Is Orbit Garant Drilling (OGD) halal?
Orbit Garant Drilling (TSX: OGD), the Val-d'Or-based mineral drilling services company, gets a FAIL: the business gate passes (no non-permissible segments), but the debt gate fails decisively — disclosed interest-bearing debt of about C$33.4M is about 83% of the ~C$40.2M market capitalization, far above the ~33% ceiling.
The two-gate Shariah screen
Every screener on this site runs the same two gates: first, the business must be halal (no conventional insurance, banking, alcohol, gambling, weapons manufacturing, and the like); second, the financial ratios must clear (debt under roughly 33% of market cap, non-compliant income under roughly 5%).
Gate one: the business — PASSED
Orbit Garant Drilling Inc. (TSX: OGD), headquartered in Val-d'Or, Québec, is one of the largest Canadian-based mineral drilling companies. It provides surface and underground diamond drilling services in Canada, the United States, Central and South America and West Africa through roughly 180 drill rigs and approximately 1,300 employees, serving major, intermediate and junior mining companies through every stage of exploration, development and production. It also provides geotechnical and water drilling services to mining and mineral exploration companies, engineering and environmental consulting firms and government agencies, and it manufactures and sells conventional and specialized drill rigs and ancillary equipment. Fiscal 2026 was a record revenue year (C$203.2M), and the company reported a new specialized drilling contract in northern Canada expected to generate more than C$100M over its initial five-year term. No non-permissible segments are disclosed anywhere in the filings reviewed — no alcohol, cannabis, gambling, conventional banking or insurance, weapons, pork, tobacco, or adult-entertainment activities. Providing drilling services to miners and manufacturing drill rigs is not a flagged activity under standard AAOIFI-style screens. The business gate passes. Facts only, no fatwa.
Gate two: the ratios — FAILED
The debt gate fails decisively. The audited fiscal 2026 results (year ended June 30, 2026, announced September 24, 2026) disclose long-term debt under the company's Credit Facility, including the current portion, of C$23.7M at June 30, 2026 — up from C$14.0M a year earlier, drawn to fund start-up costs for the new northern-Canada contract. The same release disclosed a new C$9.67M term loan with the Business Development Bank of Canada, used alongside Credit Facility drawdowns to finance C$20M of required drill-rig capital expenditures. That is about C$33.4M of disclosed interest-bearing debt. Against a market capitalization of about C$40.2M (October 1, 2026; the stock traded around C$1.10), the ratio is about 83% — far above the ~33% ceiling. The result is not sensitive to the market-cap quote: the Credit Facility debt alone is about 59% of market cap, already above the ceiling, and MarketBeat's C$40.5M–C$44.0M September quotes give 76%–83%. The true total is higher still: the March 31, 2026 interim statements show another C$8.9M of lease obligations and pre-existing term loans (BDC 2022 facility, EDC, Chile). All figures recomputed from the cited sources; the company reports in Canadian dollars.
What about the other ratios?
They pass, but they cannot rescue the screen. Cash and cash equivalents were C$0.995M at March 31, 2026 (the latest disclosed balance-sheet date) — about 2.5% of market cap, far under the ~33% cash-and-securities ceiling; the company's C$1.16M of investments are equity stakes in public companies, not interest-bearing securities. Non-compliant income is effectively zero: the only interest line is interest accrued on the long-term receivable from the sale of the company's West Africa assets, and in fiscal 2026 it is reported net within a C$1.2M expected-credit-loss expense — a net expense, not income. Against C$203.2M of contract revenue, that is about 0%, under the ~5% ceiling. For context, management said it expects to resume prioritizing debt reduction once the new long-term contract is operating at full capacity.
What other screeners say
No public Zoya, Musaffa or ShariaPortfolio coverage was found for Orbit Garant Drilling (OGD) as of October 2026: no public Zoya page is indexed for the ticker, site-scoped Musaffa searches returned nothing, and ShariaPortfolio publishes no public per-stock screening pages for it. The FAIL recorded here rests on the company's own disclosures.
