Top 30 Indonesian Public Manufacturing Companies Q3 2025 Revenue & Performance

1) Overall companies performance (Q3 2025 snapshot)
Q3-2025 showed a mixed recovery across Indonesian manufacturing subsectors:
Auto & heavy equipment: improving vehicle sales & financing activity helped conglomerates with auto exposure (Astra) and heavy-equipment vendors, though some mining/commodity segments weighed on margins.
Consumer staples & FMCG: food processors and household goods makers (Indofood, Unilever Indonesia, Kalbe) were broadly resilient domestic demand and agribusiness price pass-through helped toplines.
Petrochemicals: Chandra Asri reported very strong revenue and profit growth YTD driven by higher margins and strong demand across the region.
Building materials & cement: mixed some players reported weak quarterly profits (Semen Indonesia printed a modest/low PAT for Q3) amid margin pressure and slower domestic construction volumes.
FX & commodity exposure: companies with large commodity or FX exposures experienced volatility (some companies reported FX hits or commodity-driven swings). Overall the IDR traded around ~16,60016,750 per USD in late-Sept 2025; for this article I used IDR 16,690 = 1 USD to convert Rp -> USD. 2) Earnings-call / Q3-2025 results Top 10 Indonesian manufacturing public companies.
1. PT Astra International Tbk (ASII) 9M25 net profit (reported / company filings & research notes)
Reported (9M-2025 net profit): Rp 24.47 trillion.
USD equivalent (approx): $1.466 billion (Rp24.47T ÷ 16,690).
Notes: Astras 9M performance was somewhat down vs prior year; automotive and finance services improved in Q3 but other segments (e.g., some heavy equipment exposures) moderated the group result. Source: company/market research Q3 financial statements.
2. PT Indofood Sukses Makmur Tbk (INDF) 9M25 / Q3 highlights
Reported (9M-2025 net profit in filings): Rp ~7.88 trillion (9M); company research notes give the 3Q contribution and segment detail.
USD equivalent (approx 9M): $472.2 million (Rp7.88T ÷ 16,690).
Notes: Agribusiness and Bogasari (flour) supported the quarter; agribusiness ASPs and volumes helped offset margin pressure in some processed food lines. Company IR and broker reports provide segment breakdowns.
3. PT Chandra Asri Pacific Tbk (TPIA) 9M25 results
Reported (9M-2025 profit): Chandra Asri reported very strong 9M results and regional reports referenced net profit in USD terms (company/disclosures show very large USD profits) market reports cited ~USD 1.31.7 billion (9M) depending on source framing (some market writeups report a USD figure).
USD equivalent (reported): ~USD 1.31.7 billion (9M25) per public filings and broker notes.
Notes: A major petrochemical producer Q3/9M surge driven by stronger margins and volumes; company also announced strategic financing transactions and M&A interest in the region. Exact local Rp figures converted in company filings.
4. PT Charoen Pokphand Indonesia Tbk (CPIN) Q3-2025
Reported (Q3-2025 net profit): Rp 3.37 trillion (Q3).
USD equivalent (approx Q3): $201.9 million.
Notes: Broiler/pricing improvements and margin recovery drove Q3; 9M performance was stronger year-on-year. Broker notes and Indopremier summary available.
5. PT Unilever Indonesia Tbk (UNVR) Q3-2025
Reported (Q3-2025 net profit): Rp 3.34 trillion (Q3) (company Q3 financial statement).
USD equivalent (approx Q3): $200.1 million.
Notes: Domestic sales growth and margin improvements supported the quarter (company Q3 statement & investor release).
6. PT Hanjaya Mandala Sampoerna Tbk (HMSP) Q3-2025
Reported (Q3-2025 net profit): Rp 4.51 trillion (Q3 / 9M reported context varies; company announcements show large Q3/9M numbers).
USD equivalent (approx): $270.2 million.
Notes: Tobacco firm strong gross profit but higher operating costs affected some margins; reported 9M/quarterly results available.
