Companies On Forbes Asia’s ‘Best Under A Billion’ List Rise To The Challenge

Forbes Asia has released its 2026 Best Under A Billion list, honoring 200 top-performing small and midsized listed companies in the Asia-Pacific. Selected from over 19,000 firms with annual sales between $10 million and $1 billion, these companies demonstrated strong financial growth and returns. The list highlights businesses successfully navigating geopolitical tensions and volatile markets, with a significant focus on the fast-evolving tech sector and global AI boom. Software, electronic component suppliers, and firms supporting EV and renewable energy industries are notably prominent. China leads with 28 companies, India follows with 27, and Malaysia's representation doubled to 19, largely due to its AI infrastructure growth. Newcomers like China's Guangdong Dtech, India's Inox India, and Taiwan's Kaori Heat Treatment showcase impressive specialized tech growth, alongside successful returnees such as Hong Kong's Plover Bay Technologies.

SINGAPORE (August 4, 2026)- Forbes Asia announced its 2026 Best Under A Billion list, which recognizes 200 top-performing small and midsized listed companies in the Asia-Pacific region. The full list can be found here and in the August issue of Forbes Asia.

The Best Under A Billion list spotlights 200 publicly listed companies in the Asia-Pacific region with annual sales above US$10 million and below $1 billion. From a universe of over 19,000 listed companies, the companies on this unranked list were selected based on a composite score using measures such as debt, sales and earnings-per-share growth over both the most recent fiscal one- and three-year periods, and the strongest one- and five-year average returns on equity.

The small and midsized companies appearing on this year's Forbes Asia's Best Under A Billion list are successfully navigating the challenges of geopolitical tensions and volatile energy markets. The lineup is dominated by businesses that are in step with the fast-evolving tech sector and the global AI boom. Software companies as well as suppliers of key electronic components and tools for semiconductors account for 25% of those who qualified. Others are capitalizing on the accelerating adoption of EVs and renewable energy by meeting the industries' growing demand for specialized equipment and services. Eight firms reflecting these trends are highlighted with the list.

As in previous years, China accounts for the largest number of names (28) with India a close second (27). The number of Malaysian firms more than doubled to 19, with over half benefiting from the country's AI infrastructure boom. In total, 60 companies are returnees from 2025.

Among the newcomers to the list is China-based Guangdong Dtech Technology. High-precision tools such as the micro drill bits for printed circuit boards made by Guangdong Dtech are seeing a surge in demand as electronic components shrink in size. The company saw its 2025 net profit nearly double to 434 million yuan ($60 million) on a 34% jump in revenue to 2.1 billion yuan.

Also new to the list is Indian company Inox India, which is one of the world's largest makers of cryogenic storage and distribution equipment by revenue for liquefied natural gas and various industrial gases. Its customers include the International Thermonuclear Experimental Reactor, a nuclear fusion project located in southern France. Revenue in the year ended 31 March gained by more than a fifth to 16.3 billion rupees ($179 million) with net profit rising at a similar pace to 2.6 billion rupees.

Another newcomer is Taiwan-based Kaori Heat Treatment, which specializes in cooling technology aimed at solving the problem of excessive heat from generative AI. Founded in 1970, the company makes liquid-cooling systems that are used in data centers to extract heat from high-power chips in AI server racks. In 2025, revenue rose 64% to NT$6.6 billion ($211 million) while net profit expanded 56% to NT$998.2 million. Kaori is also benefiting from a spike in demand from U.S. data centers for its fuel cell technology.

Also making its debut on the list is Malaysia's Southern Cable Group, a maker of low- and high-voltage cables. The company is benefiting from the country's booming data center industry, which accounted for 15% of its 1.8-billion-ringgit ($411 million) revenue in 2025.

Making its fourth consecutive appearance on the list is Hong Kong-based Plover Bay Technologies, which makes mission-critical routers that offer speedy and reliable internet connectivity. Customers include SpaceX's Starlink, which Plover Bay's Peplink subsidiary landed as a customer two years ago. The specialized routers combine with Starlink receivers to make internet connectivity seamless. Plover Bay posted a nearly 20% jump in net profit to $45 million and an 11% rise in revenue to $130 million for 2025.

This year marks Smartgroup's third consecutive year on the list. To accelerate the shift to EVs, the Australian government in 2022 eliminated the fringe benefit tax payable on company cars that are electric. The policy has given a boost to the business of Sydney-based Smartgroup, which sets up pre-tax car leases and employee benefits, with 3,300 companies on its roster. In 2025, the number of leased vehicles that it managed increased 15% to a record 85,300. This surge, in turn, drove up revenue 8% to A$329.3 million ($212 million) and net profit 11% to A$80.2 million.

The Best Under A Billion list, which started in 2002, has featured some of Asia's biggest success stories. Notable alumni include tech companies Baidu, Alibaba and Tencent and automaker Geely Automobile from China; India's software and consulting services companies Infosys and Wipro and biopharmaceutical firm Biocon; Thailand's retail property developer Central Pattana; popular fast-food chain Jollibee from the Philippines; Taiwan's food and beverage manufacturer Want Want Holdings and Malaysia's real estate developer IOI Properties and budget carrier AirAsia.

For the full methodology and more information on the list, please visit https://www.forbes.com/bub.

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