Here are 7 ASX 200 Stocks Winning During The Iran War…And Aren’t In The Soaring Oil and Gas Space!

Investors asked to name ASX 200 stocks winning during the Iran war would likely think of oil and gas stocks, benefiting from soaring prices. This is not incorrect – oil stocks like Woodside, Santos and Karoon have grabbed the headlines as the obvious beneficiaries of the US-Iran conflict that erupted in late February 2026.

However, they’d be wrong to say such companies would be the only winners. It is true that S&P/ASX 200 is down roughly 9% since hostilities began, representing the worst sustained fall since the June 2022 inflation shock, and there are far more losers than winners. But a handful of stocks outside the oil space have not just held their ground but surged by double digits. Here’s which companies and why.

Note: The data was correct as of March 31, 2026. None of this constitutes financial advice. 

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7 ASX 200 Stocks Winning During The Iran War That Aren’t In Oil And Gas

DroneShield (ASX:DRO) — up ~17% since mid-February and YTD

If there is one company whose business case is written directly by the current conflict, it is DroneShield. The Sydney-based counter-drone technology company develops AI-powered hardware and software systems for detecting and defeating unmanned aerial threats, serving military, government, and critical infrastructure customers across more than 30 countries. The connection to the Iran conflict is hard to miss: drone warfare has become the defining tactical feature of modern Middle Eastern conflicts, and any escalation creates an immediate and visceral argument for DroneShield’s order pipeline.

The stock jumped 7% on the first day of the Iran conflict and has continued to grind higher, and for good reason. The current conflict is another reminder that drones are now a real threat to military assets, energy infrastructure and broader regional security. Droneshield’s revenue grew by 276% in FY25, the company holds more than A$209m in cash, and it is increasingly shifting toward a SaaS revenue model that builds recurring income alongside lumpy hardware contracts. The structural demand for counter-drone systems long predate this conflict, but Iran has acted as a sharp reminder to investors and defence procurement agencies alike.

Lynas Rare Earths (ASX:LYC) — up ~31% since mid-February and 62% YTD

Lynas has been the standout non-oil performer in this environment, and for good reason. As the world’s largest producer of rare earth minerals outside China, the company sits at the intersection of defence supply chains, geopolitical risk, and critical minerals policy. All three forces have moved sharply in its favour this month. The company’s flagship Mt Weld mine in Western Australia and its processing operations in Kalgoorlie and Malaysia produce the neodymium-praseodymium (NdPr) oxide that goes into the magnets embedded in everything from F-35 fighter jets to guided missiles.

On March 16, Lynas announced that its American subsidiary had signed a binding letter of intent with the US government to finalise a rare earth oxide supply agreement, with the Pentagon allocating approximately US$96m for the purchase of light and heavy rare earth oxide products over four years, including a floor price of US$110 per kilogram for NdPr oxide. This followed a similar floor-price arrangement secured with Japan. Over the 12 months prior to the announcement, Lynas shares had risen 172%, significantly outperforming the broader ASX 200. The Iran conflict has accelerated Western governments’ urgency around supply-chain independence from China.

Block, Inc. (ASX:SQ2) — up ~15% since mid-February but down 16% YTD

Block is perhaps the most counter-intuitive name on this list. The San Francisco-based fintech, which operates Cash App, the Square point-of-sale ecosystem and the Afterpay buy-now-pay-later platform, has no direct exposure to defence, energy, or critical minerals. Its gains this month (although not this year) have a different origin.

Up to mid-February 2026, Block had been struggling as investors feared that it was not profitable and would be swamped by AI – meaning it would be overtaken by competitors. But just two days before the conflict began, Block announced it was laying off over 4,000 employees out of 10,000, citing artificial intelligence as a primary reason, and shares surged 24% on the announcement. This shift to cost discipline has resonated strongly with investors through the turbulence of March. Block also holds a meaningful Bitcoin position on its balance sheet.

In a conflict characterised by oil price spikes and inflation fears, Bitcoin has functioned as a digital hedge for some institutional investors, adding a secondary tailwind to the stock. With revenues denominated largely in US dollars, the softening Australian dollar provides an additional currency tailwind for the company and its investors.

