Canadian Halal Investor

TSX Shariah screener · September 2026

Is Supremex (SXP) Halal?

FAIL

Supremex Inc. · TSX: SXP · Industrials

The short answer

Supremex Inc. (TSX: SXP) is a FAIL. The business gate passes: it manufactures envelopes (63.1% of Q2 2026 revenue) and paperboard packaging (36.9% - folding carton, labels, e-commerce packaging, commercial print) - with no gambling, alcohol, adult-entertainment or conventional-banking segments. The income gate passes: the Q2 2026 cash-flow statement explicitly reports "Interest received" as C$nil - about 0.0% of revenue - under the ~5% ceiling. But the debt gate fails: total interest-bearing debt of ~C$155.8M at June 30, 2026 (current lease liabilities C$6,384k + current long-term debt C$6,492k + long-term debt C$37,122k + non-current lease liabilities C$105,795k) is roughly 187% of the ~C$83.5M market cap (C$3.47, September 29-30, 2026, on 24.31M shares), against a ~33% ceiling. Even excluding leases (C$43.6M), the ratio is about 52% - still a FAIL. The debt spike was driven by the ~C$34M Goldrich Printpak acquisition (June 5, 2026, funded by a C$25M term loan plus revolver). No public Zoya, Musaffa or ShariaPortfolio rating for SXP 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

Supremex Inc. manufactures envelopes and paperboard packaging: Q2 2026 revenue split 63.1% Envelope and 36.9% Packaging (folding carton, labels, e-commerce packaging, commercial print). No filing, release or company description discloses gambling, alcohol, tobacco, adult-entertainment or conventional banking operations. The business-activity gate passes. Facts only, no fatwa.

Gate 2 — Debt: FAIL

The Q2 2026 interim financial statements (balance sheet at June 30, 2026) show total interest-bearing debt of ~C$155.8M: current lease liabilities C$6,384k + current long-term debt C$6,492k + long-term debt C$37,122k + non-current lease liabilities C$105,795k. Against a market capitalization of about C$83.5M (C$3.47, September 29-30, 2026, on 24.31M shares), the debt-to-market-cap ratio is roughly 187% - against a ~33% ceiling. Even excluding leases (C$43.6M), the ratio is about 52% - still a FAIL. The debt spike was driven by the ~C$34M Goldrich Printpak acquisition (June 5, 2026, funded by a C$25M term loan plus revolver).

Gate 3 — Non-compliant income: PASS

The Q2 2026 cash-flow statement explicitly reports "Interest received" as C$nil - about 0.0% of revenue (C$71,557k) - under the ~5% ceiling. The figure is verifiable from the filing, not estimated. The income gate passes.

Key figures used

Frequently asked questions

Is Supremex (SXP) halal?

Our September 2026 screen gives Supremex Inc. (TSX: SXP) a FAIL. The business gate passes: it manufactures envelopes (63.1% of Q2 2026 revenue) and paperboard packaging (36.9%) - with no gambling, alcohol, adult-entertainment or banking segments. The income gate passes: the Q2 2026 cash-flow statement explicitly reports "Interest received" as C$nil - about 0.0% of revenue. But the debt gate fails: total interest-bearing debt of about C$155.8M at June 30, 2026 is roughly 187% of the ~C$83.5M market cap (C$3.47, September 29-30, 2026), against a ~33% ceiling - and about 52% even excluding leases. The debt spike was driven by the ~C$34M Goldrich Printpak acquisition (June 5, 2026, funded by a C$25M term loan plus revolver). No public Zoya, Musaffa or ShariaPortfolio rating for SXP was found as of September 2026. This is a rules-based screening of published figures, not a religious ruling.

What business is Supremex in?

Supremex Inc. manufactures envelopes and paperboard packaging: Q2 2026 revenue split 63.1% Envelope and 36.9% Packaging (folding carton, labels, e-commerce packaging, commercial print). No filing, release or company description discloses gambling, alcohol, tobacco, adult-entertainment or conventional banking operations.

How leveraged is Supremex on the debt gate?

Very. The Q2 2026 balance sheet (June 30, 2026) shows total interest-bearing debt of about C$155.8M: current lease liabilities C$6,384k + current long-term debt C$6,492k + long-term debt C$37,122k + non-current lease liabilities C$105,795k. Against a market cap of about C$83.5M (C$3.47, September 29-30, 2026, on 24.31M shares), the debt-to-market-cap ratio is roughly 187% versus a ~33% ceiling - and about 52% even excluding leases, still a FAIL. The spike was driven by the ~C$34M Goldrich Printpak acquisition (June 5, 2026, funded by a C$25M term loan plus revolver).

How much interest income does Supremex earn?

Zero. The Q2 2026 cash-flow statement explicitly reports "Interest received" as C$nil - about 0.0% of revenue (C$71,557k) - under the ~5% ceiling. The figure is verifiable from the filing, not estimated.

What do Zoya, Musaffa or ShariaPortfolio say about SXP?

No public Zoya, Musaffa or ShariaPortfolio rating for Supremex (SXP) was found as of September 2026, so this screen relies entirely on the company's published financial statements and disclosures. Other Canadian industrial names on this site - Finning, WSP, AtkinsRealis, Stantec, Toromont and others - are screened on the same business, debt and income basis.

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.