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Sağlama record · BIST: MERCN

Mercan Kimya

Mercan Kimya (MERCN) shares are on Borsa Istanbul's participation index list (BIST Participation All Shares) for the period from October 1, 2026 to April 30, 2027. Source: Borsa Istanbul's list of participation index constituents, Oct 1, 2026.

Dated October 17, 2026No. SGL-2026-6A-MERCN

Based on the financial statements for the first half of 2026, the interest-bearing loans ratio depends on the company's declaration: the proven amount alone gives a ratio below the threshold, and the cautious upper bound is above it.

This is a measurement, not a religious ruling.

MEASUREMENT TABLE

Interest-bearing loans

depends on the declaration
at most34.0%

Proven lower bound 0.0% · cautious upper bound 34.0%

Calculation and source

Calculation: numerator ÷ denominatorTRY 1,772,256,223÷TRY 5,208,156,922 (total assets)× 100

RatioInterest-bearing loans / total assets

The measurement is a range. The lower bound counts only the amounts that the statements and notes prove; the upper bound also counts, as a precaution, every item that could not be proven. The threshold falls inside this range, so the outcome depends on the company's KAFİF declaration.

Upper bound. TRY 13,495,002 that is proven not to count was deducted from the debt numerator (source: Note 8). Of the lease liabilities shown on the balance sheet, TRY 17,052,844 are debts that do not count under TKBB Guideline 6.2, so they were deducted from the debt numerator (source: balance sheet, page 4). As a precaution, financial liabilities other than leases shown on separate lines outside the main debt total were added once, after they were confirmed against their section total. This is an assumption: it is not proven that these items carry interest. Because extra items are included, the ratio is an upper bound for the items shown in the financial statements. Note 8: “Ödenecek vergi ve fonlar” TRY 13,495,002: not counted (proven); “Alınan depozito ve teminatlar” TRY 193,879: undetermined, kept in the upper bound; “Diğer borçlar” TRY 2,355,016: undetermined, kept in the upper bound; “İlişkili taraflardan diğer borçlar (*)” TRY 34,000,000: undetermined, kept in the upper bound. Notes that could not be used: Note 6 (Short-term borrowings): the note's amounts could not be matched to this item automatically. Note 6 (Current portion of long-term borrowings): the note's amounts could not be matched to this item automatically. Note 6 (Long-term borrowings): the note's amounts could not be matched to this item automatically. The ratio is in the range 0.00% to 34.03%; the outcome depends on the company's declaration.

Breakdown from the notes
Item, as written in the company's reportAmount (TRY)ClassBasis
Ödenecek vergi ve fonlar · Other payables, note 813,495,002not counted (proven)TKBB Guideline 6.2
Alınan depozito ve teminatlar · Other payables, note 8193,879undetermined, kept in the upper boundTKBB Guideline 6.1
Diğer borçlar · Other payables, note 82,355,016undetermined, kept in the upper boundTKBB Guideline 4.1
İlişkili taraflardan diğer borçlar (*) · Other payables, note 8The company's note says: “İlişkili taraflara diğer borçlar kalemi 20.05.2026 tarihindeki Olağan Genel Kurul’da alınan 2025 yılı finansal sonuçlarına ait kar dağıtım borçlarından oluşmaktadır. İlgili kar dağıtımı ödemeleri 30 Temmuz 2026 tarihinde tamamlanmıştır.”34,000,000undetermined, kept in the upper boundTKBB Guideline 6.1

KAFİF declaration 28.7% (first half 2026) · Sağlama range 0.0% to 34.0% (first half 2026) · the declaration is inside the range · View the form on KAP

Source: company financial report, first half 2026 statements · Jun 30, 2026

View the documentMethod

Interest-bearing assets

within the threshold
2.8%

Upper bound

Calculation and source

Calculation: numerator ÷ denominatorTRY 144,245,129÷TRY 5,208,156,922 (total assets)× 100

