TSX Shariah screener · September 2026

Is Mattr Corp. (MATR) Halal?

FAIL

Mattr Corp. · TSX: MATR / OTC: MTTRF · Industrials

The short answer

Mattr Corp. (TSX: MATR; OTC: MTTRF; formerly ShawCor Ltd.) is a FAIL. The business gate passes: industrial materials technology (wire and cable, heat-shrink products, composite pipe, fiberglass storage tanks) is a permissible activity. The income gate passes: interest income of C$427K for H1 2026 is ≈0.06% of revenue. But the debt gate fails: total debt plus lease liabilities of C$589.2M at June 30, 2026 is ≈45.3% of the ~C$1.30B market cap — well over the ~33% guideline.

Gate 1 — Business activity: PASS

Mattr Corp. (renamed from ShawCor Ltd. on January 8, 2024) is a global materials technology company serving infrastructure markets: electrification, transportation, mining, energy, communication and water. It reports two segments: Connection Technologies (DSG-Canusa heat-shrink products, Shawflex and AmerCable wire, cable and connectors; AmerCable acquired January 2025) and Composite Technologies (Xerxes fiberglass underground storage tanks, FlexPipe flexible composite pipe for oil & gas gathering). Q2 2026 revenue was C$396.2M (+23.4% year over year); H1 revenue was C$718.0M. GICS reclassified the company to Industrials / Electrical Components & Equipment effective June 30, 2026. All permissible industrial activity — no prohibited segments. Gate 1 passes.

Gate 2 — Debt and cash: FAIL

Long-term debt C$433.545M plus lease liabilities C$155.636M = C$589.181M at June 30, 2026 (interim balance sheet) → ≈45.3% of the ~C$1.30B market cap (C$21.49, September 30, 2026) — well over the ~33% guideline and also over AAOIFI's 30% threshold. Even long-term debt alone (C$433.5M) is ≈33.3%, right at the line. The September 2026 C$175M 7.25% senior unsecured note issue due 2031 replaces the 9.00% notes due 2026 and is roughly debt-neutral, so it does not change the picture. Cash and cash equivalents of C$39.105M (no restricted cash) are ≈3.0% of market cap and pass comfortably. The debt component fails, so Gate 2 fails.

Gate 3 — Non-compliant income: PASS

Note 4 (“Finance costs, net”) of the Q2 2026 interim financial statements discloses gross interest income of C$146K for the quarter and C$427K for the first half. Against H1 revenue of C$718.009M that is ≈0.06% — far under the ~5% tolerance. Net finance costs were C$11.241M in Q2 (C$21.409M in H1), so Mattr is a net payer of financing costs. Gate 3 passes.

Key figures used

Q2 2026 revenue C$396.194M (+23.4% YoY); H1 2026 C$718.009M (reported August 12, 2026).
Long-term debt C$433.545M + lease liabilities C$155.636M = C$589.181M at June 30, 2026.
Cash and cash equivalents C$39.105M (no restricted cash).
Market cap ≈C$1.30B (C$21.49 per share, September 30, 2026; ~61.3M shares).
Debt+leases ≈ 45.3% of market cap (C$589.181M ÷ C$1,300M) — over the ~33% guideline.
Interest income C$427K for H1 2026 ≈ 0.06% of revenue (C$427K ÷ C$718.009M).
Company-reported net debt C$550.076M; Net Debt/Adjusted EBITDA 3.27x.

Frequently asked questions

Is Mattr (MATR) halal?

Our September 2026 screen gives Mattr (MATR) a FAIL. The industrial materials business is permissible, and interest income is negligible (about 0.06% of revenue), but total debt plus lease liabilities of C$589.2M is about 45.3% of the ~C$1.30B market cap - well over the ~33% guideline for interest-bearing debt.

What business is Mattr in?

Mattr Corp. - renamed from ShawCor Ltd. in January 2024 - is a global materials technology company serving infrastructure markets (electrification, transportation, mining, energy, communication, water). It has two segments: Connection Technologies (DSG-Canusa heat-shrink products, Shawflex and AmerCable wire, cable and connectors) and Composite Technologies (Xerxes fiberglass underground storage tanks, FlexPipe flexible composite pipe). GICS reclassified it to Industrials / Electrical Components & Equipment effective June 30, 2026. It also trades over the counter as MTTRF.

Why does Mattr fail the debt gate?

At June 30, 2026 Mattr carried long-term debt of C$433.545M plus lease liabilities of C$155.636M - total C$589.181M. Against a market cap of about C$1.30B (C$21.49 per share on September 30, 2026), that is roughly 45.3% - well over the ~33% guideline, and also over AAOIFI's 30% threshold. Even long-term debt alone (C$433.5M) sits at about 33.3%, right at the line. The September 2026 C$175M 7.25% note issue simply refinances the 9.00% notes due 2026 and is roughly debt-neutral.

How much interest income does Mattr earn?

Very little. Note 4 ('Finance costs, net') of the Q2 2026 interim financial statements discloses gross interest income of C$146K for the quarter and C$427K for the first half. Against H1 revenue of C$718.009M that is about 0.06% - far under the ~5% tolerance. Net finance costs were C$11.241M in Q2 (C$21.409M in H1), so the company is a net payer of financing costs, not a net earner.

What do Musaffa, Zoya or ShariaPortfolio say about Mattr?

No Musaffa page was found for MATR.TO or MTTRF, 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 interim financial statements.

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.