What are the top-rated Australian small-cap stocks for 2026?

VYS PPS and CGS have each delivered strong FY26 progress, combining growth, expanding opportunities and improving future earnings visibility.

Vysarn Limited (ASX: VYS) 

on 15 April 2026 announced that the Kariyarra Water Scheme joint venture had been shortlisted for Stage 2 of Water Corporation’s bulk water supply process for Port Hedland. The Registration of Interest followed the process launched on 15 January 2026. The project also advanced hydrogeological, environmental, local government and land tenure approvals needed for future development.

In 1HFY26, Vysarn delivered NPBT of $10.05 million. Contracted work, project schedules and ongoing activity provided good visibility for the second half. The company also continued investing in growth opportunities, leadership capability and expansion into new markets.

The Industrial division maintained strong demand and utilisation, supported by fleet improvements. Technology demand remained healthy, although project timing affected first-half earnings. The Advisory business delivered solid results while expanding across Western Australia, Queensland and New Zealand.

For 2HFY26, VYS is targeting NPBT of $20.0 million with expected growth across all segments while continuing to advance the Kariyarra Water Scheme and other long term opportunities.

Praemium Limited (ASX: PPS)

shared its Q3 FY26 update for the quarter ended 31 March 2026 on 22 April 2026. Total Funds Under Administration increased 18% year on year to $73.7 billion. Platform FUA rose 7% to $32.2 billion while Scope+ non-custodial portfolio administration grew 28% to $41.5 billion, with portfolios increasing 27% to 11,969.

Platform net inflows reached $598 million during the quarter despite negative market movements of $923 million. Adviser demand remained steady, particularly from high-net-worth clients. Spectrum recorded net inflows of $502 million and expanded FUA to $4.0 billion. During FY26, 172 new investment options were added across investment menus.

The merger with Technotia continued to progress, and the technology restructure announced on 16 February 2026 was completed in Australia. Closure of Armenian operations is expected in Q4 FY26. PPS expects annual technology salary cost savings of about $9 million on a run rate basis from FY27.

PPS continued improving onboarding, advancing its superannuation offering, integrating OneVue operations and renewing main enterprise client agreements whereas maintaining focus on long term growth and operating efficiency.

Cogstate Limited (ASX: CGS) 

shared its 3Q26 business update for the quarter ended 31 March 2026 on 08 April 2026. CGS achieved continued demand for its clinical trial and cognitive assessment services across a wider range of Central Nervous System conditions. It secured sales contracts worth $25.4 million, taking total contract wins for the first nine months of FY26 to $67.1M.

Revenue already under contract for the second half of FY26 increased to $29.1M, compared with $21.7 million at 31 December 2025. Total FY26 revenue under contract reached $56.0 million and exceeding FY25 revenue of $53.1 million. Contracted revenue for FY27 also increased to $35.6 million.

Cogstate expects FY26 revenue to be higher than FY25 and anticipates gross margins of 56–59% in the second half. The company continues to manage costs carefully whereas investing in scientific expertise, AI powered data tools and partnerships. A record sales pipeline and 133 active trials provide visibility for future growth.

(Source: Company Report)