RatioInterest-bearing cash and securities / total assets

Upper bound. Asset items that may count as interest-bearing (line 5F of the KAFİF form) were taken in full from the public statements. Assets proven not to count (line 5G of the KAFİF form) were deducted as far as the notes prove them; items that could not be separated stayed in the numerator, as a precaution. The ratio is therefore an upper bound for the items shown in the financial statements. Note 5: “-Devlet Tahvili” TRY 26,130,582: counted in the ratio (proven); “-Eurobond USD” TRY 24,008,623: counted in the ratio (proven); “-Döviz Fon USD” TRY 3,916,455: undetermined, kept in the upper bound; “-Türk Lirası Fonları” TRY 3,869,985: undetermined, kept in the upper bound. Note 4: “Kasa” TRY 206,163: not counted (proven); “Bankalar / -Vadeli mevduatlar” TRY 9,301,724: counted in the ratio (proven); “Bankalar / -Vadesiz mevduatlar” TRY 159,500,040: not counted (proven); “Diğer Hazır Değerler” TRY 1,886,380: undetermined, kept in the upper bound. The ratio is in the range 1.14% to 2.77%; both bounds give the same result.

Breakdown from the notes
Item, as written in the company's reportAmount (TRY)ClassBasis
-Devlet Tahvili · Financial investments, note 526,130,582counted in the ratio (proven)TKBB Guideline 5.1
-Eurobond USD · Financial investments, note 524,008,623counted in the ratio (proven)TKBB Guideline 5.1
-Döviz Fon USD · Financial investments, note 53,916,455undetermined, kept in the upper bound
-Türk Lirası Fonları · Financial investments, note 53,869,985undetermined, kept in the upper bound
Kasa · Cash and cash equivalents, note 4206,163not counted (proven)TKBB Guideline 5.2
Bankalar / -Vadeli mevduatlar · Cash and cash equivalents, note 49,301,724counted in the ratio (proven)TKBB Guideline 5.1
Bankalar / -Vadesiz mevduatlar · Cash and cash equivalents, note 4159,500,040not counted (proven)TKBB Guideline 5.2
Diğer Hazır Değerler · Cash and cash equivalents, note 41,886,380undetermined, kept in the upper boundTKBB Guideline 4.1

KAFİF declaration 1.3% (first half 2026) · Sağlama range 1.1% to 2.8% (first half 2026) · the declaration is inside the range · View the form on KAP

Source: company financial report, first half 2026 statements · Jun 30, 2026

View the documentMethod

Excluded income

within the threshold
2.5%

Measured on the items we can calculate

Calculation and source

Calculation: numerator ÷ denominatorTRY 46,012,376÷TRY 1,862,955,898 (total income)× 100

RatioExcluded income / total income

On the KAP form this item is titled “Katılım Finans İlkelerine Uygun Olmayan Gelir”, which means income not in line with participation finance principles.

Measured on the items we can calculate. Income items that may count as excluded (line 4C of the KAFİF form) were taken in full from the public statements. Income that the notes prove does not count (line 4D of the KAFİF form) was deducted. Items that could not be separated stayed in the numerator, as a precaution. For these income lines (line 4C), the ratio is an upper bound. Excluded income from business activities (line 4B of the KAFİF form) does not appear in the financial statements; it is only in the company's KAFİF declaration on KAP. This measurement sets it to 0. If there is a declaration, the record shows it separately, with a link. Note 21: “Kur farkı gelirleri” TRY 60,431,628: not counted (proven); “Güneş enerjisi santrallerinden satış gelirleri” TRY 8,134,243: undetermined, kept in the upper bound; “Câri dönem reeskont geliri” TRY 2,114,024: undetermined, kept in the upper bound; “Konusu kalmayan karşılıklar” TRY 230,817: not counted (proven); “Maddi duran varlık kalıntı değer düzeltmesi” TRY 0: undetermined, kept in the upper bound; “Diğer” TRY 10,280,190: undetermined, kept in the upper bound. Note 22: “Kambiyo kârı” TRY 29,009,151: not counted (proven); “Faiz geliri” TRY 25,483,919: counted in the ratio (proven). Note 23: “Kira gelirleri” TRY 4,007,716: not counted (proven); “Yatırım amaçlı gayrimenkul değer artışı” TRY 0: not counted (proven); “Menkul kıymet satış karı” TRY 0: undetermined, kept in the upper bound. The ratio is in the range 1.37% to 2.47%; both bounds give the same result.

