Press release
Top 30 Indonesian Battery Public Companies Q3 2025 Revenue & Performance
1) Overall companies performance (Q3 2025 snapshot)PT Aneka Tambang Tbk (ANTM) diversified metals (nickel & battery feedstock)
Bayan Resources Tbk (BYAN) large mining & metal revenue
AlamTri Resources / Adaro Energy Tbk (ADRO) diversified mining & metals
Indo Tambangraya Megah Tbk (ITMG) mining including metals exposure
PT Bukit Asam Tbk (PTBA) minerals/coal & metals linkage
Vale Indonesia Tbk (INCO) nickel & concentrates
PT Timah Tbk (TINS) tin & metals
Harum Energy Tbk (HRUM) diversified mining
Merdeka Copper Gold Tbk (MDKA) metals portfolio, including nickel linkage
Amman Mineral Internasional Tbk (AMMN) smelting & metal operations
Golden Energy & Resources (GEMS) energy & mining group
Bumi Resources Tbk (BUMI) integrated mining & metals
PT Merdeka Gold Resources / EMAS precious metals miner
Borneo Olah Sarana Sukses (BOSS) metals & mining services
Baramulti Suksessarana (BSSR) coal/minerals operations
Indika Energy Tbk (INDY) diversified energy & mining
Mitrabara Adiperdana Tbk (MBAP) mining & logistics
Sumber Mineral Global smaller listed metals/minerals entity
J Resources (PSAB) gold & metal mining
Wilton Resources (SQMI) nickel / metals exposure
Bumi Resources Minerals (BRMS) minerals division of Bumi
Transcoal Pacific Tbk mining & related services
Petrosea Tbk mining infrastructure & services
Elnusa Tbk oil & mining services
TBS Energi Utama Tbk energy/mining sector linkage
Trimegah Bangun Persada (Harita Group) nickel mining exposure
Merdeka Battery Materials (MBMA) battery materials & nickel feedstock (unit under MDKA)
PT Timah Smelting (subsidiary activities) metal processing support
IDX Metals/Mining Small Caps (collective) cluster of smaller metal/mining listings
Other Junior Metal/Resources Stocks (emerging names) emerging IDX resource plays
2) Revenue results of major public companies in Indonesia summarized (per company)
PT Aneka Tambang Tbk (ANTM) - Q3 2025 Net Profit: approx. Rp 5.97 trillion ≈ USD 357.7m. Strong downstream margins from nickel/gold business and higher processing volumes.
PT Merdeka Battery Materials Tbk (MBMA) - 9M2025 Revenue: USD 935 million (approx) to Q3 2025. Operational highlights: saprolite ore production up +89% YoY and limonite up +51% YoY. Focus on higher efficiency and downstream expansions (HPAL, AIM).
Vale Indonesia Tbk (INCO) - Q3 2025 Profit: ~Rp 874.8 billion ≈ USD 52.4m. Improved profitability via operational efficiencies in nickel concentrate.
PT Timah Tbk (TINS) - Q3 2025 Profit: ~Rp 602.4 billion ≈ USD 36.1m. Performance influenced by tin pricing & product mix.
Harum Energy Tbk (HRUM) - Q3 2025 Profit: ~Rp 622.3 billion ≈ USD 37.3m. Solid cash flows despite tighter margins.
Merdeka Copper Gold Tbk (MDKA) - 9M 2025 Revenue: ~USD 1.298 billion. Large metals portfolio including nickel influence.
Bayan Resources Tbk - Q3 2025 Net Profit: ~USD 523.6m.
Adaro Energy/Alamtri Resources - Q3 2025 Profit: ~USD 302.5m. Mineral/energy with mining exposure.
Indo Tambangraya Megah - Q3 2025 Profit: ~USD 130.6m. Coal/mining performance influencing capital flows to metal sectors.
PT Bukit Asam Tbk - Q3 2025 Profit: ~USD 83.3m. Coal & mineral
3) Key trends & insights from Q3 2025
Nickel Production & Downstream Focus: Companies like MBMA are expanding nickel ore output significantly, boosting supply for EV battery precursors.
Commodity Price Volatility: Lower benchmark prices for nickel & related metals compressed margins across multiple producers despite production gains.
Diversification & Value-Added Metals: Firms like ANTM benefitted from end-product diversification (gold + nickel) with solid downstream margins.
Strategic Infrastructure Advancements: Integration of HPAL, AIM, and smelter expansions indicate strategic shifts toward higher value in battery material chains.
Export & Regulatory Environment: Battery material export policies and processing incentives influenced profitability and investment planning throughout 2025.
4) Outlook for Q4 2025 and beyond
Capacity Expansion: Downstream projects (HPAL & precursor facilities) expected to start operational phases in late 20252026, supporting long-term value creation.
EV Supply Chain Growth: With expected lithium battery plants in Indonesia by end of 2026 (e.g., CATL partnerships), local materials producers like ANTM & MBMA will play key roles in the global battery ecosystem.
Policy Support: Government incentives and mineral processing mandates continue encouraging domestic value-addition, boosting longer-term battery sector prospects.
Price & Demand Risks: Continued commodity pricing volatility and EV market demand swings could affect short-term margins and capital investment.
5) Conclusion
The Q3 2025 snapshot of Indonesian public companies tied to the battery industry highlights a dynamic supply chain pivot where nickel miners and battery materials producers are increasingly critical. Companies such as ANTM, MBMA, and Vale Indonesia stood out with real earnings growth tied to downstream battery relevance. Commodity price shifts and global EV demand dynamics shape near-term earnings, while strategic investments in capacity expansion position Indonesia as a regional battery supply hub going into 2026.
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