Shariah stocks are stocks of those companies which comply with the Shariah or Islamic law in influence of economic conditions. Both micro and macro-economic determinants have strong linkage with price behaviour in every market mechanism where the dominance of micro level factors is already established in equity research. Hence, this studyempirically examines the firm level factors which are prominent inimpacting the price behaviour of Shariah stocks in India. The study analyses the micro level determinants of stock returns, under a panel regression framework, using published data of share prices andfirm’ financials on 50 stocks which constitute the Shariah index of BSE for a period of 10 years from 2008-17. The study captures earnings and earnings growth along with the book value as significant determinants of Shariah stock returns in India.