The bottom line
Orbit Garant Drilling (OGD) is a FAIL: the debt gate fails decisively. Disclosed interest-bearing debt of about C$33.4M (C$23.7M Credit Facility including the current portion, plus a new C$9.67M BDC term loan, at June 30, 2026) against a market capitalization of about C$40.2M (October 2026) is about 83% — far above the ~33% ceiling, and the Credit Facility alone already breaches it. The business gate passes: a mineral drilling services company (surface and underground drilling, geotechnical and water drilling, drill-rig manufacturing) with no non-permissible segments disclosed. Cash (C$0.995M at March 31, 2026, ~2.5% of market cap) and interest income (a net credit-loss expense in fiscal 2026, ~0% of revenue) both pass their ceilings, but the debt gate drives the FAIL. No public Zoya, Musaffa or ShariaPortfolio rating was found for this ticker as of October 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.
Sources
- Orbit Garant Drilling fiscal 2026 fourth-quarter and year-end results (September 24, 2026; CNW via TradingView — Credit Facility debt C$23.7M, new C$9.67M BDC term loan, revenue, shares)
- Orbit Garant Drilling interim financial statements, Q3 fiscal 2026 (nine months ended March 31, 2026 — debt composition, lease obligations, cash, investments, interest revenue)
- Orbit Garant Drilling market data (Finnhub — market cap ~C$40.2M, price ~C$1.10, October 1, 2026)
- Orbit Garant Drilling company profile and September 2026 market data (The Stock Observer)
- Orbit Garant Drilling market capitalization, September 2026 (MarketBeat)
- Orbit Garant Drilling company description and key executives (StockAnalysis)
Frequently asked questions
Is Orbit Garant Drilling stock halal?
Based on this screener's AAOIFI-style checks, Orbit Garant Drilling fails: the business gate passes (mineral drilling services with no haram segments) but the debt gate fails decisively — disclosed interest-bearing debt of about C$33.4M (C$23.7M Credit Facility plus a new C$9.67M BDC term loan, at June 30, 2026) is about 83% of the ~C$40.2M market capitalization, far above the ~33% ceiling. This is a screening result, not investment advice or a religious ruling.
How much debt does Orbit Garant Drilling have?
About C$33.4M of disclosed interest-bearing debt at June 30, 2026: C$23.7M of long-term debt under its Credit Facility (including the current portion), plus a new C$9.67M term loan with the Business Development Bank of Canada. Against a market cap of about C$40.2M (October 2026), that is about 83% — far above the ~33% ceiling. The Credit Facility alone, at about 59% of market cap, already breaches the ceiling. Lease obligations (C$8.9M at March 31, 2026) and pre-existing term loans make the true total higher still.
Does Orbit Garant Drilling have any haram business segments?
No. The company provides surface and underground diamond drilling services to mining companies in Canada, the US, Central and South America and West Africa, plus geotechnical and water drilling services to engineering and environmental firms and government agencies, and it manufactures and sells drill rigs and ancillary equipment. No alcohol, cannabis, gambling, conventional banking or insurance, weapons, pork, tobacco, or adult-entertainment activities are disclosed, so the business gate passes.
Does Orbit Garant Drilling earn interest income?
Effectively none that matters here. The only interest line is interest accrued on the long-term receivable from the sale of its West Africa assets, and in fiscal 2026 it is reported net within a C$1.2M expected-credit-loss expense — a net expense, not income. Against C$203.2M of contract revenue, non-compliant income is about 0%, under the ~5% ceiling, so the income gate passes. The debt gate drives the FAIL.
Do Zoya, Musaffa, or ShariaPortfolio rate Orbit Garant Drilling?
No public coverage was found as of October 2026: no public Zoya page for the ticker, no Musaffa public stock page, and ShariaPortfolio publishes no public per-stock screening pages for it. The FAIL recorded here rests on the company's own disclosures.
Screened with our two-gate Shariah screening methodology (business-activity gate, then AAOIFI-style financial ratios).