Annotated balance sheet · halal screening

National Grid plc

The full balance sheet for NGG, with the line items that feed each halal check marked and explained inline. Read it like a financial report that grades itself.

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Annotated balance sheet · halal screening

National Grid plc — Q1 2026

Source: SEC Form 10-Q filed 2026-03-31 · via FMP · USD millions · Open filing

Assets

Current Assets

Cash & cash equivalents①

$475

Marketable securities①

$3,105

Accounts receivable

$4,915

Inventories

$708

Other current assets

$272

Total current assets

$9,475

Non-current Assets

Property, plant & equipment, net②tangible

$103,195

Operating lease right-of-use assets②tangible

Long-term marketable securities①

$2,644

Goodwill

$11,921

Intangible assets, net

$4,910

Other non-current assets

$4,926

Total non-current assets

$127,596

TOTAL ASSETS

$137,071

CHECK ①

Cash + Securities Ratio

under AAOIFI

7.6%

✓ PASS

Threshold≤ 30%Buffer22.4 percentage points to spare

Breach risk

Comfortable

0%← Pass zone | Fail zone →45%

Caps how much of a company's value can be held in interest-bearing financial assets — too much suggests the business is more about earning interest than producing real goods/services.

SourceAAOIFI Shariah Standard No. 21 (Financial Papers — Shares and Bonds), §3.5.1

Liabilities

Current Liabilities

Accounts payable

$6,391

Other current liabilities

$877

Deferred revenue

$139

Commercial paper③interest-bearing

Short-term debt③interest-bearing

$4,937

Total current liabilities

$12,345

Non-current Liabilities

Long-term debt③interest-bearing

$54,250

Other non-current liabilities

$5,772

Total non-current liabilities

$60,022

TOTAL LIABILITIES

$87,284

CHECK ③

Interest-bearing Debt Ratio

under AAOIFI

72.7%

✗ FAIL

Threshold≤ 30%Shortfall42.7 percentage points over the limit

Breach risk

Breached

0%← Pass zone | Fail zone →80%

Caps how much of a company's value comes from interest-bearing loans. Companies that rely heavily on riba (interest-based debt) fail this check even if their business itself is permissible.

SourceAAOIFI Shariah Standard No. 21 (Financial Papers — Shares and Bonds), §3.4.2

Income Statement Excerpt (trailing 12 months)

Total revenue

$45,162

Of which:

Product & services revenue

$45,162

Interest income④non-permissible

$754

CHECK ④

Non-permissible Income Ratio

under AAOIFI

1.7%

✓ PASS

Threshold≤ 5%Buffer3.3 percentage points to spare

Breach risk

Comfortable

0%← Pass zone | Fail zone →8%

Caps what fraction of company revenue can come from non-permissible sources. If your stock passes but interest income is high, you'd 'purify' your share of that income through charity.

SourceAAOIFI Shariah Standard No. 21 (Financial Papers — Shares and Bonds), §3.6

Final verdict — under AAOIFI Standard

Borderline

Sector check passes: ✓ yes

Want to verify against the primary document? Open full SEC filing

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