TSX Shariah screener · October 2026
Is Touchstone Exploration Inc. (TXP) Halal?
Touchstone Exploration Inc. · TSX: TXP · Energy
The short answer
No — Touchstone Exploration (TXP) fails this Shariah stock screen on the debt gate. Its onshore Trinidad oil-and-gas business is permissible, but net debt of US$68.71M at Q2 2026 is about 211% of its ~US$32.5M market cap (C$44.4M), far above the ~33% ceiling. No Zoya, Musaffa, or ShariaPortfolio rating was found for this ticker — honestly reported as absent, not invented.
Gate 1 — Business activity: PASS
Touchstone Exploration Inc. (TSX:TXP; LSE:TXP) is an oil and natural gas exploration and production company focused onshore Trinidad. No alcohol, pork, gambling, conventional interest-based lending, tobacco, cannabis, weapons, or adult-entertainment lines were disclosed. Gate 1 passes. Facts only.
Gate 2 — Debt and cash: FAIL
At Q2 2026 the company reported net debt of US$68.71M (down 10% quarter on quarter; the US$8.4M debenture was fully converted to equity during the quarter). Against a market capitalization of roughly C$44.4M (261,097,246 shares at ~C$0.17, September 30, 2026 — about US$32.5M), debt ÷ market cap is about 211%, far over the ~33% ceiling. Gate 2 fails, decisively. Facts only.
Gate 3 — Non-compliant income: PASS
Interest income is negligible — the Q2 2026 interim financial statements show net finance costs, not finance income — so effectively ~0% of revenue, under the ~5% ceiling. Gate 3 passes, but the debt-gate failure is decisive. Facts only.
Key figures used
- Net debt at Q2 2026: US$68.71M (down 10% QoQ; US$8.4M debenture fully converted to equity in the quarter)
- Market cap: ~C$44.4M (261,097,246 shares × ~C$0.17, Sep 30, 2026 ≈ US$32.5M); debt ÷ market cap ≈ 211%
- Q2 2026 revenue: US$13.234M (petroleum & natural gas sales US$17.466M gross, royalties US$4.235M)
- Interest income negligible (net finance costs, not income)
- Dual-listed: TSX and LSE
- Business: oil & natural gas E&P, onshore Trinidad — no haram segments
Frequently asked questions
Is Touchstone Exploration (TXP) halal?
No. Touchstone Exploration fails this Shariah stock screen on the debt gate. Its onshore Trinidad oil-and-gas business is permissible, but net debt of US$68.71M at Q2 2026 is about 211% of its ~US$32.5M market cap, far above the ~33% ceiling. This is a factual screen, not a religious ruling — consult a qualified scholar for personal guidance.
What is Touchstone Exploration's debt-to-market-cap ratio?
About 211%. At Q2 2026 the company reported net debt of US$68.71M (down 10% quarter on quarter; the US$8.4M debenture was fully converted to equity during the quarter), against a market cap of roughly C$44.4M (261,097,246 shares at ~C$0.17, September 30, 2026 — about US$32.5M), far over the ~33% ceiling.
What does Touchstone Exploration do?
Touchstone Exploration Inc. (TSX:TXP; LSE:TXP) is an oil and natural gas exploration and production company focused onshore Trinidad.
How much interest income does Touchstone Exploration earn relative to revenue?
Interest income is negligible — the Q2 2026 interim financial statements show net finance costs, not finance income — so effectively ~0% of revenue, under the ~5% ceiling. The debt-gate failure is the decisive factor in this screen.
Where can I find more energy stock screeners?
See halal-stock-verdicts.html for the full list of stock screeners, including the other energy-sector entries.
Sources
- Touchstone Exploration — Q2 2026 interim financial statements (US$13.234M revenue; net debt US$68.71M)
- Alliance News via Morningstar — Touchstone Q2 2026 results (net debt US$68.71M, down 10% QoQ)
- Stockwatch — Touchstone issued share capital 261,097,246
- StockEvents — TXP.TO price ~C$0.17 (Sep 30, 2026)
Screened 2026-10-01 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.