The big names get all the attention. Every headline is about BHP, Naspers, Standard Bank, Anglo American. And that’s understandable. They’re big, liquid, and well-covered. But some of the most interesting investment stories on the JSE are hiding in plain sight, well below the radar of most institutional investors.
Small caps are more volatile, less liquid, and require more homework. But they also offer something the Top 40 rarely does: the chance to get in early on a genuine growth story before the rest of the market notices.
Here are three small caps worth watching right now.
#1: Stefanutti Stocks (JSE: SSK) – The Construction Comeback
Stefanutti Stocks is one of South Africa’s most established multidisciplinary construction groups, founded in 1971.
It operates across building, civil and geotechnical engineering, roads and earthworks, mining infrastructure, renewable energy, and mechanical and electrical works across South Africa and sub-Saharan Africa.
What makes it interesting, right now?
The numbers tell a compelling turnaround story. Revenue grew 8.2% to R7.7 billion in fiscal 2025. More striking: earnings per share exploded from R0.15 to R1.25 in a single year.
The macro backdrop is working in SSK’s favour. South Africa’s infrastructure spend is accelerating – roads, energy projects, water infrastructure, and the renewables pipeline are all active. Stefanutti has the skills, the track record, and the geographical footprint to capture that work. Its sub-Saharan Africa exposure also gives it access to regional infrastructure projects that most JSE-listed peers can’t compete for.
More recently, Apex Partners Holdings – founded by Chris Seabrooke of Sabvest (JSE: SBP) fame and Charles Pettit, both well-regarded in SA investment circles – has taken a 5.82% stake in SSK. When experienced, value-oriented investors take meaningful positions in small caps, it’s worth paying attention. They typically do their homework before writing the cheque.
What to watch for?
Order book growth, margin stability as input costs rise, and any update on the renewable energy pipeline, which could be a material earnings driver over the next two to three years.
#2: ISA Holdings (JSE: ISA) – Cybersecurity in the right place at the right time
ISA Holdings is an investment holding company whose core business, Information Security Architects, is one of sub-Saharan Africa’s most established managed cybersecurity services providers.
Founded in the 1990s, ISA helps organisations prevent, detect, and respond to cyber threats – firewalls, intrusion detection, identity management, remote access, vulnerability assessment, and more.
What makes it interesting, right now?
Cybersecurity is one of the few sectors where demand is structurally guaranteed to grow. Cyber-attacks on African businesses have surged in recent years, and the regulatory environment – both locally and across the continent – is increasingly requiring organisations to demonstrate proper security frameworks.
ISA is not a startup trying to win this market. It has over two decades of established client relationships and genuine expertise.
The financials back the story. ISA’s most recent interim results showed turnover and profit growth of 52% and 20%, respectively.
More recently, ISA has agreed to sell its 50% stake in DataProof – a cybersecurity services subsidiary – back to the company for R62 million.
R52 million arrives in cash on completion; the remaining R10 million follows within 12 months. The rationale is sensible: DataProof’s other shareholder, Mr Thapeli Matsabu, takes full control, supporting black economic empowerment (BEE) and economic self-determination.
ISA realises fair value and redeploys the proceeds into working capital and BIG dividends!
What to watch for?
How ISA deploys the R62 million disposal proceeds, whether the dividend is maintained or increased, and continued revenue growth from its core managed security services business as cyber threats across Africa intensify.
#3: Purple Group (JSE: PPE) – South Africa’s Retail Investing Revolution
Purple Group is the JSE-listed parent of EasyEquities – South Africa’s most successful retail investment platform, and one of the most compelling fintech growth stories on the African continent.
Through its Easy Group of brands, it gives ordinary South Africans access to local and global shares, property, crypto, ETFs, and retirement savings – at some of the lowest costs in the market. The flagship EasyEquities platform allows users to buy fractional shares, meaning you can invest in Apple or Naspers from as little as R10.
What makes it interesting, right now?
The operating leverage story is now impossible to ignore. In the six months to February 2026, group revenue grew 8.8% to R258.5 million. Operating expenses grew just 0.5%.
Revenue grew eleven times faster than costs – the result of a decade of platform investment finally compounding at scale. Profit before tax jumped more than 30%, while HEPS rose 21% to 2.86c.
The Easy Group itself – the revenue engine – is growing faster still.
Easy Group revenue was up 18.5% while costs rose just 1.6%, translating into a 66.3% jump in profit before tax. Active clients now stand at 1.245 million, up more than 20% year-on-year. Total client assets hit R94.9 billion – up 41.2% in a year.
Monthly retail deposits in March 2026 broke every record in the company’s history, exceeding R1.9 billion.
The growth catalysts ahead…
Three new fronts make the story even more interesting. EasyRetire – the group’s retirement savings product – had R2.1 billion in retail client assets by February 2026, nearly triple the level of three years ago, and is targeting a trillion-rand retirement industry still dominated by legacy unit trust platforms.
EasyETFs crossed R2 billion in assets under management in March 2026, less than 18 months after launch.
And EasyEquities Philippines – built in partnership with GCash, which has over 80 million active users – is now live in a regulated sandbox, targeting 500,000 active users by 2027. None of the Philippines upside is in current earnings. It is entirely incremental.
The board has also approved the acquisition of an AI technology business – details still under wraps – intended to enhance investment services and client interactions.
What to watch for?
Philippines user growth milestones, EasyRetire asset inflows, whether the AI acquisition adds genuine capability or distraction, and management’s ability to hold the cost discipline that is currently driving exceptional operating leverage.
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