Winners and Losers: How SA’s listed companies performed in FY26
July 1 marks a brand-new year for us boffins tracking the state’s listed companies. One company that made a major pivot towards AI had a spectacular FY26. InDaily reveals the year’s data.
Technology company Fortifai (formerly games developer Mighty Kingdom) was by far the top-performing company by share price movement in FY26, Baker Young Limited data reveals.
The business, which spent the past financial year embracing artificial intelligence, rose by a whopping 1140 per cent over the period.
It was a major recovery in the company’s fortunes. The company started the financial year trading at just 9 cents per share. As of the close of trade yesterday, one share in the business was worth $1.16.
It closed out with a market capitalisation of $396.3 million, likely putting it firmly into contention for InDaily’s 2026 South Australian Business Index which ranks the top 100 companies in the state.
And it follows a tumultuous few years for the developer, once plagued by leadership problems.
Moves made in December were critical. It signed a deal with Perth-based FastAI, giving it access to NoI8 – a ‘data-in-motion’ tech that meant the company could deliver latency improvements.
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It also partnered with internet infrastructure business Megaport, plugging its NoI8 platform directly into the Megaport AI Exchange Marketplace, giving it access to a wealth of new potential enterprise customers.
This year was a dramatic pivot for the company, which previously made licensed video games. Now, it is a growing player in deep-tech artificial intelligence infrastructure; a major development for the business.
On the other end of the scale, PTR Minerals (formerly known as Petratherm), landed in our Losers list.
It was a major fall from grace for the company, which last year was the biggest Winner of the 2025 financial year.
The company, in FY26, saw its shares fall by 72 per cent, to a market cap of $37.9 million. It entered the year with a valuation of $119.6 million.
In fact, three out of five of the year’s Losers were miners – alongside PTR, Magnetite Mines and Terramin also suffered double-digit percentage losses.
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Of the 60 stocks tracked by this column, 32 rose, two were unchanged, and 26 were down over FY26.
NeuRizer – a company hoping to make urea fertiliser at scale at Leigh Creek – has not traded in over a year and was one of the two unchanged stocks.
The average return of the 59 stocks was 67 per cent, heavily skewed by the major Winners at the top of the list.
As for the household names on the SA stocks list, Beach Energy fell by 30 per cent over the year, tech giant Codan rose by 121 per cent, and Maggie Beer rose by 14 per cent.
Santos went backwards over the year, down 1.3 per cent, as did Elders (down 12 per cent).
And the wine industry problems affected Australian Vintage too, which fell by 21.25 per cent in the year.
The full list of Winners and Losers for the financial year 2026:
Data via Baker Young Limited analysts.
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