Indonesia’s dynamic business landscape has once again gained international recognition, as ten of its companies have been listed on the Forbes Best Under A Billion 2025 list for Asia. This prestigious annual list honors high-performing publicly listed companies across the Asia-Pacific region with annual sales under one billion US dollars, yet delivering strong growth and consistent profitability.

The inclusion of ten Indonesian firms highlights the country’s rapidly evolving economy and its ability to nurture businesses that are globally competitive. The Forbes Best Under A Billion 2025 recognition is seen as a testament to Indonesia’s entrepreneurial spirit and innovation-driven growth.

The 10 Indonesian Companies On The Forbes Best Under A Billion 2025 List

According to the report, these are the Indonesian companies that made it to the Forbes Best Under A Billion 2025 list:

1. Ace Hardware Indonesia Tbk (ACES) – A leading retail company known for its home improvement and lifestyle products.
2. FAP Agri Tbk (FAPA) – An integrated agribusiness company focused on sustainable palm oil production.
3. Mitra Adiperkasa Tbk (MAPI) – A lifestyle retailer managing global brands across fashion, sports, and food and beverage segments.
4. Sido Muncul Herbal and Pharmaceutical Tbk (SIDO) – A well-known herbal medicine and health product manufacturer with strong domestic and international markets.
5. Indofood CBP Sukses Makmur Tbk (ICBP) – A food manufacturing giant specializing in instant noodles, snacks, and beverages.
6. Adaro Minerals Indonesia Tbk (ADMR) – A mining company focusing on metallurgical coal and supporting Indonesia’s resource-based industries.
7. Cisarua Mountain Dairy (Cimory) Tbk (CMRY) – A prominent dairy producer offering premium dairy and yogurt products.
8. Bumi Serpong Damai Tbk (BSDE) – A property developer behind several large-scale urban development projects.
9. Surya Esa Perkasa Tbk (ESSA) – An energy and industrial gas company expanding its presence in regional markets.
10. Vale Indonesia Tbk (INCO) – A key nickel mining company contributing to Indonesia’s growing electric vehicle battery industry supply chain.

These companies operate across diverse industries, ranging from consumer goods and retail to mining, property, and energy. Their inclusion in the Forbes Best Under A Billion 2025 list signals their resilience, operational excellence, and ability to navigate complex market challenges.

Why The Forbes Best Under A Billion 2025 List Matters

The Forbes Best Under A Billion 2025 list is one of the most sought-after recognitions for mid-sized public companies. It celebrates firms that demonstrate consistent revenue growth, robust profitability, and sound corporate governance, all while operating under a one billion US dollar revenue threshold.

For Indonesia, having ten companies on this list signals global recognition of its business environment and the success of its corporate leaders. It reflects how Indonesian businesses have shifted from being purely domestic players to becoming competitive in regional and global markets.

Driving Investor Confidence

Being listed on the Forbes Best Under A Billion 2025 list enhances investor confidence. International and domestic investors see this recognition as a marker of financial stability and growth potential. For companies like ICBP or Cimory, this can translate into stronger market valuations and easier access to funding for expansion.

Boosting Brand Reputation

Recognition by Forbes also improves brand reputation, both at home and abroad. For consumer-facing companies such as Ace Hardware and Mitra Adiperkasa, the award highlights their ability to build strong retail operations and capture customer loyalty in competitive markets.

Encouraging Corporate Governance And Innovation

Companies on the list often demonstrate strong governance frameworks and innovation in their respective fields. Herbal medicine producer Sido Muncul, for example, combines traditional Indonesian herbal knowledge with modern production standards, enabling it to serve both domestic and export markets effectively.

Indonesia’s Business Environment And The Rise Of Mid-Sized Champions

The success of these companies cannot be separated from Indonesia’s overall economic transformation. With one of the fastest-growing economies in Asia and a large, young population, Indonesia offers a fertile environment for business growth.

Consumer-Driven Economy

Retailers like Ace Hardware and Mitra Adiperkasa thrive in Indonesia’s consumer-driven economy. Rising disposable incomes and shifting consumer lifestyles have created demand for quality products, encouraging companies to expand their product lines and store networks.

Strong Agriculture And Natural Resources

The inclusion of FAP Agri and Adaro Minerals highlights Indonesia’s ongoing reliance on agriculture and natural resources. However, these companies are adopting sustainable practices and advanced technologies to meet global environmental standards and ensure long-term competitiveness.

Industrial And Infrastructure Growth

Companies like Surya Esa Perkasa and Vale Indonesia benefit from Indonesia’s expanding industrial base and infrastructure growth. These sectors are crucial for supporting the country’s ambition to become a key player in the global supply chain, particularly for industries like electric vehicle batteries.

The Road Ahead For Indonesian Mid-Sized Companies

The Forbes Best Under A Billion 2025 recognition provides both opportunities and challenges. On one hand, it positions these Indonesian firms on the global stage, attracting new partnerships and investments. On the other hand, it increases expectations for continuous performance improvement and adherence to global best practices.

Embracing Digital Transformation

To sustain growth, these companies must embrace digital technologies. From supply chain optimization to e-commerce and data analytics, digital adoption is critical for remaining competitive in a fast-changing business environment.

Sustainability And ESG Commitments

Global investors are increasingly focused on environmental, social, and governance (ESG) factors. Companies like FAP Agri and Vale Indonesia, operating in environmentally sensitive industries, must continue investing in sustainable practices to maintain their competitive edge and meet global standards.

Expansion Into Regional Markets

Several of these companies are already exploring opportunities beyond Indonesia. For example, Indofood CBP and Mitra Adiperkasa have been expanding regionally, leveraging their brand strength and operational expertise. Regional expansion is likely to be a key growth driver in the coming years.

Conclusion

The inclusion of ten Indonesian companies in the Forbes Best Under A Billion 2025 list reflects the strength and resilience of Indonesia’s mid-sized enterprises. These firms have not only demonstrated impressive financial performance but also showcased innovation, strong governance, and a commitment to growth.

As Indonesia continues to position itself as a hub for business and investment, the achievements of these companies serve as inspiration for other local enterprises aiming to make a mark on the regional and global stage. With continued focus on digital transformation, sustainability, and regional expansion, more Indonesian companies could join future editions of the Forbes Best Under A Billion list.