Is AGT Food and Ingredients Inc. (AGTF) halal?
AGT Food and Ingredients Inc. (TSX: AGTF) is a Canadian pulse and specialty-crop processor turned global packaged-foods maker that re-listed on the TSX in March 2026. The business gate passes — food processing and packaged foods contain no haram segments. Interest-bearing debt is about C$152.1M (~12.0% of a ~C$1,263.4M market cap) (passes); cash of ~C$58.9M is ~4.7% of market cap (passes). Interest income is not disclosed in the Q2 2026 news release, so the ~5% non-compliant-income ratio cannot be computed in its standard form, making this a provisional PASS (PASS*). Data from Q2 2026 interim filings, screened October 1, 2026.
The two-gate Shariah screen
Every screener on this site runs the same two gates: first, the business must be halal (no conventional insurance, banking, alcohol, gambling, weapons manufacturing, and the like); second, the financial ratios must clear (debt under roughly 33% of market cap, non-compliant income under roughly 5%).
Gate one: the business — passes
AGT Food and Ingredients Inc., headquartered in Regina, Saskatchewan, sources and value-added processes pulses and specialty crops (lentils, peas, chickpeas, beans, canary seed) for export and domestic markets, produces food ingredient products such as pulse flours, proteins, starches and fibres, and manufactures staple foods — pasta, semolina, bulgur, rice, milled wheat products — plus canned and packaged foods for retail and food-service customers under brands including Arbel, Arbella, Pastavilla, AGT Poortman and AGT Clic. Its global footprint is 39 manufacturing facilities across five continents, with products reaching consumers in 127 countries. Reportable segments are Packaged Foods and Ingredients ("PFI"), Value Added Processing ("VAP"), and Distribution. PFI is now the largest contributor to Adjusted EBITDA: in Q2 2026 its revenue rose 18% to C$207M. The company traded on the TSX from 2007 until it was taken private in 2019 by a CEO-led buyer group with Fairfax Financial and Point North Capital at C$18 per share; it re-listed on the TSX under the AGTF ticker on March 3, 2026 (regular trading from March 9, 2026) after an IPO of 18,478,212 treasury shares at C$23 (~C$425M to the company) plus a concurrent Fairfax private placement of 8,695,700 shares (~C$200M). Fairfax remains the majority owner. No alcohol, gambling, weapons, pork, or conventional-finance segments are disclosed anywhere in the company's releases. Food processing and packaged foods are permissible business activities — the business gate passes.
Gate two: the ratios — debt and cash pass; income gate unverifiable
- Interest income vs revenue: revenue was C$634.2M in Q2 2026 (C$1,194.8M for the six months ended June 30, 2026), but the Q2 2026 news release does not disclose interest income as a separate line and the full interim financial statements were not reviewed for this screening. The ~5% non-compliant-income ratio therefore cannot be computed in its standard form. This is the provisional caveat. (The C$9.7M "net monetary gain" in Q2 2026 is IAS 29 hyperinflation accounting on the Turkish operations, reported inside gross profit — not interest income.)
- Debt: total interest-bearing debt at June 30, 2026 was about C$152.1M — C$29.4M bank indebtedness, C$2.3M current portion of long-term debt, C$2.5M current lease liabilities, C$110.9M long-term debt and C$6.9M long-term lease liabilities. The Sponsor Notes payable (C$320.8M at December 31, 2025) were fully settled at the March 2026 IPO and no balances are outstanding. Adjusted net debt to trailing-twelve-month Adjusted EBITDA collapsed to 0.49x at June 30, 2026 from 3.35x at December 31, 2025, after the IPO and Fairfax private placement raised ~C$596M and cut total debt by roughly C$920M.
- Market cap: about C$1,263.4M (C$18.69 × ~67.60M shares outstanding — 67,626,474 shares at listing less 28,500 shares repurchased and cancelled under the NCIB in Q2 2026; October 1, 2026 market data).
- Debt ÷ market cap: ~12.0% — well under the ~33% ceiling (passes).
- Cash ÷ market cap: cash of ~C$58.9M at June 30, 2026 — about 4.7% of market cap, under the ~33% ceiling (passes).
The only caveat is the income gate: with interest income undisclosed in the Q2 2026 release, the ~5% non-compliant-income ratio cannot be verified, so this is a provisional PASS*. The debt and cash gates clear with wide margins, and the business is pure food.
What other screeners say
- Zoya: a web search on October 1, 2026 found no AGTF screener page on Zoya — Zoya does not appear to cover AGTF. Musaffa: no AGTF screener page found in the same search — Musaffa does not appear to cover AGTF. ShariaPortfolio: a licensed portfolio-management firm with no public per-stock screener database — no coverage. Our screener reports its own figure-by-figure analysis above.
The bottom line
This screener gives AGT Food and Ingredients Inc. (TSX: AGTF) a provisional PASS (PASS*). The business (pulse and specialty-crop processing, pasta and packaged foods) is halal, interest-bearing debt is about C$152.1M (~12.0% of a ~C$1,263.4M market cap), and cash (~C$58.9M, ~4.7% of market cap) passes comfortably. The provisional marker exists because interest income is not disclosed in the Q2 2026 news release, so the ~5% non-compliant-income ratio cannot be computed in its standard form. Treat this as a flag to consult a qualified scholar; re-screen quarterly after earnings. Snapshot dated October 1, 2026.
