Canadian Halal Investor.

TSX Shariah screener · September 2026

Is ADF Group (DRX) Halal?

PASS

ADF Group Inc. · TSX: DRX · Industrials

The short answer

ADF Group (DRX) is a PASS. The business gate passes: it designs, fabricates and installs structural steel for non-residential construction - office towers, commercial and recreational buildings, airports, industrial plants, transport and energy infrastructure - with no disclosed prohibited lines. The debt gate passes: about C$41.6M of total debt at January 31, 2026 is roughly 11% of the ~C$384M September 2026 market cap, against a ~33% ceiling (net debt is negative C$21.1M, i.e. a net-cash position). The income gate passes: interest income of C$1.871M in fiscal 2026 is about 0.7% of C$258.7M revenue, under the ~5% ceiling. No public Zoya, Musaffa or ShariaPortfolio rating was found for DRX as of September 2026. As with every screener here, this is a rules-based screening of published figures, not a religious ruling - consult a qualified scholar for personal guidance.

Gate 1 — Business activity: PASS

ADF Group Inc. designs and engineers connections, fabricates (including industrial coating), and installs steel structures, steel built-ups and miscellaneous and architectural metalwork for the non-residential construction industry: office towers and high-rises, commercial and recreational buildings, airport facilities, industrial complexes, and transport and energy infrastructure. Its customers are general contractors, project owners, engineering firms and other steel fabricators in Canada and the United States, and it acquired Groupe LAR Inc. in September 2025, pushing the order backlog to a record C$693.7M by July 31, 2026. There are no disclosed alcohol, tobacco, gambling, conventional finance or insurance, pork, adult entertainment, weapons or cannabis lines. The business-activity gate passes. Facts only, no fatwa.

Gate 2 — Debt: PASS

The balance sheet at January 31, 2026 shows total debt of about C$41.6M (short-term debt C$5.165M plus the long-term portion) against cash and equivalents of C$62.7M - net debt of negative C$21.1M, a net-cash position. Against a market capitalization of about C$384M (C$14.02, the September 30, 2026 market price), the debt-to-market-cap ratio is roughly 11% - against a ~33% ceiling.

Gate 3 — Non-compliant income: PASS

The fiscal 2026 cash flow statement reports interest income of C$1.871M for the year ended January 31, 2026 (against net financial expenses of C$0.827M and interest paid of C$1.925M). Against fiscal 2026 revenue of C$258.7M, interest income is about 0.7% of revenue - under the ~5% ceiling.

Key figures used

Frequently asked questions

Is ADF Group (DRX) halal?

Our September 2026 screen gives ADF Group Inc. (TSX: DRX) a PASS. The business gate passes: it designs, fabricates and installs structural steel for non-residential construction, with no disclosed prohibited lines. The debt gate passes: about C$41.6M of total debt at January 31, 2026 is roughly 11% of the ~C$384M September 2026 market cap, against a ~33% ceiling (net debt is negative - C$21.1M, i.e. net cash). The income gate passes: interest income of C$1.871M in fiscal 2026 is about 0.7% of C$258.7M revenue, under the ~5% ceiling. No public Zoya, Musaffa or ShariaPortfolio rating was found for DRX as of September 2026. This is a rules-based screening of published figures, not a religious ruling.

What business is ADF Group in?

ADF Group Inc. is a Canadian company that designs and engineers connections, fabricates (including industrial coating), and installs steel structures, steel built-ups and miscellaneous and architectural metalwork for the non-residential construction industry - office towers and high-rises, commercial and recreational buildings, airport facilities, industrial complexes, and transport and energy infrastructure. Its customers are general contractors, project owners, engineering firms and other steel fabricators in Canada and the United States, and it acquired Groupe LAR Inc. in September 2025. Its shares trade on the Toronto Stock Exchange under the symbol DRX. There are no disclosed alcohol, tobacco, gambling, conventional finance or insurance, pork, adult entertainment, weapons or cannabis lines, so the business gate passes under this screen's AAOIFI-style criteria.

How leveraged is ADF Group on the debt gate?

The balance sheet at January 31, 2026 shows total debt of about C$41.6M (short-term debt C$5.165M plus the long-term portion) against cash and equivalents of C$62.7M - net debt of negative C$21.1M, i.e. a net-cash position. Against a market capitalization of about C$384M (C$14.02 on September 30, 2026), the debt-to-market-cap ratio is roughly 11% versus a ~33% ceiling. In the second quarter of fiscal 2027 (ended July 31, 2026) cash rose to C$91.4M on a record order backlog of C$693.7M.

How much interest income does ADF Group earn?

The fiscal 2026 cash flow statement reports interest income of C$1.871M for the year ended January 31, 2026 (against net financial expenses of C$0.827M and interest paid of C$1.925M). Against fiscal 2026 revenue of C$258.7M, interest income is about 0.7% of revenue - under the ~5% ceiling - so the non-compliant income gate passes.

What do Zoya, Musaffa or ShariaPortfolio say about DRX?

No public Zoya, Musaffa or ShariaPortfolio rating for DRX (TSX) was found as of September 2026, so this screen relies entirely on the company's published figures. Other Canadian industrial names on this site - Toromont Industries, Finning International, Stantec, AtkinsRealis, WSP Global and Linamar - are screened on the same business, debt and income basis.

Sources

Screened September 30, 2026 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.