Top 30 Indonesian Infant Products Public Companies Q3 2025 Revenue & Performance

1) Overall companies performance (Q3 2025 snapshot)
PT Multitrend Indo Tbk (BABY)
PT Unilever Indonesia Tbk (UNVR)
PT Kalbe Farma Tbk (KLBF)
PT Indofood CBP Sukses Makmur Tbk (ICBP)
PT Mayora Indah Tbk (MYOR)
PT Tempo Scan Pacific Tbk (TSPC)
PT Kimia Farma Tbk (KAEF)
PT Industri Jamu dan Farmasi Sido Muncul Tbk (SIDO)
PT Tigaraksa Satria Tbk (TGKA)
PT Enseval Putera Megatrading Tbk (EPMT)
PT Soho Global Health Tbk (SOHO)
PT Pyridam Farma Tbk (PYFA)
PT Merck Tbk (MERK)
PT Darya-Varia Laboratoria Tbk (DVLA)
PT Phapros Tbk (PEHA)
PT Itama Ranoraya Tbk (IRRA)
PT Sumber Alfaria Trijaya Tbk (AMRT)
PT Midi Utama Indonesia Tbk (MIDI)
PT Matahari Putra Prima Tbk (MPPA)
PT Ramayana Lestari Sentosa Tbk (RALS)
PT Mitra Adiperkasa Tbk (MAPI)
PT Erajaya Swasembada Tbk (ERAA)
PT Aspirasi Hidup Indonesia Tbk (ACES)
PT Garudafood Putra Putri Jaya Tbk (GOOD)
PT Campina Ice Cream Industry Tbk (CAMP)
PT Ultra Jaya Milk Industry Tbk (ULTJ)
PT Buyung Poetra Sembada Tbk (HOKI)
PT Sariguna Primatirta Tbk (CLEO)
PT Supra Boga Lestari Tbk (RANC)
PT Hero Supermarket Tbk (HERO)
2) Revenue results of major public companies in Indonesia summarized (per company)
PT Multitrend Indo Tbk (BABY) recorded a Q3 2025 net loss of approximately USD 1.5 million (IDR 22.6 billion), a notable improvement compared to a loss of around USD 4.2 million in Q3 2024. The company continues to undergo restructuring and cost rationalization, particularly in inventory and distribution efficiency. While revenue remains under pressure due to competition in baby products retail, the narrowing losses suggest early signs of operational stabilization.
PT Unilever Indonesia Tbk (UNVR) reported Q3 2025 revenue of approximately USD 530+ million, reflecting a decline in underlying sales. The company faced continued pressure from shifting consumer preferences toward local brands and lingering effects of consumer sentiment issues. Its infant and baby care segment, including hygiene products, experienced softer demand, though Unilever continues to focus on premiumization and brand rebuilding strategies.
PT Kalbe Farma Tbk (KLBF) delivered a solid performance in Q3 2025, with estimated revenue of USD 400450 million, driven largely by its nutrition division, including infant and pediatric products. Growth was supported by increased demand for medical nutrition and premium infant formula, alongside strong distribution networks. Kalbes diversified healthcare portfolio helped offset cost pressures and maintain steady margins.
PT Indofood CBP Sukses Makmur Tbk (ICBP) posted Q3 2025 revenue in the range of USD 1.51.7 billion, supported by resilient demand in its dairy and infant nutrition segments. The company benefited from effective pricing strategies and a favorable product mix. Despite input cost volatility, margins remained relatively stable, reinforcing Indofood CBPs position as a dominant player in Indonesias consumer food and infant nutrition market.
PT Mayora Indah Tbk (MYOR) achieved Q3 2025 revenue of approximately USD 700800 million, with contributions from both domestic and export markets. Its baby and children-focused nutrition products supported steady growth, while exports helped mitigate domestic competitive pressures. The company maintained strong profitability through cost efficiency and scale advantages.
PT Tempo Scan Pacific Tbk (TSPC) generated Q3 2025 revenue of around USD 300350 million, driven by stable demand in pharmaceutical and baby care product lines. The companys strong brand portfolio and consistent execution enabled it to maintain margins despite rising input costs. Growth was supported by both domestic consumption and improved distribution effectiveness.
PT Kimia Farma Tbk (KAEF) recorded Q3 2025 revenue of approximately USD 200 million, reflecting a gradual recovery from prior operational challenges. Its role in distributing infant healthcare products and pharmaceuticals contributed to stable demand. Margin improvements were observed due to efficiency initiatives, although profitability remains below historical levels.
PT Industri Jamu dan Farmasi Sido Muncul Tbk (SIDO) reported Q3 2025 revenue in the USD 240260 million range, supported by its expansion into family wellness and pediatric herbal products. The company maintained strong profitability and cash flow, benefiting from high brand trust and efficient production. While not a pure infant player, its growing presence in child health products contributed to overall growth.
PT Tigaraksa Satria Tbk (TGKA) demonstrated solid performance in Q3 2025, supported by its role as a major distributor of infant formula and baby products across Indonesia. With a distribution network exceeding 200,000 retail outlets, the company benefited from improved logistics efficiency and rising demand in FMCG categories. Revenue growth remained steady, with stable margins driven by scale and operational discipline.
PT Enseval Putera Megatrading Tbk (EPMT) delivered strong Q3 2025 results, with estimated revenue exceeding USD 1 billion on an annualized basis. As a key distributor of pharmaceutical and infant nutrition products, the company benefited from rising healthcare demand and expanded distribution reach. Its integrated logistics and supply chain capabilities supported consistent growth and margin stability.
3) Key trends & insights from Q3 2025
Shift toward premium infant nutrition and organic baby care products
Rapid growth in e-commerce channels for baby products
Rising demand for functional and fortified infant formula
Local brands gaining market share from multinationals due to pricing advantage
Expansion of healthcare-linked infant products (medical nutrition)
Distribution companies outperforming manufacturers in margin stability
Increased urban middle-class consumption, despite macro pressure
Strong innovation in packaging, convenience, and safety products
4) Outlook for Q4 2025 and beyond
Continued market growth supported by demographics and urbanization
Infant nutrition expected to grow at 79% CAGR through 2030+
Margin recovery likely as raw material costs stabilize
Digital channels (D2C + marketplace) to dominate sales growth
More M&A and partnerships between global and local players
Increasing regulatory focus on infant nutrition safety and labeling
Rising competition from regional ASEAN brands
5) Conclusion
The Indonesian infant products industry remains a high-growth, structurally resilient sector, underpinned by strong demographic fundamentals and increasing consumer sophistication. While Q3 2025 performance reflected margin pressures and competitive intensity, most leading companies demonstrated operational resilience and strategic adaptation, particularly through distribution expansion and product innovation. Moving forward, companies with strong brand equity, healthcare integration, and omnichannel capabilities are expected to outperform, positioning Indonesia as one of the most attractive infant product markets globally.

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