Sources
- AGT Food and Ingredients Inc. news release, August 10, 2026 (CNW/newswire.ca) — financial results for Q2 2026: revenue C$634.2M (Q2) / C$1,194.8M (H1), Adjusted EBITDA C$45.1M (Q2) / C$84.2M (H1), Adjusted Net Debt to Adjusted EBITDA 0.49x; Adjusted Net Debt table at June 30, 2026: bank indebtedness C$29,396k, current long-term debt C$2,339k, current lease liabilities C$2,546k, long-term debt C$110,884k, long-term lease liabilities C$6,891k, cash C$58,859k, Adjusted Net Debt C$93,197k; TTM Adjusted EBITDA C$189,948k; Sponsor Notes settled at IPO (nil outstanding at March 31, 2026); NCIB purchase of 28,500 shares at C$17.31 in Q2 2026.
- AGT Food and Ingredients Inc. news release (Q1 2026 results) — IPO and Fairfax private placement closed March 9, 2026; company raised ~C$596M and reduced total debt by ~C$920M; equity over C$1.2B at March 31, 2026.
- AGT Food and Ingredients Inc. news release, March 9, 2026 (CNW) — IPO closed: 18,478,212 treasury shares at C$23 (~C$425M to the company); concurrent Fairfax private placement of 8,695,700 shares at C$23 (~C$200M).
- TSX new-listing bulletins via Stockwatch, March 3 and 5, 2026 — AGTF began trading on an if, as and when-issued basis March 3, 2026; 67,626,474 shares outstanding; regular trading from March 9, 2026.
- RealAgriculture, January 30, 2026 — preliminary prospectus: ~2,950 employees (2024), 39 facilities across five continents, C$3.2B revenue and C$192M Adjusted EBITDA for the twelve months ended September 2025; IPO proceeds earmarked to cut annual finance expense by ~C$43.7M; company listed on TSX 2007–2019 before the 2019 take-private.
- Grainews, February 8, 2019 — 2019 privatization: shareholders approved the take-private by the CEO-led group with Fairfax Financial and Point North Capital at C$18 per share; delisted from the TSX in 2019.
- Market data: TSX:AGTF C$18.69 — market cap ~C$1,263.4M on October 1, 2026 (Finnhub; ~67.60M shares after Q2 2026 NCIB cancellations).
- Third-party coverage checks (October 1, 2026): no AGTF screener page found on Zoya or Musaffa in a web search; ShariaPortfolio has no public per-stock screener database.
Related screeners
Frequently asked questions
Is AGT Food and Ingredients Inc. (AGTF) halal?
Our screener gives AGT Food and Ingredients Inc. (TSX: AGTF) a provisional PASS* screening result. The company is a Canadian food processor and packaged-foods maker: its business activities contain no haram segments, interest-bearing debt of about C$152.1M at June 30, 2026 is about 12.0% of a ~C$1,263.4M market cap (passes), and cash of about C$58.9M is about 4.7% of market cap (passes). The provisional marker is there because interest income is not disclosed in the Q2 2026 release, so the ~5% non-compliant-income ratio cannot be computed in its standard form. Consult a qualified scholar.
Why is the AGT Food and Ingredients result provisional?
The company reported revenue of C$634.2M in Q2 2026 (C$1,194.8M for the first half), but the Q2 2026 news release does not disclose interest income as a separate line, and the full interim financial statements were not reviewed for this screening. The ~5% non-compliant-income gate therefore cannot be computed in its standard form, so the PASS is provisional (PASS*). The debt and cash gates both clear with wide margins: interest-bearing debt of ~C$152.1M is ~12.0% of a ~C$1,263.4M market cap, and cash of ~C$58.9M is ~4.7% of market cap.
Do AGT Food and Ingredients' debt and cash ratios pass?
Yes, both. Total interest-bearing debt at June 30, 2026 was about C$152.1M - C$29.4M of bank indebtedness, C$2.3M current portion of long-term debt, C$2.5M current lease liabilities, C$110.9M long-term debt and C$6.9M long-term lease liabilities; the Sponsor Notes were fully settled at the March 2026 IPO. So debt is about 12.0% of a ~C$1,263.4M market cap (C$18.69 x ~67.60M shares, October 1, 2026), well under the ~33% ceiling. Cash of ~C$58.9M at June 30, 2026 is about 4.7% of market cap, also under the ~33% ceiling. Debt collapsed after the IPO: the adjusted net debt to adjusted EBITDA ratio fell to 0.49x at June 30, 2026 from 3.35x at December 31, 2025.
What does AGT Food and Ingredients do, and is the business halal?
AGT Food and Ingredients Inc. is a Regina, Saskatchewan-based global food company that sources and processes pulses and specialty crops (lentils, peas, chickpeas, beans), mills durum wheat into pasta, semolina and bulgur, and produces rice, cereals, plant-based protein ingredients and canned and packaged foods under brands including Arbel, Arbella, Pastavilla, AGT Poortman and AGT Clic. It runs 39 manufacturing facilities across five continents and sells into 127 countries; its segments are Packaged Foods and Ingredients, Value Added Processing, and Distribution. The company was listed on the TSX from 2007 to 2019, taken private in 2019, and re-listed on the TSX under the AGTF ticker in March 2026. No alcohol, gambling, weapons, pork, or conventional-finance segments are disclosed in the company's releases, so the business gate passes.
What do Zoya, Musaffa and ShariaPortfolio say about AGT Food and Ingredients?
As of October 1, 2026: a web search found no AGTF screener page on Zoya and none on Musaffa, so neither appears to cover it; ShariaPortfolio has no public per-stock screener database. Our screener reports its own figure-by-figure analysis above.
Screened with our two-gate Shariah screening methodology (business-activity gate, then AAOIFI-style financial ratios).