ASX small and mid-cap companies ahead of global trends
- Wed 21 October 2026
- 5 MIN READ
From nuclear submarine wharves to groundbreaking kidney drugs, investors found out what’s next for these fast-growing, ASX-listed companies.
Bell Financial Group's Grady Wulff during her market update.
The September 2026 ASX SMIDcaps Conference, run by ASX in partnership with Bell Financial Group (ASX:BFG), saw 27 small and mid-cap companies outline their trajectories in front of a packed house of investors and advisers at the State Library of NSW. The popular twice-yearly event features CEOs and presenters from small and mid-cap ASX listed companies, this time focusing on the resources, biotech and consumer sectors.
Investors hungry for infrastructure and critical minerals
Bell Direct Market Analyst, Grady Wulff, opened the day with a market update, noting that the economic climate is prompting investors to diversify across ASX stocks to gain meaningful exposure to current themes.
“Looking at different opportunities in the market is key. If you think you've missed the AI bubble… you can pretty much get it in any area of the market right now. Resources in particular,” she said.
To kick off the day the audience heard from leading advanced industrial and mining companies, including Advanced Engineered Minerals (ASX:AEM), AIC Mines (ASX:A1M), Aurelia Metals (ASX:AMI), Duratec (ASX:DUR), Infragreen Group (ASX:IFN), Ioneer (ASX:INR) and Solstice Minerals (ASX:SLS).
Engineering and remediation specialist Duratec is an example of the innovation happening among ASX small and medium-cap companies. Defence makes up around 30% of its revenue, including a A$250 million joint venture project to strengthen a Western Australian wharf as part of the AUKUS nuclear-powered submarine project.
Duratec Managing Director Chris Oates presenting at the ASX SMIDcaps Conference
“We have the drivers of infrastructure and asset capacity expansion and we have a growing asset base all around Australia,” said Chris Oates, Managing Director and Co-Founder, Duratec, noting the balance sheet supports organic and inorganic growth. “Energy is the sector we’re most excited by.”
Another standout, Advanced Engineered Materials, makes high-purity alumina in Canada for semiconductor, LED, battery and advanced ceramics applications. At full production of 3,000 tonnes a year, its Cap-Chat plant in Quebec will be the third-largest high-purity alumina production facility outside China, and the company is expanding to meet a forecast shortfall in supply.
“A supply deficit is forecast to set in at the time we’ll be bringing on our expansion. So I think our timing is good,” said Richard Seville, Executive Chairman, Advanced Engineered Minerals.
Another fascinating story is Ioneer, which owns the Rhyolite Ridge lithium and boron project in Nevada, one of only a small number of known deposits in the world. Boron is used in everything from insulation and solar panels to armour plating. Its scarcity has made Rhyolite Ridge a strategic priority for the US.
The company is close to finalising its equity funding for the project and is targeting a final investment decision by the end of the year. “It’s fully permitted, construction ready. It has offtakes in place… so it's ready to go,” said Bernard Rowe, Managing Director, Ioneer.
A host of copper companies presented during the morning session. You can read our story on this here.
“We’ve got a growth catalyst in Freight AI"
First impressions count
One, TradeWindow, the market leader in freight software in New Zealand and number two in Australia, uses its proprietary AI technology to read, check and action shipping documents. “We’ve got a growth catalyst in Freight AI,” said Andrew Balgarnie, Chief Strategy Officer, TradeWindow.
Early learning provider Nido Education's growth model sets it apart from other childcare operators. New centres are funded by a third-party incubator during the establishment phase, with Nido acquiring services once enrolments have matured and profitability has been demonstrated.
This approach enables disciplined growth while limiting exposure during the ramp-up period. “There are really two dimensions to our growth: We can grow the number of services, and we can grow the earnings contribution from the services we already have.” said Adam Lai, Chief Executive Officer, Nido Education.
What investors want
After lunch, ASX’s Head of Listed Company Services, Natalie Raynor, chaired a panel with Wilson Asset Management Investment Analyst, Sophia Mulligan and Mirrabooka Investments’ Portfolio Manager, Kieran Kennedy, about how to assess small and mid-cap companies.
Small caps often grow earnings faster than blue chips and, when assessing smaller companies, investors should look for management quality, competitive advantage and balance sheet strength. “It's really exciting trying to find the companies that will be ASX 100 companies,” said Mulligan.
This comes down to research and due diligence. “Form your own conviction. If you’re renting other people’s conviction, it’s very difficult to beat the share market in the long term,” said Kennedy.
Natalie Raynor, Sophia Mulligan and Kieran Kennedy during the panel discussion.
