SA’s top 100 companies: The full list for 2026

Santos remains South Australia’s No. 1 company in the 2026 South Australian Business Index. Codan moves to second, Argo Investments is third, Thomas Foods International fourth and People First Bank fifth. Published and updated on 16 October 2026, the index values the 100 companies at a combined A$75.4 billion.

What the 2026 South Australian Business Index measures

InDaily’s South Australian Business Index ranks private and public companies connected with South Australia by estimated market capitalisation. It is not a revenue ranking. Listed entities were valued using market observations at 30 June 2026. For unlisted businesses, HLB Mann Judd estimated market capitalisation from available profit, or from revenue with an industry-based margin, then applied an appropriate earnings multiple discounted for illiquidity. Property or infrastructure values were included where relevant.

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The combined value of the 100 companies is A$75.4 billion, about double the A$37.5 billion total recorded in 2017. The 100th company is valued at A$47.7 million, up from A$9.7 million in 2020, showing how much the entry threshold has risen.

The complete 2026 ranking

What changed from the 2025 list

People First Bank makes the biggest top-five jump

People First Bank climbed from 13th to fifth, an eight-place rise and the largest improvement among the 2026 top five. Codan moved from third to second, while Argo Investments slipped from second to third. Thomas Foods International improved from fifth to fourth. Santos and Beach Energy retained first and sixth positions respectively.

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Havilah Resources is the largest upward mover

Havilah Resources rose from 84th to 41st, a 43-place increase. Other substantial risers include Marmota, up from 97th to 68th; Mayfield Group Holdings, up from 63rd to 35th; Adrad Holdings, up from 89th to 65th; and Kantra Copper, formerly Hillgrove Resources, up from 64th to 50th.

Terramin Australia records the sharpest fall

Terramin Australia dropped from 56th to 97th. AML3D fell from 61st to 79th, Michell Wool from 70th to 87th, Mayne Pharma Group from 31st to 43rd, and Rivergum Homes from 52nd to 64th. Hickinbotham Group moved from 14th to 25th.

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Fourteen companies are new to the published comparison

The entries marked “New” are Alligator Energy, Torrens Health, Duxton Pubs, Investigator Silver, Catcon, Police Credit Union, GPA Engineering, Yumbah Aquaculture, Heavy Automatics, Max Services, Tonkin, 1414 Degrees, Clever Culture Systems and Australian Vintage.

Which industries dominate South Australia’s largest companies?

Construction and engineering is the largest category, with 24 companies. Manufacturing contributes 16, and energy and mining 12. The index also includes financial services, food and beverage, transport and logistics, professional and technology services, agriculture, automotive, utilities, retail, hospitality and tourism, and health and aged care.

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The spread shows that South Australia’s corporate base extends well beyond resources. Construction and infrastructure businesses continue to feature prominently, while tourism companies also have a stronger presence in the 2026 index.

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How to interpret the ranking

1. Use rank as a market-value comparison. A higher position means a higher estimated market capitalisation under the index’s methodology, not necessarily higher sales or employee numbers.
2. Treat listed and unlisted values differently. Listed-company figures reflect market observations on 30 June 2026. Private-company figures are estimates based on financial information, valuation multiples and, where applicable, property or infrastructure.
3. Read year-on-year movement in context. A change can reflect market prices, operating performance, valuation assumptions, ownership changes or a company entering the index for the first time.
4. Remember the date of the snapshot. The table describes valuations at 30 June 2026 and was published or updated on 16 October 2026; it is not a live ranking.

Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.

2026businesscompany rankingsEconomySouth Australia