Telix Pharmaceuticals (ASX:TLX) — up ~51% since mid-February and 14% YTD

Telix’s ascent this month is the most dramatic in this cohort, though its catalyst is almost entirely company specific. The company, a developer of cancer imaging agents, reported a impressive set of full-year 2025 results in late February. Telix reported revenue of US$803.8m, up 56% year-on-year, with 2026 guidance set at US$950–970m.

That result triggered a sharp re-rating in a stock that had fallen heavily through late 2025 following FDA setbacks. The Iran conflict, perversely, has helped: healthcare stocks globally have been a destination for defensive capital rotation as investors flee cyclicals and energy-exposed industrials. And so a month into the Iran conflict Telix shares had gained over 50% in less than 6 weeks, driven by positive trial updates on its TLX101-Px brain imaging agent and TLX591-Tx prostate cancer therapeutic.

With the first of these (TLX101-Px or Pixclara), Telix resubmitted its NDA in response to FDA feedback and investors had confidence it’d be second time lucky so far as getting the green light would be concerned. As for TLX591-Tx, Part 1 results from the Phase 3 study had good safety results. Specifically, the main toxicity events observed were described as as transient, self-limiting, and rapidly reversible. Crucially for investors, the treatment does not have salivary gland uptake and does not rely on renal excretion a favourable tolerability profile versus the PSMA therapies it is trying to replace.

Technology One (ASX:TNE) — up ~24% since mid-February but down 5% YTD

Technology One is Australia’s most successful homegrown enterprise software company, delivering cloud-based ERP systems to universities, local councils, healthcare organisations and government agencies across Australia, New Zealand, and the United Kingdom. Its customer retention rate consistently exceeds 99%, and its transition to a fully SaaS-based revenue model has built a recurring revenue stream that is almost entirely insulated from commodity prices, shipping routes, and geopolitical risk.

In a market where cyclical and interest-rate-sensitive names are being punished, TNE is precisely the kind of company institutional investors rotate into. At its AGM, Technology One provided updated guidance, with annual recurring revenue expected to grow 17% at the midpoint and profit before tax to grow 19% in FY26.

Magellan Financial Group (ASX:MFG) — up ~18% since mid-February but down 4% YTD

Magellan manages global equities for institutional and retail investors. For most of the past three years, it has been a story of persistent funds outflows and a shattered post-Hamish Douglass reputation. In early March, that narrative shifted decisively. On March 2, Magellan announced a proposed merger with Barrenjoey, an Australian investment bank in which it already held a stake, with the transaction structure and a placement completed within days.

Investors viewed the deal as a meaningful strategic pivot that broadens Magellan’s revenue base beyond pure funds management and into investment banking. In our view, the stock’s gain reflects the market’s enthusiasm for the Barrenjoey tie-up. Barrenjoey is not just any investment bank but a stock that went from nothing to a $1.6bn bank in just 5 years. Even though it remains to be seen the full impact the Iran conflict will have – and it will depend on how long it goes on for; the revenue diversification is a good enough story to be enthused over.

Superloop (ASX: SLC) — up ~33% since mid-February and 25% YTD

Superloop is one of Australia’s fastest-growing broadband and connectivity providers, competing aggressively with Telstra and TPG for NBN market share through its consumer, business, and wholesale segments. Like Technology One, its recurring subscription revenues make it effectively immune to oil price shocks or Strait of Hormuz disruptions. Recent milestones under its exclusive Origin Energy contract, alongside steady subscriber growth, have reinforced its defensive appeal.

In an environment where investors are placing a premium on businesses with predictable cash flows and no commodity exposure, but struggling to find them, Superloop fits the bill. Whilst people are doing their best to cut back on petrol amidst the oil price spike the Iran conflict has caused, cutting telco bills will be much easier said than done given the nature of the world we live in.

The Commonality

These seven stocks share a characteristic that has become rare and valuable in March 2026: their revenues are largely indifferent to what happens in the Iran war. Defence technology, critical minerals policy, enterprise software subscriptions, fintech payments, and broadband infrastructure all operate on their own internal logic. The Iran conflict has underscored a familiar lesson: resilience comes less from owning gold and oil than from holding businesses with genuinely diverse earnings streams. In a market that has lost $300bn in value, that lesson has come at a cost; but for these shareholders, it has been a profitable one.