya covers INFY at zoya.finance/stocks/infy and states that as of October 2026 INFY is Shariah-compliant and considered halal, based on Infosys's most recent financial reports; its public page text is partially auto-generated and internally inconsistent on the interest-income detail, so only the headline rating is cited. Musaffa covers INFY at musaffa.com/stock/INFY/ and classifies it as NOT HALAL as of October 2026 under its AAOIFI-based methodology, without publishing the specific failing threshold on the page. ShariaPortfolio publishes no per-stock INFY page that surfaced in search. All honestly reported as found, not invented. This page applies the screen directly from Infosys's own SEC-filed 20-F, and the two third-party ratings genuinely conflict.
Sources
- Infosys Limited - FY2026 Form 20-F (fiscal year ended March 31, 2026; SEC CIK: Infosys Limited, File Number 001-35754; filed June 15, 2026): 'We have no outstanding borrowings'; FY2026 revenue $20,158M; segment mix software services incl. BPM 95.2% / products and platforms 4.8%; Note 2.16 interest income from investments $305M ($184M amortized cost + $121M FVOCI); interest on income tax refund $46M; cash and cash equivalents $2,341M; current investments $1,365M; undiscounted lease liabilities $1,078M
- MarketBeat - INFY financials (market cap ~$44.89B, verified October 2, 2026)
- Musaffa - Infosys Ltd (INFY) stock page: NOT HALAL as of October 2026 (AAOIFI methodology)
- Zoya - Infosys Limited (INFY) stock page: Shariah-compliant/halal as of October 2026 (headline rating; page detail text internally inconsistent on interest income)
Screened 2026-10-02 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.
Screened with our two-gate Shariah screening methodology (business-activity gate, then AAOIFI-style financial ratios).