TSX Shariah screener · October 2026

Is Verde AgriTech Ltd (NPK) Halal?

FAIL

Verde AgriTech Ltd · TSX: NPK · Materials

The short answer

Verde AgriTech Ltd (TSX: NPK) is a FAIL in our October 2026 screen. The business gate passes: the company mines potassium silicate rock and produces multi-nutrient potassium fertilizers (K Forte, BAKS, Super Greensand) in Brazil — a permissible agricultural-inputs segment. The debt gate fails: the total loan balance of C$55.1 million at June 30, 2026 is about 128.4% of the ~C$42.9M market cap (56.44M shares at C$0.76, Finnhub October 1, 2026), far over the ~33% threshold. The income gate passes: H1 2026 finance income of C$187K is ~3.7% of revenue, under the 5% ceiling.

Gate 1 — Business activity: PASS

Verde AgriTech Ltd, incorporated in Singapore, is a Brazil-focused specialty fertilizer company. Through its Cerrado Verde project in Minas Gerais, it mines potassium silicate rock (glauconitic siltstone) and produces multi-nutrient potassium fertilizers marketed in Brazil under the K Forte and BAKS brands, and internationally as Super Greensand. The Group has one operating segment: mineral extraction and fertilizer production and sale. Agricultural-inputs manufacturing is a permissible segment. Gate 1 passes.

Gate 2 — Debt and cash: FAIL

Total loan balance was C$55.1 million as of June 30, 2026 (C$48.3M non-current and C$6.8M current interest-bearing loans and borrowings, average interest rate 16.25% per annum) — about 128.4% of the ~C$42.9M market cap (56.44M shares at C$0.76, Finnhub October 1, 2026) — far over the ~33% ceiling. Gate 2 fails. In October 2024 the company renegotiated its bank debts as part of an out-of-court recovery plan with an 18-month principal grace period.

Gate 3 — Non-compliant income: PASS

H1 2026 finance income of C$187K (Q2: C$108K) versus revenue of C$5.102M (Q2: C$3.425M) — about 3.7% — under the 5% ceiling. Gate 3 passes. Finance costs in the same period were C$3.166M. The FAIL result is determined by the debt gate alone.

Key figures used

Specialty fertilizer producer: Cerrado Verde project, Minas Gerais, Brazil (glauconitic siltstone).
Brands: K Forte, BAKS (Brazil), Super Greensand (international).
H1 2026 revenue C$5.1M; net loss C$7.4M; listed on TSX and OTCQX (VNPKF).
Total loan balance C$55.1M at June 30, 2026 (avg interest 16.25% p.a.).
Cash C$4.1M; working capital C$1.7M; bank debts renegotiated Oct 2024 (out-of-court recovery plan).
Market cap ~C$42.9M (56.44M shares at C$0.76, Finnhub October 1, 2026).
Debt-to-market-cap ≈128.4% vs ~33% ceiling — FAIL.
H1 2026 finance income C$187K (~3.7% of revenue) — income gate PASS.

Frequently asked questions

Is Verde AgriTech (NPK) halal?

Our October 2026 screen gives Verde AgriTech (NPK) a FAIL. The business gate passes: the company mines potassium silicate rock and produces multi-nutrient potassium fertilizers (K Forte, BAKS, Super Greensand) in Brazil - a permissible agricultural-inputs segment. The debt gate fails: total loan balance of C$55.1 million at June 30, 2026 is about 128.4% of the ~C$42.9 million market cap, far over the ~33% threshold. The income gate passes: H1 2026 finance income of C$187K is ~3.7% of revenue, under the 5% ceiling. No Musaffa/Zoya/ShariaPortfolio rating was found.

What business is Verde AgriTech in?

Verde AgriTech Ltd, a limited company incorporated in Singapore, is a Brazil-focused specialty fertilizer company. Through its Cerrado Verde project in Minas Gerais, it mines potassium silicate rock (glauconitic siltstone) and produces multi-nutrient potassium fertilizers marketed in Brazil under the K Forte and BAKS brands, and internationally as Super Greensand. Agricultural-inputs manufacturing is a permissible business segment. It is listed on the TSX (NPK) and OTCQX (VNPKF).

Does Verde AgriTech pass the debt gate?

As of June 30, 2026, Verde AgriTech reported a total loan balance of C$55.1 million (C$48.3 million non-current and C$6.8 million current interest-bearing loans and borrowings), at an average interest rate of 16.25% per annum - loans denominated in Brazilian reais. Against a market capitalization of ~C$42.9 million (56.44M shares at C$0.76, Finnhub October 1, 2026), the debt ratio is about 128.4% - far over the ~33% ceiling. The debt gate fails. In October 2024 the company renegotiated its bank debts as part of an out-of-court recovery plan with an 18-month principal grace period.

Is Verde AgriTech's income compliant?

In the first half of 2026, Verde AgriTech reported finance income of C$187K (Q2: C$108K) against revenue of C$5.102M (Q2: C$3.425M) - about 3.7%, under the 5% non-compliant-income ceiling. The income gate passes. Finance costs in the same period were C$3.166M. The FAIL result is determined by the debt gate alone.

What do Musaffa, Zoya or ShariaPortfolio say about Verde AgriTech?

No Zoya, Musaffa, or ShariaPortfolio rating was found for Verde AgriTech in public search - none of the three named providers surfaced coverage, so no rating is claimed here. This page's FAIL result is based on the company's own filings and market data.

Sources

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.