InDaily’s ranking of the state’s top 100 companies by market capitalisation and revenue covers the 2025-26 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.

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 that has helped improve society and the environment, another recognising the best new entrant to the Index, and a new award – the Community Contribution Award – recognising a not-for-profit that is making an outstanding contribution to SA.

Award Winners

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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.

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 2026.

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, 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.