Top 30 Indonesian Fashion Public Companies Q3 2025 Revenue & Performance

1) Overall companies performance (Q3 2025 snapshot)
PT Indo-Rama Synthetics Tbk (INDR)
PT Pan Brothers Tbk (PBRX)
PT Trisula Textile Industries Tbk (BELL)
PT Asia Pacific Fibers Tbk (POLY)
PT Argo Pantes Tbk (ARGO)
PT Eratex Djaja Tbk (ERTX)
PT Ricky Putra Globalindo Tbk (RICY)
PT Primarindo Asia Infrastructure Tbk (BIMA)
PT Tifico Fiber Indonesia Tbk (TFCO)
PT Multi Spunindo Jaya Tbk (MSJA)
PT Sunson Textile Manufacturer Tbk (SSTM)
PT Ever Shine Textile Industry Tbk (ESTI)
PT Asia Pacific Investama Tbk (MYTX)
PT Samcro Hyosung Adilestari Tbk (ACRO)
PT Inocycle Technology Group Tbk (INOV)
PT Falmaco Nonwoven Industri Tbk (FLMC)
PT Sepatu Bata Tbk (BATA)
PT Trisula International Tbk (TRIS)
PT Bersama Zatta Jaya Tbk (ZATA)
PT Golden Flower Tbk (POLU)
PT Hartadinata Abadi Tbk (HRTA)
PT Star Petrochem Tbk (STAR)
PT Uni-Charm Indonesia Tbk (UCID apparel-related nonwoven)
PT Sri Rejeki Isman Tbk (SRIL)
PT Century Textile Industry Tbk (CNTX)
PT Hanson International Tbk (MYRX textile exposure legacy)
PT Nusantara Inti Corpora Tbk (UNIT textile linkage)
PT Matahari Department Store Tbk (LPPF)
PT Ramayana Lestari Sentosa Tbk (RALS)
PT Mitra Adiperkasa Tbk (MAPI)

2) Revenue results of major public companies in Indonesia summarized (per company)

1. PT Indo-Rama Synthetics Tbk 9M 2025 revenue reached USD 557.2 million, with losses narrowing significantly YoY. The company benefited from improved polyester demand and cost control initiatives, signaling early-cycle recovery.
2. PT Pan Brothers Tbk reported gradual revenue recovery (USD 400M annualized run-rate) with improved order visibility from US buyers. Margins remain under pressure due to wage and financing costs.
3. PT Trisula Textile Industries Tbk delivered moderate revenue growth with improved operational efficiency. Capex investments in automation supported cost reductions and margin stabilization.
4. PT Asia Pacific Fibers Tbk performance remained volatile with low margins and restructuring efforts, reflecting continued oversupply in synthetic fiber markets.
5. PT Argo Pantes Tbk reported stable revenue but weak profitability, impacted by high production costs and global competition.
6. PT Eratex Djaja Tbk achieved steady export growth, supported by long-term contracts with global brands, though margins remain tight.
7. PT Ricky Putra Globalindo Tbk recorded flat-to-low growth, with domestic demand offsetting weaker exports.
8. PT Primarindo Asia Infrastructure Tbk showed modest recovery in footwear demand, though profitability remains limited due to scale constraints.
9. PT Tifico Fiber Indonesia Tbk continued to face financial pressure, with weak margins due to global polyester price competition.
10. PT Multi Spunindo Jaya Tbk reported healthy revenue growth and improved margins, benefiting from niche textile demand and efficient production.
3) Key trends & insights from Q3 2025
Domestic consumption recovery is driving retail-led growth, outperforming export segments
Polyester and synthetic fiber markets show early-stage stabilization but oversupply persists
Margin compression continues due to energy, labor, and logistics costs
Increasing adoption of automation and efficiency upgrades among manufacturers
Shift toward private label and owned brands among retailers
ESG and sustainability initiatives gaining traction among listed companies
Currency stability (IDR) supporting import cost predictability
Export demand from US/EU improving but still below historical peaks
4) Outlook for Q4 2025 and beyond
Expected seasonal demand uplift in Q4 driven by holidays and festive consumption
Gradual recovery in export orders, especially from US retail restocking cycles
Continued cost optimization and restructuring across textile manufacturers
Increasing investment in sustainable textiles and recycled fibers
Consolidation likely among weaker players due to balance sheet pressure
Retailers expected to expand omnichannel and digital penetration
Long-term growth supported by Indonesias large domestic consumer base
5) Conclusion
The Indonesian fashion industry in Q3 2025 demonstrates a clear bifurcation between recovering domestic retail and gradually stabilizing manufacturing exports. While leading companies have begun to show improved revenue trajectories, profitability remains constrained by structural cost pressures and global competition. Moving into Q4 2025 and beyond, the sector is positioned for measured growth, supported by domestic consumption strength, operational efficiencies, and evolving global demand. However, sustained recovery will depend on export market normalization, cost discipline, and strategic transformation toward higher-value and sustainable products.

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