Breakdown from the notes
Item, as written in the company's reportAmount (TRY)ClassBasis
Kur farkı gelirleri · Other income from operating activities, note 2160,431,628not counted (proven)TKBB Guideline 4.2
Güneş enerjisi santrallerinden satış gelirleri · Other income from operating activities, note 218,134,243undetermined, kept in the upper bound
Câri dönem reeskont geliri · Other income from operating activities, note 212,114,024undetermined, kept in the upper boundTKBB Guideline 4.1
Konusu kalmayan karşılıklar · Other income from operating activities, note 21230,817not counted (proven)TKBB Guideline 4.2
Maddi duran varlık kalıntı değer düzeltmesi · Other income from operating activities, note 210undetermined, kept in the upper bound
Diğer · Other income from operating activities, note 2110,280,190undetermined, kept in the upper boundTKBB Guideline 4.1
Kambiyo kârı · Finance income, note 2229,009,151not counted (proven)TKBB Guideline 4.2
Faiz geliri · Finance income, note 2225,483,919counted in the ratio (proven)TKBB Guideline 4.1
Kira gelirleri · Income from investing activities, note 234,007,716not counted (proven)TKBB Guideline 4.2
Yatırım amaçlı gayrimenkul değer artışı · Income from investing activities, note 230not counted (proven)TKBB Guideline 4.2
Menkul kıymet satış karı · Income from investing activities, note 230undetermined, kept in the upper boundTKBB Guideline 4.1

KAFİF declaration 1.4% (first half 2026) · Sağlama range 1.4% to 2.5% (first half 2026) · the declaration is inside the range · View the form on KAP

Source: company financial report, first half 2026 statements · Jun 30, 2026

View the documentMethod

The three ratios are calculated from the financial statements, and each bar is scaled to its own threshold. The measurement uses the company's latest published statements, and every record states the period. The official review uses audited six- and twelve-month statements (Standard 3.4), so the periods can differ. Method

This record is produced by Sağlama's calculation from the financial statements the company publishes. The method and the corrections log are public. Responsible for this record: Savaş Tutumlu, founder.

Official list record

Official list
On the BIST Participation All Shares list · Index period from October 2026 to April 2027Source: Borsa Istanbul's list of constituents, Oct 1, 2026
Latest official change

Removed from the BIST Participation 100 index as of October 1, 2026, for the period from October 2026 to April 2027. Source: Borsa Istanbul announcement, Sep 29, 2026 · KAP disclosure 1669816

All changes for the period from October 2026 to April 2027

Next period
Starts on May 1, 2027. Borsa Istanbul is expected to announce the new list by April 29, 2027 at the latest (Ground Rules 2.17). Sağlama's expectation for each member is on the Review forecast page. This is a forecast, not the official list.

Status history

5 entries

Each period's record and every correction are kept with their dates. Method

  1. Earlier measurementTKBB rules, August 2025, version 1 · Q1 2026: at least one ratio above the threshold. Income 10.20% · assets 9.74% · loans 37.51%.
  2. Earlier measurementTKBB rules, August 2025, version 1 · Q1 2026: depends on the company's declaration. Income 5.31% · assets 4.40% · loans 37.31%.
  3. Earlier measurementTKBB rules, August 2025, version 2 · Q1 2026: depends on the company's declaration. Income 5.31% · assets 4.40% · loans 37.31%.
  4. Earlier measurementTKBB rules, August 2025, version 2 · first half 2026: depends on the company's declaration. Income 2.47% · assets 2.77% · loans 34.36%.
  5. MeasurementTKBB rules, August 2025, version 3 · first half 2026: depends on the company's declaration. Income 1.37% to 2.47% · assets 1.14% to 2.77% · loans 0.00% to 34.03%. The range crosses the threshold; the outcome depends on the company's declaration.THIS RECORD

