TSX Shariah screener · October 2026

Is Big Rock Brewery Inc. (BR) Halal?

FAIL

Big Rock Brewery Inc. · TSX: BR · Consumer Staples

The short answer

No — Big Rock Brewery (BR) fails this Shariah stock screen at Gate 1: it is a craft-beer, cider and ready-to-drink beverage producer — alcohol production is a non-compliant business activity. Interest-bearing debt of C$8.999M at June 30, 2026 is about 60.0% of its ~C$15.0M market cap (also above the ~33% ceiling). Interest income is not separately disclosed in the company's primary filings, so the Gate 3 income ratio cannot be verified from primary sources. No Zoya, Musaffa, or ShariaPortfolio rating was found for this ticker — honestly reported as absent, not invented.

Gate 1 — Business activity: FAIL

Big Rock Brewery Inc. (TSX:BR) is a regional producer of premium craft beers, ciders, ready-to-drink and non-alcoholic products sold in six provinces and two territories in Canada (head office: Calgary, Alberta). Its brands include Big Rock, Tree Brewing, Rock Creek Cider, Dukes Cider, AGD, Shaftsbury, Bow Valley, White Peaks and Cottage Springs. Alcohol production and sale is a Gate 1 non-compliant business activity. Gate 1 fails definitively. Facts only.

Gate 2 — Debt and cash: FAIL

Interest-bearing debt at June 30, 2026 (Q2 2026 interim statements) was C$8.999M (current portion; non-current nil — C$3.6M was reclassified to current on covenant triggers), against a market cap of roughly C$15.0M (24.60M shares at C$0.61) — debt ÷ market cap is about 60.0%, above the ~33% ceiling. Lease liabilities of C$3.386M sit on top; cash of C$0.232M is ~1.5% of market cap. Gate 2 fails. Facts only.

Gate 3 — Non-compliant income: UNVERIFIABLE

Neither the Q2 2026 interim statements nor the audited 2025 annual statements disclose a separate interest-income (or finance-income) line — the income statement shows only Finance expenses (C$551K in H1 2026) and a netted Other expense/(income) line. Because interest income is not separately disclosed in primary filings, the interest ÷ revenue ratio cannot be computed honestly — it is reported as null, not guessed. Net revenue was C$24.026M in H1 2026. Overall result is already FAIL at Gate 1. Facts only.

Key figures used

Interest-bearing debt: C$8.999M at Jun 30, 2026 (all current; non-current nil) — debt ÷ market cap ≈ 60.0% (market cap ~C$15.0M: 24.60M shares × C$0.61, Sep 30, 2026)
Lease liabilities: C$3.386M (current C$692K + non-current C$2.694M); cash: C$0.232M ≈ 1.5% of market cap
Net revenue: C$13.910M Q2 2026 / C$24.026M H1 2026; net loss: C$2.405M H1 2026; going-concern warning disclosed
Interest income: NOT separately disclosed in primary filings (only Finance expenses + netted Other expense/(income)) — Gate 3 income ratio unverifiable, reported as null
Business: craft beer, cider, RTD and non-alcoholic producer (Calgary, AB; brands incl. Big Rock, Tree Brewing, Rock Creek Cider) — alcohol production → definitive Gate 1 FAIL

Frequently asked questions

Is Big Rock Brewery (BR) halal?

No. Big Rock Brewery fails this Shariah stock screen at Gate 1 because its core business is producing and selling alcohol — craft beers, ciders and ready-to-drink beverages. Alcohol production is a non-compliant business activity, so the screen is failed regardless of the financial gates. This is a factual screen, not a religious ruling — consult a qualified scholar for personal guidance.

What is Big Rock Brewery's debt-to-market-cap ratio?

About 60.0%. Interest-bearing debt at June 30, 2026 was C$8.999M (all classified current after covenant-triggered reclassification), against a market cap of roughly C$15.0M (24.60M shares at C$0.61, September 30, 2026) — above the ~33% ceiling. Lease liabilities of C$3.386M are additional.

What does Big Rock Brewery do?

Big Rock Brewery Inc. (TSX:BR) is a regional producer of premium craft beers, ciders, ready-to-drink and non-alcoholic beverages sold in six provinces and two territories in Canada, headquartered in Calgary, Alberta. Brands include Big Rock, Tree Brewing, Rock Creek Cider, Dukes Cider, AGD, Shaftsbury, Bow Valley, White Peaks and Cottage Springs.

How much interest income does Big Rock Brewery earn relative to revenue?

This cannot be verified from primary sources. Neither the Q2 2026 interim statements nor the audited 2025 annual statements disclose a separate interest-income line — only Finance expenses (C$551K in H1 2026) and a netted Other expense/(income) line appear. The ratio is reported as null rather than guessed.

Where can I find more consumer staples stock screeners?

See halal-stock-verdicts.html for the full list of stock screeners, including the other consumer-staples-sector entries.

Sources

Screened 2026-10-01 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.

Screened with our two-gate Shariah screening methodology (business-activity gate, then AAOIFI-style financial ratios).