Canadian Halal Investor.

TSX Shariah screener · September 2026

Is NanoXplore Inc. (GRA) Halal?

PASS*

NanoXplore Inc. · TSX: GRA · Materials

The short answer

Conditional PASS* under the standard AAOIFI-style screen used on this site — treat it as conditional because of verified defence exposure. NanoXplore's VoltaXplore battery-cell unit has been refocused toward defence and dual-use platforms — high-performance cells for UAVs and UGVs serving Canadian and U.S. defence customers — and the company is seeking to supply the Canadian Armed Forces and the Department of National Defence; in September 2026 NanoXplore and VoltaXplore qualified as a supplier under the Government of Canada's Defence Drone Initiative Marketplace. The company's own MD&A describes it as a battery manufacturer for the energy storage, defense, and industrial markets. The company manufactures no weapons — its products are graphene materials, composites and battery cells — and its debt (~18.0% of market cap) and interest income (~0.39% of revenue) are within the standard ceilings, so the screen passes on the numbers; but scholars differ on dual-use defence supply, so read the full screen and consult a qualified scholar before deciding. This page states screening facts only and is not a religious ruling.

Gate 1 — Business activity: PASS (conditional)

NanoXplore Inc. (TSX: GRA) is a Montreal-based graphene company. Its Advanced Materials, Plastics and Composite Products segment sells graphene powder and graphene-enhanced plastics and composite products; its Battery Cells and Materials segment (VoltaXplore) makes silicon-graphene-enhanced lithium-ion cells. The core business has no verified prohibited activity — no weapons manufacturing, and no alcohol, gambling, or interest-based finance — so this gate passes on the standard screen. The pass is conditional, because the company itself discloses a strategic pivot toward defence. In the FY2026 MD&A, management says VoltaXplore was refocused 'on validated near-term market opportunities in drone and defence applications' — a shift from electric-vehicle applications 'toward defence and dual-use platforms,' with targeted end markets including 'UAVs, UGVs, portable electronics, and other applications serving Canadian and U.S. defence customers.' The company is seeking to leverage its Canadian operations to 'supply the Canadian Armed Forces, the Department of National Defence (DND), and other Government of Canada purchasers.' CEO Rocco Marinaccio describes the sharpened strategy as 'supplying high-performance cells to defence and other high-power, high-energy applications such as UAVs.' On September 17, 2026, NanoXplore announced it had been selected as a qualified supplier under the Government of Canada's Defence Drone Initiative Marketplace (Stream 5), covering its graphene-enhanced composite components and VoltaXplore's lithium-ion battery cells for uncrewed and autonomous systems supporting the Canadian Armed Forces and the Canadian Coast Guard. The company's corporate description also lists it as a battery manufacturer for the 'energy storage, defense, and industrial markets.' Scholars differ on dual-use defence supply — some treat components for military systems as participation in a prohibited segment, others do not — so treat this screener as conditional and consult a qualified scholar; see the ask-a-scholar page.

Gate 2 — Debt and cash: PASS

The audited FY2026 balance sheet (June 30, 2026, in Canadian dollars) reports operating loans of $703,080, the current portion of long-term debt of $2,963,826, non-current long-term debt of $7,590,609 (together $10,554,435), the current portion of lease liability of $4,896,438, and non-current lease liability of $32,279,767 (together $37,176,205). Total interest-bearing debt is therefore $48,433,720 (~C$48.4 million). With 181,487,392 shares issued and a share price of about C$1.48 (September 2026), market capitalization is roughly C$268.6 million. Debt ÷ market cap ≈ 18.0% — under the ~33% ceiling, so the debt gate passes. Cash and cash equivalents of $25,048,438 are about 9.3% of market cap, within the ~33% cash ceiling; no marketable securities are reported. All figures recomputed from the cited sources.

Gate 3 — Non-compliant income: PASS

The audited statement of operations for the year ended June 30, 2026 reports interest revenue of $460,123 against total revenue of $117,276,309 — about 0.39%, well under the ~5% non-compliant-income ceiling, so this gate passes. The company does pay interest expense, which is a cost rather than income and is already reflected in the debt gate.

Key figures used

Frequently asked questions

Is NanoXplore (GRA) halal?

Conditional PASS* under the standard AAOIFI-style screen used on this site. NanoXplore's core business (graphene materials, composites, battery cells) has no verified prohibited activity, and its debt (~18.0% of market cap) and interest income (~0.39% of revenue) are within the standard ceilings — but the pass is conditional because the company itself discloses a strategic pivot toward defence: VoltaXplore refocused on defence and dual-use platforms (UAVs, UGVs) for Canadian and U.S. defence customers, and in September 2026 the company qualified as a supplier under the Government of Canada's Defence Drone Initiative Marketplace, targeting the Canadian Armed Forces and the Department of National Defence. Scholars differ on dual-use defence supply, so read the full screen and consult a qualified scholar before deciding. Figures are from the company's audited FY2026 statements and official releases; this is an educational screen, not a religious ruling.

Why is NanoXplore's pass conditional?

Because of verified defence exposure disclosed by the company itself. In its FY2026 MD&A, NanoXplore says VoltaXplore was refocused on 'drone and defence applications' — a shift 'toward defence and dual-use platforms' targeting UAVs, UGVs and 'Canadian and U.S. defence customers' — and that it is seeking to supply the Canadian Armed Forces and the Department of National Defence. Its September 17, 2026 release announces qualification as a supplier under the Government of Canada's Defence Drone Initiative Marketplace. The company manufactures no weapons — its products are graphene materials, composites and battery cells — so the standard screen passes on the numbers, but scholars differ on whether dual-use supply to military customers counts as a prohibited defence segment; hence the conditional pass.

What is NanoXplore's debt-to-market-cap ratio?

About 18.0%: C$48.4 million of total interest-bearing debt (operating loans C$0.7M + long-term debt incl. current portion C$10.6M + lease liabilities C$37.2M, audited June 30, 2026 balance sheet) divided by a market capitalization of about C$268.6 million (181,487,392 shares x ~C$1.48, September 2026). The AAOIFI-style ceiling used here is ~33%, so this gate passes.

What is NanoXplore's non-compliant income ratio?

About 0.39%: interest revenue of C$460,123 divided by total revenue of C$117.3 million for the year ended June 30, 2026 (audited consolidated financial statements). That is well under the ~5% ceiling used in the standard screen, so this gate passes.

Do Zoya, Musaffa, or ShariaPortfolio rate NanoXplore?

At screening time (September 30, 2026), no public Shariah rating page for NanoXplore (GRA) was found on Zoya, Musaffa, or ShariaPortfolio — reported as absent rather than invented. The conditional result here rests on the company's own disclosed defence pivot, not on any third-party rating.

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.