Biotech takes its place
Starpharma Holdings Limited Managing Director and Chief Executive Officer Cheryl Maley on stage at the ASX SMIDcaps Conference
Although ASX has a reputation for growing world-class resources companies, the health and biotech sector is also well represented, especially among mid cap firms. PolyNovo (ASX:PNV), which makes synthetic products for burns and complex wounds and supplies more than 880 US hospitals, presented after lunch. It plans to lodge its premarket approval for a full-thickness burn indication in the US by the end of the calendar year. “We’re now funding a lot of that growth with cash,” said PolyNovo CEO, Bruce Peatey.
Cogstate (ASX:CGS), which is using AI to redesign its services, helps drug developers cut errors in clinical trials for central nervous system diseases such as Alzheimer’s. “The ability to use technology to expand margins is really significant,” said Brad O’Connor, Managing Director and Chief Executive Officer, Cogstate.
Alterity Therapeutics (ASX:ATH) is developing ATH434, an oral drug for multiple system atrophy (MSA), a rare and fatal neurodegenerative disease with no approved disease-modifying therapy. In a Phase 2 trial, patients on the dose being taken forward showed slower progression than placebo at 52 weeks on a clinical measure of disease severity, with consistency across other secondary endpoints (orthostatic hypotension, swallowing scores, step count).
The company is preparing a single pivotal Phase 3 trial of approximately 200 patients, with initiation targeted for the end of 2026. Because ATH434 works by targeting abnormal iron in the brain, Alterity believes it may also have potential in other conditions, including Parkinson's disease. "It's a pipeline within a drug," said Lawrence Gozlan, Non-Executive Director, Alterity.
Kidney disease company Dimerix has already secured five commercial partners, Generating A81 Million in upfront payments, with an opportunity for up to A$1.9 billion deal in total with milestone payments plus royalties.
A phase-three trial is underway and the business recently bought a second phase 2-ready, drug for acute kidney injury. “You can see a steady cadence of compelling data,” said Dr Nina Webster, Chief Executive Officer, Dimerix.
Pacific Edge makes a urine test for bladder cancer, a non-invasive alternative to cystoscopy, in which a camera is inserted into the bladder. A draft US Medicare coverage decision for the test is expected to be finalised before the end of the year and a shortage of urologists in the US is adding to demand. “This is favourable for non-invasive diagnostic testing,” said Dr Peter Meintjes, Chief Executive Officer, Pacific Edge.
Dr Nina Webster, Managing Director and Chief Executive Officer, Dimerix Limited, presenting at the ASX SMIDcaps Conference
Another biotech firm Starpharma uses its dendrimer technology to deliver cancer drugs more accurately. It has three partnerships worth more than A$1 billion in potential payments and has plans for a first-in-human study of a radiopharmaceutical for gastric cancer. “It’s a great foundation for substantial growth,” said Cheryl Maley, Chief Executive Officer, Starpharma.
Consumer companies capture market share
"We’re well capitalised, we’re scaling and we’re executing to strategy"
The final session opened with three companies, Baby Bunting, Koala and SkinKandy outlining positive futures. See more details about the final session here.
The day wrapped with a diverse range of presentations, including one from Sea Forest, which makes a seaweed-based feed supplement that cuts livestock methane emissions by up to 80% and lifts productivity by about 6%. “We’re well capitalised, we’re scaling and we’re executing to strategy,” said Sam Elsom, Chief Executive Officer and co-founder, Sea Forest.
Pioneer Credit buys overdue credit card and personal loan portfolios from Australia’s major banks. As the banks cut costs, they are handing more work to specialists such as Pioneer. “We’re becoming more and more important to them, to take on the servicing of those that they’re not best placed to service,” said Keith John, Managing Director, Pioneer Credit.
Tyro Payments processes more than A$44 billion in in payments annually for approximately 78,000 merchants. Looking ahead, the company is focused on growth opportunities across Health, Banking, Enterprise and eCommerce. “As we grow across the platform we’ve built, we get operating leverage that translates into stronger earnings and cash generation,” said Nigel Lee, Chief Executive Officer, Tyro.
Nigel Lee, Chief Executive Officer, Tyro Payments Limited during his Q&A at the ASX SMIDcaps Conference
NobleOak Life, the final presenter, has grown in-force premiums from A$22 million to A$550 million in ten years, and is on a path to reach A$1 billion in premiums. It is moving its structure from a friendly society to a full life company, which should allow it to return capital to shareholders. “We’ve proven that glide path and our products remain highly competitive and very valuable to people, so we really believe that we can continue that,” said Anthony Brown, Chief Executive Officer, NobleOak.
The next ASX SMIDcaps Conference will take place on Wednesday 17 March 2027. It will showcase another 27 small and mid-cap ASX-listed companies and provide investors the opportunity to engage directly with these emerging companies.
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