7. PT Semen Indonesia (Persero) Tbk (SMGR) Q3-2025
Reported (Q3-2025 PAT): Rp 114.8 billion (Q3) (company / broker note).
USD equivalent (approx Q3): $6.88 million.
Notes: Cement producers profitability was weak in the quarter vs prior year; volume and price pressures together with cost structure affected results.
8. PT Indocement Tunggal Prakarsa Tbk (INTP) to Sept-2025 / Q3 highlights
Reported (to Sep-2025 / Q3 contribution): Rp 1.06 trillion (to Sept / reported figure).
USD equivalent (approx): $63.5 million.
Notes: Indocement managed to hold profit around prior year levels despite revenue pressure; company filings / press show revenue & volume comments.
9. PT United Tractors Tbk (UNTR) 9M-2025
Reported (9M-2025 net profit): Rp 11.47 trillion (9M).
USD equivalent (approx): $687.5 million.
Notes: UNTRs result was down YoY as equipment sales softened and some forex/impairment items weighed; mining contracting & parts of the group remain major cash engines.
10. PT Kalbe Farma Tbk (KLBF) Q3 / 9M-2025
Reported (Q3-2025 / reported 9M): Rp 2.63 trillion (reported 3Q/9M context in filings).
USD equivalent (approx): $157.6 million.
Notes: Pharmaceuticals & nutritional products top line recovery across segments, with margins influenced by product mix and A&P. Broker notes provide segment breakdowns.
3) Key trends & insights from Q3 2025 (manufacturing)
Auto/heavy equipment shows tentative recovery, but earnings mix matters. Automotive volumes improved into Q3 (helping groups like Astra and some vehicle-related suppliers), but heavy equipment & mining exposure (for certain groups) still introduces cyclicality. Broker research highlighted an automotive improvement offset by some weaker UNTR/Komatsu margins.
Petrochem & chemicals were standout winners. Chandra Asri posted very strong 9M results, reflecting regional petrochemical demand and wide margins in the cycle; management activity (financing and deals) suggests aggressive strategic moves.
Consumer staples & food processors remained defensive and resilient. Indofood, Unilever, Kalbe and similar names showed resilient revenues with agribusiness / branded products supporting margins despite household cost pressures.
Cement & some basic materials still under pressure. Cement producers reported low/volatile quarterly profits as domestic construction demand and pricing pressures affected margins.
FX and commodity swings matter watch translation and input costs. Several companies flagged FX items or commodity input cost swings in 3Q filings; firms with USD-linked revenue or USD debt felt the volatility.
EV manufacturing & regional industrial investment is reshaping capital expenditure. BYDs investment and other EV projects (new plants & local content policies) are altering the auto/parts supply chain opportunity set in Indonesia an important long-term manufacturing theme.
4) Outlook Q4 2025 and beyond (manufacturing)
Near term (Q4-2025): Expect seasonality for consumer staples (higher demand in some product categories) and continuing momentum in petrochemicals if global margins stay supportive. Cement / construction recovery will depend on public infrastructure spending and project rollouts; monitoring IDR stability (and commodity prices) is key for margins.
Medium term (2026): EV manufacturing capacity additions (e.g., localized assembly and supplier growth) and petrochemical repositioning are likely structural positives for manufacturing employment and capex. Corporate balance sheets and access to financing will determine which manufacturers can scale or M&A (some companies showed active financing moves in Q3).
Risks: FX volatility, commodity price swings (oil, olefins feedstocks, agricultural commodities), and any slowdown in domestic demand. Policy changes (excise, import/content rules) can materially affect margins in tobacco, cement, and autos.
5) Conclusion
Q3-2025 confirmed a two-speed manufacturing recovery in Indonesia: petrochemicals and some consumer staples delivered strong results, while basic materials and capital-goods segments remained sensitive to volume and price swings. Large conglomerates (Astra, United Tractors) illustrate how diversified exposures can mitigate or magnify swings depending on the division mix. For investors and industrial strategists, the key themes to track are petrochemical margins, EV manufacturing/plant rollouts, IDR stability, and infrastructure spending in Q4-2025 and into 2026.

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