Canadian Halal Investor.

TSX Shariah screener · September 2026

Is Calian Group (CGY) Halal?

FAIL

Calian Group Ltd · TSX: CGY · Industrials

The short answer

Calian Group Ltd. (TSX: CGY) is a FAIL. The business gate fails: about 67% of FY2025 revenue ($520.1M of $774.1M) sits in the "Defence & Space" segment, and the Q3 FY2026 backlog of $1.4B includes about $1B in defence - military training and simulation, healthcare provider recruitment for Canada's Department of National Defence, satellite ground stations, and vetronics (military vehicle electronics) supporting defence prime contractors. The defence work is services, training and electronics rather than weapons manufacturing, but at two-thirds of revenue it is far beyond any de minimis threshold. The debt gate passes: ~C$184.5M of interest-bearing debt at June 30, 2026 is roughly 19.9% of the ~C$928.8M market cap (C$80.68, September 29, 2026), under the ~33% ceiling. The income gate passes: the interim income statement discloses no standalone interest income line - about 0.0% of revenue, under the ~5% ceiling. No public Zoya, Musaffa or ShariaPortfolio rating for CGY 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: FAIL

Calian Group is an Ottawa-based mission-critical solutions company that describes itself as "focused on defence, space, healthcare and other strategic critical infrastructure sectors." Since FY2026 it reports two segments: Defence & Space and Essential Industries. The restated FY2025 segment results show Defence & Space at $520.1M of $774.1M total revenue - about 67%; Q1 FY2026 was similar at about 67%. The Q3 FY2026 release discloses a $1.4B backlog "including one billion in defence" - about 71%. Company announcements include a 15-year, ~CAD$296M British Army training agreement (via Raytheon UK, August 11, 2026), the October 2025 acquisition of defence specialist InField Scientific, and healthcare staffing for Canada's Department of National Defence. The defence work is services, training, simulation and military vehicle electronics rather than weapons manufacturing - stated factually so readers see both sides - but at two-thirds of revenue and over two-thirds of backlog, defence is the company's core business and the gate fails. No alcohol, gambling, pork, adult or conventional finance segments were found.

Gate 2 — Debt: PASS

The Q3 FY2026 interim balance sheet (June 30, 2026) shows debt facility C$141,250k + current lease obligations C$6,204k + non-current lease obligations C$37,091k = about C$184.5M of interest-bearing debt. Against a market capitalization of about C$928.8M (C$80.68, September 29, 2026, on 11,512,163 shares), the debt-to-market-cap ratio is roughly 19.9% - under the ~33% ceiling. The C$350M debt facility was renewed and expanded in September 2025. The debt gate passes comfortably.

Gate 3 — Non-compliant income: PASS

The Q3 FY2026 interim income statement (three and nine months ended June 30, 2026) shows "Interest expense" but no standalone interest income / finance income line - the company's accounting policy treats interest income on receivables as immaterial. With no disclosed interest income against nine-month revenue of $667,098k, the ratio is about 0.0% - under the ~5% ceiling. The figure is verifiable from the filing, not estimated. The income gate passes.

Key figures used

Frequently asked questions

Is Calian Group (CGY) halal?

Our September 2026 screen gives Calian Group Ltd. (TSX: CGY) a FAIL. The business gate fails: about 67% of FY2025 revenue ($520.1M of $774.1M) sits in the "Defence & Space" segment, and the Q3 FY2026 backlog of $1.4B includes about $1B in defence - military training services, military healthcare staffing for Canada's Department of National Defence, and military vehicle electronics. The debt gate passes: ~C$184.5M of interest-bearing debt at June 30, 2026 is roughly 19.9% of the ~C$928.8M market cap (C$80.68, September 29, 2026), under the ~33% ceiling. The income gate passes: the interim income statement discloses no standalone interest income line - about 0.0% of revenue, under the ~5% ceiling. No public Zoya, Musaffa or ShariaPortfolio rating for CGY was found as of September 2026. This is a rules-based screening of published figures, not a religious ruling.

What business is Calian in?

Calian Group is an Ottawa-based mission-critical solutions company. Since FY2026 it reports two segments: Defence & Space and Essential Industries. The company describes itself as "focused on defence, space, healthcare and other strategic critical infrastructure sectors." Its defence portfolio includes military training and simulation, healthcare provider recruitment for Canada's Department of National Defence, satellite ground stations, and vetronics (military vehicle electronics) supporting defence prime contractors.

Why does Calian fail the business gate?

Scale, not classification doubt. The restated FY2025 segment results show Defence & Space at $520.1M of $774.1M total revenue - about 67%. Q1 FY2026 was similar at about 67%. The Q3 FY2026 release discloses a $1.4B backlog "including one billion in defence" - about 71%. Calian also announced a 15-year, ~CAD$296M British Army training agreement (via Raytheon UK, August 11, 2026) and acquired defence specialist InField Scientific (October 2025). The defence work is services, training and electronics rather than weapons manufacturing, but at two-thirds of revenue it is far beyond any de minimis threshold, so the business gate fails.

How leveraged is Calian on the debt gate?

Comfortably under the ceiling. The Q3 FY2026 interim balance sheet (June 30, 2026) shows debt facility C$141,250k + current lease obligations C$6,204k + non-current lease obligations C$37,091k = about C$184.5M of interest-bearing debt. Against a market cap of about C$928.8M (C$80.68, September 29, 2026, on 11,512,163 shares), the debt-to-market-cap ratio is roughly 19.9% versus a ~33% ceiling - a clear PASS. The C$350M debt facility was renewed and expanded in September 2025.

What do Zoya, Musaffa or ShariaPortfolio say about CGY?

No public Zoya, Musaffa or ShariaPortfolio rating for Calian Group (CGY) was found as of September 2026 - Zoya and Musaffa have no CGY stock pages, and ShariaPortfolio publishes no per-stock screening tool. So this screen relies entirely on the company's published financial statements and disclosures. Other Canadian industrial names on this site - CAE, WSP, Stantec, Finning, Toromont and others - 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.