SA’s top 100 companies: the full list for 2025
The annual South Australian Business Index of the top 100 private and public companies in the state was announced on Friday afternoon.
InDaily’s ranking of the state’s top 100 companies by market capitalisation and revenue covers the 2024-25 financial year.
The list, compiled for InDaily by financial services firm HLB Mann Judd, is the state’s most definitive guide to our top companies (scroll to the bottom of the page for eligibility criteria, a ” – ” indicates that a private company has asked for its revenue not to be made public).
Go here for our comprehensive analysis of the Index and here for the winners of individual awards: the rising star award for the company that has jumped furthest up the rankings, a revenue growth award, the standout large employer, the corporate social responsibility award for the company who has helped improve society and the environment for 2024, another recognising the best new entrant to the Index, and a new award – the Discovery Award, presented by Flinders University – recognising innovative businesses with high impact potential for future outcomes.
| 100 – 91 | |||||
|---|---|---|---|---|---|
| Rank | Company | 2024 Rank | Move | Revenue FY 2024 | Industry |
| 100 | Cochrane’s Transport | 85 | -15 | 76,587,000 | Transport & Logistics |
| 99 | Kennett Builders | – | New | – | Civil & Construction |
| 98 | Southcott | 84 | -14 | – | Industrial |
| 97 | Marmota | 82 | -15 | – | Resources |
| 96 | Andromeda Metals | 90 | -6 | 760,440 | Resources |
| 95 | IonDrive | – | New | – | Tech |
| 94 | Ramsey Bros | – | New | – | Automotive |
| 93 | IJF Australia | – | New | 37,019,301 | Manufacturing |
| 92 | AJ & PA McBride | 71 | -21 | – | Agriculture |
| 91 | Humanihut | 77 | -14 | – | Manufacturing |
| 90 – 81 | |||||
| Rank | Company | 2024 Rank | Move | Revenue FY 2024 | Industry |
| 90 | Ozroll Investments | – | New | – | Manufacturing |
| 89 | Adrad Holdings | 72 | -17 | 153,212,780 | Manufacturing |
| 88 | Duxton Farms | 63 | -25 | 20,048,000 | Agriculture |
| 87 | Indiana Resources | – | New | – | Resources |
| 86 | Arrowcrest | 80 | -6 | – | Real Estate |
| 85 | Archer Materials | 62 | -23 | 2,055,450 | Tech |
| 84 | Havilah Resources | 69 | -15 | – | Resources |
| 83 | Mykra | 81 | -2 | 51,559,658 | Civil & Construction |
| 82 | Barossa Fine Foods | 55 | -27 | – | FMCG |
| 81 | Matthews Hospitality | 75 | -6 | – | Hospitality |
| 80 – 71 | |||||
| Rank | Company | 2024 Rank | Move | Revenue FY 2024 | Industry |
| 80 | Duxton Vineyards | – | New | – | Agriculture |
| 79 | FCT Flames / FCT Combustion | 65 | -14 | – | Engineering Services |
| 78 | Air Diffusion | – | New | – | Industrial |
| 77 | Haircare Group | – | New | – | FMCG |
| 76 | Finsbury Green | 54 | -22 | – | Industrial |
| 75 | Voltex Electrical Accessories | – | New | – | Industrial |
| 74 | Haigh’s Chocolates | 60 | -14 | – | FMCG |
| 73 | REDARC Electronics | 59 | -14 | – | Manufacturing |
| 72 | Guidera O’Connor | 57 | -15 | – | Engineering Services |
| 71 | William Buck | 56 | -15 | – | Professional Services |
| 70 – 61 | |||||
| Rank | Company | 2024 Rank | Move | Revenue FY 2024 | Industry |
| 70 | Michell Wool | 58 | -12 | – | Manufacturing |
| 69 | RJE Global | – | New | – | Engineering Services |
| 68 | GM Hotels | – | New | – | Hospitality |
| 67 | CCW | – | New | – | Agriculture |
| 66 | Outside Ideas | 64 | -2 | 111,757,745 | Civil & Construction |
