TSX Shariah screener · September 2026
Is Major Drilling (MDI) Halal?
Major Drilling Group International Inc. · TSX: MDI · Materials
The short answer
Major Drilling (MDI) is a PASS. The business gate passes: it is the world's largest provider of drilling services to the metals and mining industry - reverse circulation, surface and underground coring, directional, sonic, geotechnical and water-well drilling across North America, South America, Australia, Asia and Africa - with no disclosed prohibited lines. The debt gate passes: about C$39.5M of debt at July 31, 2026 is roughly 2.8% of the ~C$1.4B market cap (C$16.90, September 30, 2026), against a ~33% ceiling. The income gate passes: the company reports only a net finance line - a net finance cost of C$1.6M in fiscal 2026, about 0.2% of C$889.1M revenue, under the ~5% ceiling. No public Zoya, Musaffa or ShariaPortfolio rating for MDI 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: PASS
Major Drilling Group International Inc. is a Moncton, New Brunswick-based company that describes itself as the world's largest provider of drilling services to the metals and mining industry. Its principal revenue source is contract drilling for companies involved in mining and mineral exploration - reverse circulation, surface and underground coring, directional, sonic, geotechnical, environmental and water-well drilling. Its shares trade on the Toronto Stock Exchange under the symbol MDI, and its fiscal year ends April 30. There are no disclosed alcohol, tobacco, gambling, conventional finance or insurance, pork, adult entertainment, weapons or cannabis lines. The business-activity gate passes. Facts only, no fatwa.
Gate 2 — Debt: PASS
The Q1 fiscal 2027 interim statements (quarter ended July 31, 2026) show long-term debt of C$28.036M plus lease liabilities of C$9.214M non-current and C$2.278M current - about C$39.5M of total debt - against cash and cash equivalents of C$59.339M. Against a market capitalization of about C$1.4B (C$16.90, September 30, 2026, on roughly 82.24M shares outstanding), the debt-to-market-cap ratio is roughly 2.8% - against a ~33% ceiling.
Gate 3 — Non-compliant income: PASS
Major Drilling does not disclose interest income as a standalone line. It reports a single net line, "Finance (revenues) costs," which was a net finance cost of C$1.645M for fiscal 2026 (year ended April 30, 2026) against revenue of C$889.078M - about 0.2% of revenue - and a net finance cost of C$0.436M for the quarter ended July 31, 2026 against revenue of C$277.346M (about 0.16%). Because the reported line is a net cost in both periods, interest income is plainly under the ~5% ceiling on any reading - though the exact gross figure is not separately verifiable from the filings - so the non-compliant income gate passes.
Key figures used
- Business: world's largest provider of drilling services to the metals and mining industry — no prohibited lines — PASS
- Total debt: ~C$39.5M at July 31, 2026 (long-term debt C$28.036M + lease liabilities C$11.492M; cash C$59.3M)
- Market cap: ~C$1.4B (C$16.90, September 30, 2026, on ~82.24M shares)
- Debt ÷ market cap: ~2.8% vs ~33% ceiling — PASS
- Finance costs ÷ revenue: C$1.645M ÷ C$889.078M ≈ 0.2% vs ~5% ceiling — PASS
- Fiscal year ends April 30; no public Zoya, Musaffa or ShariaPortfolio rating found for MDI
Frequently asked questions
Is Major Drilling (MDI) halal?
Our September 2026 screen gives Major Drilling Group International Inc. (TSX: MDI) a PASS. The business gate passes: it is the world's largest provider of drilling services to the metals and mining industry, with no disclosed prohibited lines. The debt gate passes: about C$39.5M of debt at July 31, 2026 is roughly 2.8% of the ~C$1.4B market cap, against a ~33% ceiling. The income gate passes: the company reports only a net finance line - a net finance cost of C$1.6M in fiscal 2026, about 0.2% of C$889.1M revenue, under the ~5% ceiling. No public Zoya, Musaffa or ShariaPortfolio rating for MDI was found as of September 2026. This is a rules-based screening of published figures, not a religious ruling.
What business is Major Drilling in?
Major Drilling Group International Inc. is a Moncton, New Brunswick-based company that describes itself as the world's largest provider of drilling services to the metals and mining industry. Its principal revenue source is contract drilling for companies involved in mining and mineral exploration - reverse circulation, surface and underground coring, directional, sonic, geotechnical, environmental and water-well drilling - with operations across North America, South America, Australia, Asia and Africa. Its shares trade on the Toronto Stock Exchange under the symbol MDI. There are no disclosed alcohol, tobacco, gambling, conventional finance or insurance, pork, adult entertainment, weapons or cannabis lines, so the business gate passes under this screen's AAOIFI-style criteria.
How leveraged is Major Drilling on the debt gate?
The Q1 fiscal 2027 interim statements (quarter ended July 31, 2026) show long-term debt of C$28.036M plus lease liabilities of C$9.214M non-current and C$2.278M current - about C$39.5M of total debt - against cash and cash equivalents of C$59.339M. Against a market capitalization of about C$1.4B (C$16.90, September 30, 2026, on roughly 82.24M shares outstanding), the debt-to-market-cap ratio is roughly 2.8% versus a ~33% ceiling. The company's fiscal year ends April 30.
How much interest income does Major Drilling earn?
Major Drilling does not disclose interest income as a standalone line. It reports a single net line, "Finance (revenues) costs," which was a net finance cost of C$1.645M for fiscal 2026 (year ended April 30, 2026) against revenue of C$889.078M - about 0.2% of revenue - and a net finance cost of C$0.436M for the quarter ended July 31, 2026 against revenue of C$277.346M (about 0.16%). Because the reported line is a net cost in both periods, interest income is plainly under the ~5% ceiling on any reading - though the exact gross figure is not separately verifiable from the filings - so the non-compliant income gate passes.
What do Zoya, Musaffa or ShariaPortfolio say about MDI?
No public Zoya, Musaffa or ShariaPortfolio rating for MDI (TSX) was found as of September 2026, so this screen relies entirely on the company's published figures. Other Canadian mining and materials names on this site - SSR Mining, Labrador Iron Ore Royalty, Aris Mining, Endeavour Mining, Galiano Gold and Algoma Steel - are screened on the same business, debt and income basis.
Sources
- Major Drilling 2026 Annual Report (FY2026: revenue C$889.078M; finance (revenues) costs C$1.645M net cost; TSX: MDI; fiscal year ends April 30)
- Major Drilling investor relations — Q1 FY2027 interim statements (filed SEDAR+ Sept 2, 2026: long-term debt C$28.036M; lease liabilities C$9.214M + C$2.278M; cash C$59.339M; revenue C$277.346M; finance costs C$0.436M)
- Finnhub — MDI.TO market data (C$16.90, ~C$1.4B market cap, September 30, 2026)
- Major Drilling corporate site — business description (world's largest provider of drilling services to the metals and mining industry; operations across five continents)
Screened September 30, 2026 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.