Companies On Forbes Asia's ‘Best Under A Billion' List Remain Resilient
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 more than 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.
With trade tensions looming over the Asia-Pacific region, growth is predicted to continue to slow, according to the International Monetary Fund. Despite these challenges, the annual Best Under A Billion list showcases businesses that remained resilient over the past year and, in many cases, thrived.
The buoyant financial services sector propelled 18 companies onto the list, more than double from the eight that appeared last year. The beauty industry continues to shine, with 13 companies, mostly South Korean, making the cut. Other companies in the region have benefited from the gathering momentum in the segments in which they operate, such as renewable energy, electric vehicles and data centers. In total, 69 companies returned to the 2025 list from the previous year.
Among the returnees is India's Triveni Turbine, which specializes in turbines of up to 100 megawatts (MW). These are deployed in an array of industries including cement, steel and chemicals, as well as by independent power producers. In the year ended March 31, the company's revenue jumped 21% from the previous year to a record 20.1 billion rupees ($237 million) and net profit rose by a third to 3.6 billion rupees, earning it a spot on the list for the second year in a row. Nikhil Sawhney, the fourth-generation scion who transformed Triveni Turbine into a global player, is featured on the cover of the August issue of Forbes Asia.
South Korea-based PharmaResearch, which also appears on the list for the second consecutive year, is best known for its flagship skincare treatment product Rejuran, derived from salmon DNA. With sales across Asia-Pacific, the U.S. and Europe, the company saw revenue jump 34% to over 350 billion won ($257 million) while net profit rose by a fifth to 92 billion won in 2024. Besides cosmetics, the company makes prescription and over-the-counter drugs, including an injectable for knee pain.
Another company making the list for the second consecutive year is DCI Indonesia. Already the largest data center operator in Indonesia with 119 megawatts (MW) of installed capacity, DCI Indonesia expects to add another 9MW when its newest data center in Surabaya comes online later this year. In 2024, revenue rose 39% to 1.8 trillion rupiah ($114 million) while net profit jumped 55% to 796 billion rupiah. DCI Indonesia is also the country's most expensive stock, trading at 150,700 rupiah a share in early July, a roughly 35,780% increase since its 2021 listing.
Buoyed by the rising tide of wealth in Asia, Singapore-based wealth management platform iFast debuts on this year's list. The company posted a nearly 50% increase in revenue to S$383 million ($288 million) in 2024, while net profit surged 136% to S$66.6 million. The fintech was also boosted by the improving performance of its U.K. digital bank iFAST Global Bank (formerly BFC Bank), which it acquired in 2022. At the end of June, iFast booked a record S$27 billion in assets under administration.
Among the energy companies on this year's list is HD Renewable Energy, a Taipei-based solar power and battery storage systems company. The company posted a record NT$10 billion ($310 million) in revenue in 2024, up 73% from a year earlier, on growing demand for green energy. It is expanding in markets overseas with joint ventures in the Philippines, Japan and Australia, where it recently spent NT$290 million to buy the development rights to 795MW of energy-storage projects in New South Wales, Victoria and Queensland.
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 www.forbes.com/bub
The Forbes Asia Best Under A Billion Forum and Awards Dinner will take place on November 25, 2025 in Singapore at the Equarius Hotel. The Principal Sponsor of the Forum is Resorts World Sentosa.About Forbes:
Forbes is an iconic global media brand that has symbolized success for over a century. Fueled by journalism that informs and inspires, Forbes spotlights the doers and doings shaping industries, achieving success and making an impact on the world. Forbes connects and convenes the most influential communities ranging from billionaires, business leaders and rising entrepreneurs to creators and innovators. The Forbes brand reaches more than 140 million people monthly worldwide through its trusted journalism, signature ForbesLive events and 49 licensed local editions in 81 countries.
For media queries, please contact:
Catherine Ong Associates Pte Ltd
Catherine Ong, cell: +65 9697 0007, Email: cath@catherineong.com
Chenxi Wang, cell: +65 8187 3215, Email: chenxi@catherineong.com
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