| 65 | Energy Logistix | – | New | – | Transport & Logistics |
| 64 | Hillgrove Resources | 50 | -14 | – | Resources |
| 63 | Mayfield Group Holdings | 61 | -2 | 118,144,730 | Engineering Services |
| 62 | Laucke Mills | – | New | – | Agriculture |
| 61 | AML3D | 76 | 15 | 7,389,210 | Manufacturing |
| 60 – 51 | |||||
| Rank | Company | 2024 Rank | Move | Revenue FY 2024 | Industry |
| 60 | Kingston Estate Wines | – | New | – | Wine & Beer |
| 59 | Credit Union SA | – | New | – | Financial Services |
| 58 | Petratherm | – | New | – | Resources |
| 57 | Fairmont Homes | 51 | -6 | – | Civil & Construction |
| 56 | Terramin Australia | 52 | -4 | – | Resources |
| 55 | Korvest | 49 | -6 | 120,204,000 | Industrial |
| 54 | Mossop Construction | 53 | -1 | – | Civil & Construction |
| 53 | Renascor Resources | 40 | -13 | – | Resources |
| 52 | Rivergum Homes | – | New | – | Civil & Construction |
| 51 | Lucas Total Contract Solution | 39 | -12 | 221,000,000 | Civil & Construction |
| 50 – 41 | |||||
| Rank | Company | 2024 Rank | Move | Revenue FY 2024 | Industry |
| 50 | WGA (Wallbridge Gilbert Aztec) | – | New | – | Engineering Services |
| 49 | Australian Motors | – | New | – | Automotive |
| 48 | Maughan Thiem | 48 | 0 | – | Automotive |
| 47 | Barton Gold Holdings | 73 | 26 | 5,043,000 | Resources |
| 46 | Leed Engineering And Construction | 46 | 0 | – | Civil & Construction |
| 45 | Fyfe Group Holdings | 47 | 2 | – | Engineering Services |
| 44 | MGA and Whittles Group of Companies | 38 | -6 | – | Financial Services |
| 43 | Rivco Australia Limited | 42 | -1 | – | Financial Services |
| 42 | Badge Construction Group | 41 | -1 | – | Civil & Construction |
| 41 | Almondco Australia | 37 | -4 | – | Agriculture |
| 40 – 31 | |||||
| Rank | Company | 2024 Rank | Move | Revenue FY 2024 | Industry |
| 40 | Samuel Smith & Son | 45 | 5 | – | Wine & Beer |
| 39 | Peter Kittle Motor Company | 35 | -4 | 738,136,000 | Automotive |
| 38 | Epic Energy South Australia | 33 | -5 | – | Infrastructure |
| 37 | Celsus Holding | 34 | -3 | – | Infrastructure |
| 36 | Sarah Group | 31 | -5 | – | Civil & Construction |
| 35 | Commercial & General | – | New | 315,000,000 | Real Estate |
| 34 | Beyond Bank | 36 | 2 | – | Financial Services |
| 33 | Ahrens | 30 | -3 | – | Civil & Construction |
| 32 | Nova Systems | 32 | 0 | 491,224,000 | Engineering Services |
| 31 | Mayne Pharma Group | 22 | -9 | 408,095,000 | Pharmaceuticals |
| 30 – 21 | |||||
| Rank | Company | 2024 Rank | Move | Revenue FY 2024 | Industry |
| 30 | McMahon Services | 27 | -3 | – | Civil & Construction |
| 29 | Thomson Geer Lawyers | 25 | -4 | 305,000,000 | Professional Services |
| 28 | Exact Contracting | 28 | 0 | – | Civil & Construction |
| 27 | Coopers Brewery | 23 | -4 | – | Wine & Beer |
| 26 | K&S Corporation | 18 | -8 | 744,806,000 | Transport & Logistics |
| 25 | Living Choice Australia | 16 | -9 | – | Other |
| 24 | Chrysos Corporation | 14 | -10 | 66,112,000 | Tech |
| 23 | Detmold Group (Detpak) | 26 | 3 | 650,899,000 | Manufacturing |
| 22 | Amplitude Energy | 17 | -5 | 268,061,000 | Oil and Gas |
| 21 | National Pharmacies | – | New | 303,752,000 | Healthcare |
| 20 – 11 | |||||
| Rank | Company | 2024 Rank | Move | Revenue FY 2024 | Industry |
| 20 | Leader Computers | 20 | 0 | – | Tech |
| 19 | Stratco Australia | – | New | 683,613,000 | Manufacturing |
| 18 | San Remo | 19 | 1 | 733,912,000 | FMCG |
| 17 | Drake Supermarkets | 15 | -2 | 1,350,000,000 | FMCG |
| 16 | Kilbirnie Investments Pty Ltd (CMV) | 13 | -3 | 2,127,682,000 | Automotive |
