Canadian Halal Investor.

TSX Shariah screener · September 2026

Is Richards Group (RIC) Halal?

FAIL

Richards Group Inc. · TSX: RIC · Industrials

The short answer

Richards Group (RIC) is a FAIL. The business gate passes: it distributes healthcare devices and supplies plus glass and plastic packaging across Canada and the US, with no disclosed prohibited lines. The debt gate fails: about C$120.3M of revolving/term debt and lease obligations at June 30, 2026 is roughly 38.9% of the ~C$309M market cap (C$29.00, September 30, 2026), over the ~33% ceiling - and the true figure is slightly higher since the interim omits the current lease portion. The income gate passes: the company discloses no interest-income line - only financial expenses - so no material interest income is evident. No public Zoya, Musaffa or ShariaPortfolio rating for RIC 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

Richards Group Inc. is a Mississauga, Ontario-based company with two segments. Healthcare distributes aesthetic, pharmacy, vision-care, surgical and dental devices and supplies (Clarion Medical, Healthmark banners) plus owned brands such as DermapenWorld, Luvo, WorldPRP and Dispill - about 52% of 2025 revenue. Packaging distributes glass and plastic containers and closures for food and beverage, cosmetics, industrial and pharmaceutical customers across North America (Richards Packaging, McKernan Packaging banners) - about 48% of 2025 revenue. Roughly 60% of revenue comes from Canada and 34% from the US, and its fiscal year ends December 31. 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: FAIL

The Q2 2026 interim statements (quarter ended June 30, 2026) show revolving and term debt of C$94.026M plus lease obligations of C$26.236M (long-term; the current portion is not separately disclosed in the interim) - about C$120.3M of total debt and leases - against cash and cash equivalents of C$8.810M. Against a market capitalization of about C$309M (C$29.00, September 30, 2026, on 10,648,013 shares outstanding), the debt-to-market-cap ratio is roughly 38.9% - over the ~33% ceiling, and the true figure is slightly higher since the interim omits the current lease portion. Note the sensitivity: on interest-bearing debt alone (C$94.026M), the ratio would be about 30.5%, inside the ceiling; this screen's methodology includes lease liabilities. At December 31, 2025 the lease-inclusive ratio was about 28%; debt rose in 2026 on the PharmaSystems acquisition and the completed C$22M share repurchase.

Gate 3 — Non-compliant income: PASS

Richards Group does not disclose interest income as a standalone line in its audited 2025 or interim Q2 2026 financial statements. The income statement carries only "Financial expenses" (C$5.142M in FY2025; C$3.213M in H1 2026), broken down into interest expense, credit-facility charges, financing-fee amortization and lease interest. With no interest/finance income line reported, no material interest income is evident - so the non-compliant income gate passes, with interest income effectively 0% of revenue against the ~5% ceiling.

Key figures used

Frequently asked questions

Is Richards Group (RIC) halal?

Our September 2026 screen gives Richards Group Inc. (TSX: RIC) a FAIL. The business gate passes: it distributes healthcare devices and supplies plus glass and plastic packaging across Canada and the US, with no disclosed prohibited lines. The debt gate fails: about C$120.3M of revolving/term debt and lease obligations at June 30, 2026 is roughly 38.9% of the ~C$309M market cap (C$29.00, September 30, 2026), over the ~33% ceiling. The income gate passes: the company discloses no interest-income line - only financial expenses - so no material interest income is evident. No public Zoya, Musaffa or ShariaPortfolio rating for RIC was found as of September 2026. This is a rules-based screening of published figures, not a religious ruling.

What happened to Richards Packaging Income Fund (RPI.UN)?

Richards Packaging Income Fund no longer exists. Unitholders approved a conversion to a corporation (99.55% in favour, December 11, 2025), the Ontario Superior Court granted the final order on December 15, 2025, and the conversion into Richards Group Inc. completed on December 19, 2025 - one common share per trust unit. RPI.UN was delisted and the company now trades on the Toronto Stock Exchange under the ticker RIC. This screener covers the live company, Richards Group Inc. (TSX: RIC).

What business is Richards Group in?

Richards Group Inc. is a Mississauga, Ontario-based company with two segments. Healthcare distributes aesthetic, pharmacy, vision-care, surgical and dental devices and supplies (Clarion Medical, Healthmark banners) plus owned brands such as DermapenWorld, Luvo, WorldPRP and Dispill - about 52% of 2025 revenue. Packaging distributes glass and plastic containers and closures for food and beverage, cosmetics, industrial and pharmaceutical customers across North America (Richards Packaging, McKernan Packaging banners) - about 48% of 2025 revenue, with two plastic manufacturing facilities making up about 3%. Roughly 60% of revenue comes from Canada and 34% from the US. 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.

Why does Richards Group fail the debt gate?

The Q2 2026 interim statements (quarter ended June 30, 2026) show revolving and term debt of C$94.026M plus lease obligations of C$26.236M (long-term; the current portion is not separately disclosed in the interim) - about C$120.3M of total debt and leases - against cash and cash equivalents of C$8.810M. Against a market capitalization of about C$309M (C$29.00, September 30, 2026, on 10,648,013 shares outstanding), the debt-to-market-cap ratio is roughly 38.9% versus a ~33% ceiling - and the true figure is slightly higher since the interim omits the current lease portion. Note the sensitivity: on interest-bearing debt alone (C$94.026M), the ratio would be about 30.5%, inside the ceiling; this screen's methodology includes lease liabilities. At December 31, 2025 the lease-inclusive ratio was about 28%; debt rose in 2026 on the PharmaSystems acquisition and the completed C$22M share repurchase.

What do Zoya, Musaffa or ShariaPortfolio say about RIC?

No public Zoya, Musaffa or ShariaPortfolio rating for Richards Group (TSX: RIC) was found as of September 2026, so this screen relies entirely on the company's published figures. Other Canadian distribution and industrials names on this site - Russel Metals, Wajax, Toromont Industries, Finning International, ADF Group and Cargojet - are screened on the same business, debt and income basis.

Sources

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.