TSX Shariah screener · October 2026
Is Condor Energies Inc. (CDR) Halal?
Condor Energies Inc. · TSX: CDR · Energy
The short answer
Provisionally, yes — Condor Energies (CDR) passes this Shariah stock screen. Its natural gas production in Uzbekistan, modular LNG project in Kazakhstan, and copper/lithium exploration are permissible; interest-bearing debt of ~C$32.2M is about 8.3% of its ~C$387M market cap; and Q1 2026 finance income of C$0.08M was about 0.4% of revenue. Provisional because Q2 2026 balance-sheet figures were not directly extracted (March-31 debt used; Q2 debt likely similar or lower after the April equity raise). No Zoya, Musaffa, or ShariaPortfolio rating was found for this ticker — honestly reported as absent, not invented.
Gate 1 — Business activity: PASS
Condor Energies Inc. (TSX:CDR) produces natural gas in Uzbekistan (the PEC project), is developing a modular LNG project in Kazakhstan (targeting Q1 2027), and holds copper/lithium exploration licenses in Kazakhstan. No alcohol, pork, gambling, conventional interest-based lending, tobacco, cannabis, weapons, or adult-entertainment lines were disclosed. Gate 1 passes. Facts only.
Gate 2 — Debt and cash: PASS
Interest-bearing debt at March 31, 2026 (Q1 FS, C$ thousands): loan facility 5,125 + bridge loan 7,258 + convertible debentures 8,210 (current) + 11,593 (non-current) ≈ C$32.19M, with cash of C$9,843 thousand. Against a market capitalization of roughly C$386.9M (~86.4M shares at ~C$4.26–4.48), debt ÷ market cap is about 8.3%, well under the ~33% ceiling; cash is about 2.5% of market cap. Provisional note: the Q2 2026 balance sheet was not directly extracted — Q2 debt is likely similar or lower after the C$29.9M April 2026 public offering added equity. Gate 2 passes. Facts only.
Gate 3 — Non-compliant income: PASS
For Q1 2026, finance income was C$0.08M — 'primarily related to interest income earned on cash and cash equivalents and other long-term assets' (Q1 MD&A) — against total revenue of C$19.458M, about 0.4%, under the ~5% ceiling. Gate 3 passes. Facts only.
Key figures used
- Interest-bearing debt at Mar 31, 2026 (C$ thousands): loan facility 5,125 + bridge loan 7,258 + convertible debentures 8,210 (current) + 11,593 (non-current) ≈ C$32.19M; cash C$9,843k
- Market cap: ~C$386.9M (~86.4M shares × ~C$4.26–4.48); debt ÷ market cap ≈ 8.3%; cash ≈ 2.5% of mktcap
- Q1 2026: finance income C$0.08M (interest on cash) vs total revenue C$19.458M → ~0.4%
- Provisional: Q2 2026 FS balance sheet not directly extracted; Mar-31 debt used (Q2 likely similar/lower after C$29.9M April 2026 equity raise; bridge loan matured Jul 15, 2026)
- Material: C$13.65M convertible debentures closed Dec 24, 2025; Q2 2026 Uzbekistan sales C$27.14M; Kazakhstan modular LNG targeting Q1 2027
- Business: natural gas (Uzbekistan), modular LNG (Kazakhstan), copper/lithium exploration — no haram segments
Frequently asked questions
Is Condor Energies (CDR) halal?
Provisionally, yes — Condor Energies passes this Shariah stock screen. Its natural gas production in Uzbekistan, modular LNG project in Kazakhstan, and copper/lithium exploration are permissible; interest-bearing debt of ~C$32.2M is about 8.3% of its ~C$387M market cap; and Q1 2026 finance income of C$0.08M was about 0.4% of revenue. Provisional because Q2 2026 balance-sheet figures were not directly extracted. This is a factual screen, not a religious ruling — consult a qualified scholar for personal guidance.
What is Condor Energies' debt-to-market-cap ratio?
About 8.3%. Interest-bearing debt at March 31, 2026 was ~C$32.19M (loan facility C$5.125M + bridge loan C$7.258M + convertible debentures C$8.21M current + C$11.593M non-current), against a market cap of roughly C$386.9M — well under the ~33% ceiling. Provisional: the Q2 2026 balance sheet was not directly extracted; Q2 debt is likely similar or lower after the C$29.9M April 2026 equity raise.
What does Condor Energies do?
Condor Energies Inc. (TSX:CDR) produces natural gas in Uzbekistan (the PEC project), is developing a modular LNG project in Kazakhstan (targeting Q1 2027), and holds copper/lithium exploration licenses in Kazakhstan.
How much interest income does Condor Energies earn relative to revenue?
For Q1 2026, finance income was C$0.08M — 'primarily related to interest income earned on cash and cash equivalents and other long-term assets' (Q1 MD&A) — against total revenue of C$19.458M, about 0.4%, under the ~5% ceiling.
Where can I find more energy stock screeners?
See halal-stock-verdicts.html for the full list of stock screeners, including the other energy-sector entries.
Sources
- Condor Energies — Q1 2026 interim financial statements (C$32.19M debt; C$9.843M cash)
- Condor Energies — Q1 2026 MD&A (C$0.08M finance income; C$19.458M revenue)
- Investing News — Condor announces 2026 second quarter results (Uzbekistan sales C$27.14M)
- GlobeNewswire — Condor closes C$13.65M brokered financing (Dec 24, 2025)
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.