Screened September 29, 2026 · TSX: TVK · Q3 FY2026 (quarter ended June 30, 2026)

Is TerraVest (TVK) halal?

TerraVest (TSX: TVK) makes engineered storage tanks, vessels and processing equipment — a clean business with no haram segment, and no separately disclosed interest income. But interest-bearing debt of ~C$1,159.2 million including leases (~C$858.9M excluding leases) is about 48.4% of the ~C$2.40 billion market cap (35.8% excluding leases), above the ~33% ceiling. This screener is a FAIL on the debt gate.

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 — passes

TerraVest Industries Inc., headquartered in Vegreville, Alberta, is a manufacturer of engineered storage tanks, vessels and processing equipment listed on the TSX (also on NEO and OTC). It reports four operating segments: Compressed Gas Storage and Distribution Equipment (engineered products for LPG, NGL, LNG, anhydrous ammonia, CO2 and crude oil storage, distribution and dispensing — bulk vessels, transport trailers, delivery units, dispensers; Q3 2026 sales C$190.5M, the largest segment), HVAC and Containment Equipment (furnaces, boilers, air conditioning, refined fuel tanks), Processing Equipment (wellhead processing tanks, desanding units, biogas, water treatment; Q3 C$19.5M), and Service (water management, environmental, heating, rentals, well services; Q3 C$69.0M). No alcohol, gambling, conventional banking/insurance, pork, adult content or weapons segments were found. The business gate passes.

Gate two: the ratios — debt fails

At June 30, 2026 (Q3 FY2026 interim financials, all CAD): long-term debt of C$858.921 million (including utilized revolving operating loans) + lease liabilities of C$300.278 million = ~C$1,159.2 million of interest-bearing debt including leases (~C$858.9M excluding leases). Cash was C$22.003M. With ~21.7 million shares outstanding at ~C$110.46 (September 29, 2026), the market cap is about C$2.40 billion — debt is about 48.4% of market cap including leases (35.8% excluding leases), above the ~33% ceiling either way, so it fails the debt gate. No interest income line is separately disclosed (Note 12 financing costs are expense-only: Q3 C$17.348M) — the non-compliant-income input is effectively zero, so that gate passes. Q3 2026 revenue was C$460.894M (+14% y/y); net debt to EBITDA was 3.7x including leases per Scotia (August 2026).

What other screeners say

No coverage pages for TVK/TVK.TO were found on Zoya, Musaffa, or ShariaPortfolio in targeted searches as of September 2026. This screener is based on TerraVest's Q3 FY2026 financials.

The bottom line

This screener gives TerraVest Industries Inc. (TSX: TVK) a FAIL. A clean industrial business, but debt at about 48.4% of market cap including leases (35.8% even excluding them) is well over the ~33% ceiling — funded by an acquisition spree (KBK Industries in January 2026, Colter Energy assets in May, B&R Repair and Jet Peinture in June, Superior Pressure Vessels agreed in July 2026) drawn through the credit facility. One item to watch: media allegations linking chairman Charles Pellerin to insider trading (no charges filed). Consult a qualified scholar. Snapshot dated September 29, 2026; re-checked quarterly after earnings.

Sources

• Q3 FY2026 interim financial statements (TerraVest, filed Aug 13, 2026)
• Q3 FY2026 results & dividend declaration (TerraVest, Aug 13, 2026)

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