TSX Shariah screener · September 2026

Is Goodfellow Inc. (GDL) Halal?

FAIL

Goodfellow Inc. · TSX: GDL · Industrials

The short answer

Goodfellow Inc. (TSX: GDL) is a FAIL. The business gate passes: manufacturing value-added lumber products and distributing building materials (in business since 1898) is a permissible activity. But the debt gate fails: bank indebtedness of C$69.8M plus lease liabilities of C$19.9M = C$89.7M at May 31, 2026, about 97.9% of the ~C$91.7M market cap — far over the ~33% guideline (bank debt alone is ≈76%). Cash of C$4.2M (≈4.5% of market cap) passes; gross interest income is not disclosed.

Gate 1 — Business activity: PASS

Goodfellow Inc. is a diversified manufacturer of value-added lumber products and wholesale distributor of building materials and floor coverings — in the lumber business since 1898. It has a coast-to-coast distribution footprint in Canada plus the Northeastern United States, serving lumber-yard retailers, manufacturers, industrial and infrastructure partners, and flooring specialists. Its head office is in Delson, Québec. Manufacturing and distributing lumber and building materials is a permissible business activity — no prohibited segments. Gate 1 passes.

Gate 2 — Debt and cash: FAIL

Bank indebtedness C$69.805M plus lease liabilities C$19.937M = C$89.742M at May 31, 2026 → ≈97.9% of the ~C$91.7M market cap (C$10.95, September 30, 2026; 8.305M shares) — far over the ~33% guideline. Bank indebtedness alone is ≈76.1% of market cap, so the debt gate fails with or without lease liabilities. (Goodfellow's fiscal year ends November 30, so these are second-quarter figures for the period ended May 31, 2026, reported July 10, 2026; the bank debt reflects a seasonal working-capital build including C$48.0M of net CORRA loan increases in H1.) Cash of C$4.167M (C$1.362M net of a C$2.805M overdraft) is ≈4.5% of market cap and passes. The debt component fails, so Gate 2 fails.

Gate 3 — Non-compliant income: NOT DISCLOSED

Gross interest income is not disclosed. The income statement shows only “Net financial costs” (C$1,218K in Q2; C$2,055K in H1), and the cash flow statement breaks out interest expense (C$671K Q2 / C$992K H1) and interest on lease liabilities (C$337K Q2 / C$667K H1) as add-backs — there is no gross interest-income line. No non-compliant-income ratio can be computed from published sources. The FAIL result on this page rests on the verified debt gate above, not on an income estimate.

Key figures used

Q2 2026 sales (fiscal Q2 ended May 31, 2026) C$142.686M; H1 C$251.415M (reported July 10, 2026).
Bank indebtedness C$69.805M + lease liabilities C$19.937M = C$89.742M at May 31, 2026.
Cash C$4.167M (C$1.362M net of C$2.805M overdraft).
Market cap ≈C$91.7M (C$10.95 per share, September 30, 2026; 8.305M shares).
Debt ≈ 97.9% of market cap (C$89.742M ÷ C$91.67M) — far over the ~33% guideline; bank debt alone ≈76.1%.
Cash ≈ 4.5% of market cap; gross interest income not disclosed.
Net financial costs C$1,218K in Q2 (C$2,055K H1); fiscal year ends November 30.

Frequently asked questions

Is Goodfellow (GDL) halal?

Our September 2026 screen gives Goodfellow (GDL) a FAIL. The lumber and building-materials business passes the activity gate, and cash (about 4.5% of market cap) passes its gate. But total debt of about C$89.7M is about 97.9% of the ~C$91.7M market cap - far over the ~33% guideline for interest-bearing debt. Bank indebtedness alone (C$69.8M) is about 76.1% of market cap, so the FAIL holds even excluding lease liabilities.

What business is Goodfellow in?

Goodfellow is a diversified manufacturer of value-added lumber products and wholesale distributor of building materials and floor coverings, in the lumber business since 1898. It has a coast-to-coast distribution footprint in Canada plus the Northeastern United States, serving lumber-yard retailers, manufacturers, industrial and infrastructure partners, and flooring specialists. Its head office is in Delson, Quebec, and its shares have been listed on the TSX as GDL (previously on the Montreal Exchange from 1984).

Why does Goodfellow fail the debt gate?

At May 31, 2026 Goodfellow carried bank indebtedness of C$69.805M plus lease liabilities of C$19.937M (C$6.349M current plus C$13.588M non-current) - total C$89.742M. Against a market cap of about C$91.7M (C$10.95 per share on September 30, 2026, with 8.305M shares outstanding), that is roughly 97.9% - far over the ~33% guideline. Bank indebtedness alone is about 76.1% of market cap, so the debt gate fails with or without lease liabilities. Note Goodfellow's fiscal year ends November 30, so these are second-quarter figures for the period ended May 31, 2026 (reported July 10, 2026); the bank debt reflects a seasonal working-capital build (C$48.0M of net CORRA loan increases in H1).

How much interest income does Goodfellow earn?

Gross interest income is not disclosed. The income statement shows only 'Net financial costs' (C$1,218K in Q2, C$2,055K in H1), and the cash flow statement breaks out interest expense and interest on lease liabilities as add-backs - there is no gross interest-income line. So no non-compliant-income ratio can be computed from published sources. The FAIL result on this page rests on the verified debt gate, not on an income estimate.

What do Musaffa, Zoya or ShariaPortfolio say about Goodfellow?

No Musaffa page was found for GDL or GDL.TO, no public Zoya rating was found, and ShariaPortfolio does not publish per-stock screening pages. This page's FAIL result is based on the debt-to-market-cap ratio from the company's own Q2 2026 results.

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.