Top 30 Indonesian Retail Public Companies Q3 2025 Revenue & Performance

1) Overall companies performance (Q3 2025 snapshot)
GOTO GoTo Gojek Tokopedia (Internet Retail)
BELI PT Global Digital Niaga Tbk (Blibli) (Internet Retail)
MDIY Daya Intiguna Yasa (Retail)
MAPA PT MAP Aktif Adiperkasa Tbk (Specialty Retail)
MAPI PT Mitra Adiperkasa Tbk (Specialty & Department Retail)
BUKA PT Bukalapak.com Tbk (Marketplace)
AMRT PT Sumber Alfaria Trijaya Tbk (Convenience / Supermarket)
MIDI PT Midi Utama Indonesia Tbk (Supermarket / Retail)
LPPF PT Matahari Department Store Tbk (Department Stores)
RALS PT Ramayana Lestari Sentosa Tbk (Department / Retail)
DNET PT Indoritel Makmur Internasional Tbk (Indomaret network)
ACES PT Aspirasi Hidup Indonesia Tbk (formerly Ace Hardware / Home Improvement)
ERAA PT Erajaya Swasembada Tbk (Electronics Retail)
FISH PT FKS Multi Agro Tbk (Retail trade category)
TGKA PT Tigaraksa Satria Tbk (Retail / Consumer)
BEEF Estika Tata Tiara Tbk (Retail trade)
HERODFI DFI Retail Nusantara Tbk (Retail store operations)
RANC PT Supra Boga Lestari Tbk (Food Retail linked)
DEWI PT Dewi Shri Farmindo Tbk (Food Retail)
MDRN PT Modern Internasional Tbk (Retail)
CSAP PT Catur Sentosa Adiprana Tbk (Retail / specialty stores)
APIC (Retail trade category within wholesale/retail sub-sectors)
MPMX PT Mitra Pinasthika Mustika Tbk (Retail / automotive retail)
CARS PT Industri & Perdagangan Bintraco Tbk (Retail / automotive parts)
BOGA PT Bintang Oto Global Tbk (Large-cap retail trade)
INTD PT Inter Delta Tbk (Retail trade sub-industry)
CLPI PT Colorpak Indonesia Tbk (Distribution / Retail grouping)
MICE PT Multi Indocitra Tbk (Wholesale / Retail trading)
DUTA PT Duta Putra Utama Tbk (Retail-related distribution)
OKAS PT Ancora Indonesia Resources Tbk (Retail / distribution line)
2) Q3-2025 earnings (top 10 retail public companies):
GOTO (GoTo Gojek Tokopedia) GoTo reported adjusted pre-tax profit of Rp62.0 billion in Q3-2025 (first quarter with a positive adjusted pre-tax figure), with topline improvements across Tokopedia and on-demand services and continued cost discipline.
• Rp 62.0 billion → USD ≈ $3.72 million.
Commentary: the result marked a profitability milestone after years of heavy investment; GoTo emphasized improved adjusted EBITDA and raised guidance for 2025 adjusted EBITDA.
BUKA (Bukalapak.com) - Bukalapak reported net profit ≈ Rp2.91 trillion for Q3-2025 / 9M figures reported in Q3 releases (turnaround vs prior losses; broker summaries note strong cost control).
• Rp 2.91 trillion → USD ≈ $174.6 million.
Commentary: Bukalapak's profit reversal was driven by e-commerce monetization and operating leverage; revenue for the quarter was reported around the low-trillions of rupiah and management cited stronger contribution margins.
MAPI (Mitra Adiperkasa) MAPI reported Q3 / 9M net income in the order of ~Rp1.37 trillion (quarter/9M disclosures vary by presentation); corporate releases show continued top-line growth in fashion & lifestyle brands.
Rp 1.37 trillion → USD ≈ $82.2 million.
Commentary: MAP group benefited from recovery in discretionary spending; management highlighted omnichannel integration and loyalty program momentum.
MAPA (MAP Aktif Adiperkasa) - MAPA reported Q3 net profit ≈ Rp1.16 trillion (9M / Q3 consolidated / broker summaries).
• Rp 1.16 trillion → USD ≈ $69.6 million.
Commentary: MAPA's specialty retail formats and premium brand placements delivered solid gross margin recovery in Q3.
AMRT (Sumber Alfaria Trijaya / Alfamart) - Alfamart reported Q3 net profit ≈ Rp2.31 trillion (9M/Q3 releases). Alfamart remains one of Indonesia's largest convenience-store chains by footprint.