| 15 | Tasmea | 24 | 9 | 547,914,000 | Engineering Services |
| 14 | Hickinbotham Group of Companies | – | New | – | Civil & Construction |
| 13 | People First Bank | 12 | -1 | – | Financial Services |
| 12 | RAA (Royal Automobile Association of SA) | 21 | 9 | – | Insurance |
| 11 | Kelsian Group | 11 | 0 | 2,224,416,000 | Oil and Gas |
| 10 – 1 | |||||
| Rank | Company | 2024 Rank | Move | Revenue FY 2024 | Industry |
| 10 | Discovery Parks / G’day Parks | 10 | 0 | – | Tourism |
| 9 | Elders | 7 | -2 | 3,131,290,000 | Agriculture |
| 8 | Flinders Port Holdings | 9 | 1 | 330,387,000 | Infrastructure |
| 7 | Land Services SA | 8 | 1 | – | Other |
| 6 | Adelaide Airport | 6 | 0 | 320,000,000 | Transport & Logistics |
| 5 | Thomas Foods International (TFI) | 5 | 0 | 3,454,109,000.0 | FMCG |
| 4 | Beach Energy | 3 | -1 | 2,106,000,000 | Oil and Gas |
| 3 | Codan | 4 | 1 | 674,226,000 | Tech |
| 2 | Argo Investments | 2 | 0 | 298,911,000 | Financial Services |
| 1 | Santos | 1 | 0 | 8,695,157,900 | Oil and Gas |
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Award winners
About the SA Business Index
South Australia’s economy is powered by companies – some of them well known and some of them with a low profile. InDaily created the South Australian Business Index to independently rank the state’s top 100 businesses – an exercise which allows us to track shifts not only in the performance of individual companies, but also in the state’s overall economic picture.
Stay informed, daily
It has become the most definitive guide to the performance of South Australia’s biggest companies and a key annual insight into the private sector drivers of the economy.
The analysis is produced for InDaily by award-winning advisory and accounting firm, HLB Mann Judd.
Methodology
The South Australian Business Index is based on an estimated ‘market capitalisation’, which values each constituent within the Index to enable ranking. For listed entities, given these companies have securities that trade on the ASX, this is readily identifiable using market observation. All listed entities have been valued as at 30 June 2025.
For unlisted entities, HLB Mann Judd has used their professional judgement to estimate a market capitalisation using the market valuation approach.
This approach involves:
- Estimating profit: Assuming available, HLB Mann Judd has adopted the constituent’s profit figure. If only revenue data is made available, a profit margin has been estimated using publicly available statistics of the industry in which the entity operates.
- Determining an earnings multiple: An appropriate earnings multiple is determined based on the nature of the entity, the industry the entity operates in, and listed comparable company and transaction multiples. The selected multiple is then discounted to account for the illiquidity of unlisted entity securities.
- Calculating market capitalisation: The estimated profit is multiplied by the determined earnings multiple.
- Where applicable, valuations are modified to incorporate the value of property/infrastructure that would otherwise not be captured using the above valuation methodology.
Further, assuming data has been provided to InDaily for unlisted entities, HLB Mann Judd has endeavoured to use publicly available data to determine a reasonable market capitalisation estimate.
For more on the state’s top companies, subscribe to InDaily‘s weekly business newsletter Business Insight.
