Canadian Halal Investor.

TSX Shariah screener · September 2026

Is Alithya Group (ALYA) Halal?

FAIL

Alithya Group Inc. · TSX: ALYA · Technology

The short answer

Alithya Group Inc. (TSX: ALYA) is a FAIL. The debt gate fails by a wide margin: total interest-bearing debt of C$126.7M at March 31, 2026 (long-term debt C$120.9M plus lease liabilities C$5.8M) is about 114.8% of the ~C$110.4M market cap (C$1.14, September 2026, on 96,867,123 shares) - against a ~33% ceiling. The business gate passes: Alithya is a Montreal-based IT consulting and digital-transformation firm; its three segments (US ~48.8%, Canada ~45.8%, International ~5.4% of FY2026 revenue) sell systems integration, strategic consulting and managed services, with no gambling, alcohol, tobacco, adult-entertainment, conventional-banking or defence segments. The income gate passes: audited FY2026 Note 21 discloses interest income of C$390K - about 0.08% of C$477,388K revenue, under the ~5% ceiling. No public Zoya, Musaffa or ShariaPortfolio rating for ALYA was found 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

Alithya Group inc. is a Montreal-based professional services firm providing IT services and solutions - strategic consulting, enterprise transformation and business enablement - through the optimal use of digital technologies (Note 1, FY2026 consolidated financial statements). It reports three geographic segments: US (FY2026 revenue C$233,158K, ~48.8%), Canada (C$218,532K, ~45.8%) and International (C$25,698K, ~5.4%). Revenue comes from time-and-materials consulting (~68%), fixed-fee enterprise transformation (~17%) and business enablement/support services (~15%), with no customer above 10% of revenue. A Delaware subsidiary is named "Alithya Financial Solutions, Inc.", but it is a 100%-owned IT consulting subsidiary, not a lender or insurer; it originates no financial products. No filing discloses gambling, alcohol, tobacco, pork, adult-entertainment, conventional banking/insurance or weapons segments. The business-activity gate passes. Facts only, no fatwa.

Gate 2 — Debt: FAIL

The audited FY2026 balance sheet (March 31, 2026, KPMG audit opinion dated June 10, 2026) shows total interest-bearing debt of C$126,717K: long-term debt C$112,418K, current portion of long-term debt C$8,478K, lease liabilities C$4,235K and current portion of lease liabilities C$1,586K. Against a market capitalization of about C$110.4M (C$1.14, September 2026, on 96,867,123 shares), the debt-to-market-cap ratio is about 114.8% - the company's debt exceeds its entire market capitalization, far above the ~33% ceiling. Excluding lease liabilities, the ratio is still 109.5%. The fail is not price-sensitive within any plausible range: the debt would need to fall by more than two-thirds to reach the ceiling. The debt gate fails.

Gate 3 — Non-compliant income: PASS

Audited FY2026 Note 21 "Net financial expenses" discloses interest income of C$390K (a deduction within net financial expenses of C$9,469K) against FY2026 revenue of C$477,388K - about 0.08%, well under the ~5% ceiling. Q1 FY2027 interim results (three months ended June 30, 2026, filed August 13, 2026) show revenues of C$105,050K and net financial expenses of C$2,290K, with no indication of material interest income. The income gate passes - but it does not change the overall result, because the debt gate fails.

Key figures used

Frequently asked questions

Is Alithya Group (ALYA) halal?

Our September 2026 screen gives Alithya Group Inc. (TSX: ALYA) a FAIL. The debt gate fails by a wide margin: interest-bearing debt of C$126.7M at March 31, 2026 (long-term debt C$120.9M plus lease liabilities C$5.8M) is about 114.8% of the ~C$110.4M market cap (C$1.14, September 2026, on 96,867,123 shares) - against a ~33% ceiling. The business gate passes: Alithya is a Montreal-based IT consulting and digital-transformation firm; its three segments (US ~48.8%, Canada ~45.8%, International ~5.4% of FY2026 revenue) sell systems integration, strategic consulting and managed services, with no gambling, alcohol, tobacco, adult-entertainment, conventional-banking or defence segments. The income gate passes: audited FY2026 Note 21 discloses interest income of C$390K - about 0.08% of C$477,388K revenue, under the ~5% ceiling. No public Zoya, Musaffa or ShariaPortfolio rating for ALYA was found as of September 2026. This is a rules-based screening of published figures, not a religious ruling.

What business is Alithya in?

Alithya Group inc. is a Montreal-based professional services firm providing IT services and solutions - strategic consulting, enterprise transformation and business enablement - through the optimal use of digital technologies (Note 1, FY2026 consolidated financial statements). It reports three geographic segments: US (FY2026 revenue C$233,158K, ~48.8%), Canada (C$218,532K, ~45.8%) and International (C$25,698K, ~5.4%). Revenue comes from time-and-materials consulting (~68%), fixed-fee enterprise transformation (~17%) and business enablement/support services (~15%). A Delaware subsidiary is named Alithya Financial Solutions, Inc., but it is a 100%-owned IT consulting subsidiary, not a lender or insurer; it originates no financial products.

Why does Alithya fail the debt gate?

The audited FY2026 balance sheet (March 31, 2026) shows total interest-bearing debt of C$126,717K: long-term debt C$112,418K, current portion of long-term debt C$8,478K, lease liabilities C$4,235K and current lease liabilities C$1,586K. Against a market cap of about C$110.4M (C$1.14, September 2026, on 96,867,123 shares), the debt-to-market-cap ratio is about 114.8% - debt alone exceeds the entire market capitalization, far above the ~33% ceiling. Even excluding lease liabilities, the ratio is 109.5%. The fail is robust to any plausible share-price move: the debt would need to fall by more than two-thirds to reach the ceiling.

Why do the income and business gates pass?

The income gate passes: audited FY2026 Note 21 'Net financial expenses' discloses interest income of C$390K against revenue of C$477,388K - about 0.08%, well under the ~5% ceiling. The business gate passes: Alithya sells IT consulting, systems integration and managed services across three geographic segments, with no filing disclosing gambling, alcohol, tobacco, pork, adult-entertainment, conventional banking/insurance or defence segments. Note that a passing business and income gate does not change the overall FAIL - the debt gate alone determines the result here.

What do Zoya, Musaffa or ShariaPortfolio say about ALYA?

No public Zoya, Musaffa or ShariaPortfolio rating for Alithya Group (ALYA) was found as of September 2026 - Zoya and Musaffa have no ALYA stock pages (both returned HTTP 404 when checked directly), and ShariaPortfolio publishes no per-stock screening tool. So this screen relies entirely on the company's audited financial statements and disclosures. Other technology names on this site - Constellation Software, Shopify, Descartes, Kinaxis, BlackBerry and CGI - are screened on the same business, debt and income basis.

Sources

Screened 2026-09-30 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.