• Rp 2.31 trillion → USD ≈ $138.6 million.
Commentary: steady convenience sales and SKU rationalization supported retail margins despite macro pressure.
ACES (Aspirasi Hidup Indonesia - Ace Hardware Indonesia) - ACES reported Q3 net profit ≈ Rp481.1 billion.
• Rp 481.1 billion → USD ≈ $28.9 million.
Commentary: ACES' profit softened vs prior period due to rebranding and expansion costs but sales growth continued in key categories.
LPPF (Matahari Department Store) LPPFs filings/broker summaries show net profit to Sep/ Q3 area of ~Rp601.1 billion (9M / Q3 reporting context) company quarterly filings and the Laporan Triwulan are available from the corporate site.
Rp 601.1 billion → USD ≈ $36.1 million.
Commentary: Matahari's revenues were lower YoY but profitability held up through cost management and SKU optimization.
RALS (Ramayana Lestari Sentosa) - Ramayana reported Q3/9M net profit ~Rp272.97-Rp273.0 billion in Q3 disclosures.
• Rp 273.0 billion → USD ≈ $16.4 million.
Commentary: Ramayana's results showed modest improvements in profitability even when top line faced pressure - execution on inventory and promotion helped.
DNET (Indoritel Makmur Internasional - owner of some retail assets, incl. Indomaret franchise exposure) - Indoritel reported Q3 net profit ≈ Rp838.7 billion in 3Q filings/broker summaries.
• Rp 838.7 billion → USD ≈ $50.3 million.
Commentary: Indoritel's retail & corporate segments supported a rise in profit; the company's distribution network and corporates were cited as drivers.
MIDI (Midi Utama - Alfamidi / retail supermarket group) - MIDI reported Q3 net profit ≈ Rp590.7 billion.
• Rp 590.7 billion → USD ≈ $35.4 million.
Commentary: Supermarket formats saw steady sales expansion and margin resilience from private label and cost control.
3) Key trends & insights from Q3-2025
E-commerce & marketplaces improving unit economics. Large marketplace players (GoTo, Bukalapak) reported stronger EBITDA/adjusted pre-tax improvements as promotional intensity normalized and take-rates improved. GoTos adjusted pre-tax profit milestone and Bukalapaks pivot to profit in 9M were notable. Investors are watching how these platforms translate margin gains to sustained free-cash-flow.
Convenience & supermarket resilience. Convenience chains (Alfamart / Alfamidi / Indomaret-related groups) remained resilient with steady traffic and stable margins; scale and private-label programs supported margins despite consumer caution.
Premium and specialty retail recovery, but uneven. Department-store and premium-format operators (MAPI / MAPA / Matahari) showed improving sales in discretionary categories but recovery was uneven across regions and price segments. Inventory resets and omnichannel investments continued.
Margin pressure in some segments. Cost of logistics, rebranding/expansion spending (ACES) and promotional resets compressed near-term net income for some players even when revenues were positive. Management commentary emphasized controlled capex and targeted store productivity.
Macro & FX sensitivity. The rupiah's moves in 2025 affected USD-equivalent reported results and investor perception - exporters and hard-currency cost exposures remained sensitive to FX. Bank Indonesia and market commentary show rupiah trading in a band around mid-16k-17k in Q3-2025.
4) Outlook for Q4-2025 and beyond
Seasonal tailwinds into Q4 (holiday & year-end). Retailers typically target Q4 promotions and year-end spending; many companies guide to stronger Q4 revenues if macro is stable. Watch early Q4 sales data and promo depth - excessive discounting could pull forward demand and press margins. (Company guidance in presentations will be key.)
Focus on profitability & cash generation. E-commerce players have signaled a shift from growth-at-all-costs to structural profitability; continued progress in adjusted EBITDA / FCF will shape investor narratives.
Store footprint optimization + omnichannel. Larger groups will continue to optimize underperforming stores, invest in omni/loyalty tech, and push higher-margin private label assortments.
Risks - macro & policy. Currency volatility, interest-rate moves, or changes to consumer support policies could affect discretionary spending. Retailers with strong balance sheets and working capital management will be better insulated.
M&A / partnership signals. Expect selective M&A or JV activity (brands, logistics, payments) to accelerate as players pursue scale in digital + physical networks.
5) Conclusion
Q3-2025 showed a retail sector in transition: scale players are pushing profitability milestones, supermarkets & convenience formats remain the backbone of volumes, and department/specialty retailers are gradually regaining share but margin pressure and uneven regional recovery keep results mixed.

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