Documents and sources

Source links lead to documents published by the company and by Borsa Istanbul. We do not copy KAP documents. Method

  • MERCN financial report, Jun 30, 2026 (company investor relations site)Jun 30, 2026 · Fingerprint 59fdc90a9044…View the document
  • Sağlama's calculation and methodTKBB rules, August 2025, version 3Read the method

If a figure looks wrong, write to bilgi@saglama.com. We correct it and record the correction with its date in the corrections log.

What this measurement covers

This result says nothing about the quality of the company. It only shows where a measured ratio stands against the threshold.

The measured range crosses the threshold: the proven amount is below the threshold and the cautious upper bound is above it. The outcome depends on the company's KAFİF declaration, so this record does not count as a divergence. Method

The company's KAFİF declaration

The company's declaration on the KAP form (first half 2026): excluded income 1.4%, interest-bearing assets 1.3%, interest-bearing loans 28.7%. The three declared ratios are within the thresholds; the declaration settles the open range of the measurement. View the form on KAP

The company's answers to the four yes/no questions on the form:

Do the articles of association of the company, its corporate shareholders or its affiliates include an activity that does not follow participation finance principles?
No
Do the company's articles of association grant a privilege that does not follow participation finance principles?
No
Has the company made a statement or decision supporting the actions defined in Standard 1.5 and TKBB Guideline 1.D?
No
Does the company have activities or income directly contrary to participation finance principles?
No

Purification calculation

Dividend-based method · CALCULATOR (DIVIDEND-BASED METHOD)

Purification calculator

A company within the threshold can still have a small amount of excluded income (interest income and other income the standard excludes). Under the TKBB standard, the part of this income that falls to your shares is given to charitable causes. This duty applies whether the company made a profit or a loss, and whether or not it paid a dividend. The amount set aside does not replace zakat or sadaqa.

CALCULATION SLIPMERCN · first half 2026
Number of shares
500
Gross dividend per share
TRY 2.40
Gross dividend (500 × 2.40)
TRY 1,200.00
Excluded income ratio
2.5%
Purification amount
TRY 29.64

Purification amount = gross dividend × excluded income ratio

The number of shares and the dividend are sample inputs. The ratio comes from the company's measurement. To calculate with your own figures, use the purification page.

Purification amount = gross dividend × excluded income ratio (dividend-based method). Under TKBB Standard 3.6.1, purification is needed even if the company makes a loss or pays no dividend. The method page quotes TKBB Standard 3.6, including the inflation deduction under 3.6.2. This is a cautious calculation. The amount may be higher than the true figure, because it uses all of the interest income, not only the part above inflation. The ratio is the upper bound of the measurement (the lower bound is 1.37%); the purification amount is calculated on the upper bound, as a precaution.

  • Excluded income is the part of a company's earnings that is not in line with participation finance principles. On the KAP form it is called “income not in line with participation finance principles.”
  • Purification is done even if the company makes a loss.
  • Purification is needed even if no dividend is paid. The calculation here uses the dividend-based method. TKBB Standard 3.6 also counts how long you held the shares (the share-days method), which this calculator does not do yet.
  • The purification amount does not replace zakat or sadaqa. Under the TKBB standard, it is given away, not kept.
  • You give the amount yourself, to a charitable cause of your choice. Sağlama does not direct donations.

This calculation uses the dividend-based method. TKBB Standard 3.6 also counts how long you held the shares (the share-days method). The standard is quoted on the method page.

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Companies in the same index

The 12 companies just before and after this one in alphabetical order in BIST Participation All Shares.