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Canadian Halal Investor.

Screened October 1, 2026 · TSX: CEMX · Q2 2026 results

PASS

Is CEMATRIX Corporation (CEMX) halal?

CEMATRIX Corporation (TSX: CEMX) is a specialty construction contractor that manufactures and supplies cellular concrete products across North America — a flowable, self-leveling cement-based material used as lightweight engineered fill, insulating road subbase, tunnel grout, and pipe abandonment fill. Its wholly owned subsidiaries are CEMATRIX (Canada) Inc., Chicago-based MixOnSite USA Inc. and Bellingham-based Pacific International Grout Company. The business passes the business gate with no haram segments identified. Interest-bearing debt of ~C$3.2M at March 31, 2026 is ~4.4% of a ~C$72.6M market cap, far under the ~33% AAOIFI ceiling (the company states it has no long-term debt at June 30, 2026). Interest income is ~0.85% of revenue (passes); cash of ~C$16.2M is ~22.3% of market cap (passes). Result: PASS. Data from Q1/Q2 2026 results, 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

CEMATRIX produces and places cellular concrete on site for infrastructure, industrial, energy and commercial markets. Applications include lightweight engineered fill, MSE and retaining wall fill, lightweight insulating road subbase, flowable self-compacting fill, pipe and culvert abandonments, tunnel and annular grout, underwater fills, and shallow utility insulation. No banking/insurance, alcohol, gambling, weapons, pork, or conventional-finance activities are disclosed in filings or press releases — no haram segments identified. (Context note: one application listed is insulation for oil and gas facility slabs — the company supplies a construction material, not oil and gas production itself, so this is not a haram business segment.) The business gate passes. (Corporate notes: uplisted from the TSX Venture Exchange to the TSX on July 16, 2024 under ticker CEMX; also trades OTCQB as CTXXF; headquartered in Calgary, Alberta with ~64 employees; ~149.4M shares outstanding; fiscal year-end December 31; no dividends declared; buying back shares under a normal course issuer bid renewed in April 2026.)

Gate two: the ratios — all pass

All gates pass; the result is a PASS with comfortable margins — no ratio is close to its ceiling.

What other screeners say

The bottom line

This screener gives CEMATRIX Corporation (TSX: CEMX) a PASS. The cellular concrete business passes the business gate with no haram segments, interest-bearing debt (~C$3.2M) is ~4.4% of a ~C$72.6M market cap, interest income (~C$62k in Q1 2026) is ~0.85% of revenue, and cash (~C$16.2M) is ~22.3% of market cap — all comfortably within AAOIFI-style ceilings. Snapshot dated October 1, 2026; re-checked quarterly after earnings.

Sources

Related screeners

Frequently asked questions

Is CEMATRIX (CEMX) halal?

Our screener gives CEMATRIX Corporation a PASS screening result. The business — manufacturing and supplying cellular concrete products as a specialty construction contractor, the largest cellular concrete company in North America after its MixOnSite and Pacific International Grout acquisitions — passes the business gate with no haram segments identified. The financial ratios also clear: interest-bearing debt of ~C$3.2M at March 31, 2026 (equipment finance loan plus lease obligations; the company states no long-term debt at June 30, 2026) is ~4.4% of a ~C$72.6M market cap, well under the ~33% AAOIFI ceiling. Interest income of ~C$62k in Q1 2026 is ~0.85% of ~C$7.3M of Q1 revenue (passes the ~5% ceiling); cash of ~C$16.2M at June 30, 2026 is ~22.3% of market cap (passes).

Why does CEMATRIX pass the debt screen?

At March 31, 2026 CEMATRIX carried a C$945k equipment finance loan and C$2,227k of lease obligations (current plus non-current) — about C$3.2M of interest-bearing debt in total. Against a ~C$72.6M market cap (C$0.485 on the TSX, September 30, 2026), that is ~4.4%, far under the ~33% AAOIFI ceiling. The Q2 2026 results release states the company has no long-term debt at June 30, 2026, which would lower the ratio further.

Does CEMATRIX earn interest income?

Very little. Other income for Q1 2026 includes interest income of ~C$62k (Note 16, Other income) against ~C$7.3M of Q1 2026 revenue — about 0.85%, far under the ~5% non-compliant income ceiling. The company holds most liquidity as cash (~C$16.2M at June 30, 2026) rather than interest-bearing securities.

What do Zoya, Musaffa and ShariaPortfolio say about CEMATRIX?

As of October 1, 2026: Zoya's screening data is app-gated and we found no public CEMX page, so Zoya coverage cannot be confirmed or denied; a web search found no Musaffa CEMX.CA stock page, so Musaffa coverage cannot be confirmed; ShariaPortfolio has no public per-stock screener database. None of the three could be verified as covering CEMATRIX, so our screener reports its own figure-by-figure analysis above.

Could CEMATRIX become non-halal?

It is not close to any ceiling: ~4.4% on debt against ~33%, ~0.85% on interest income against ~5%, ~22.3% on cash against ~33%. A large debt-funded acquisition would be the main thing that could flip the debt gate — the company has instead been funding growth with equity (a C$6.6M bought-deal private placement in 2024) and buying back shares under its normal course issuer bid. Re-screen quarterly after earnings.

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