Press release
Top 30 Indonesian Ethanol Public Companies Q3 2025 Revenue & Performance
1) Overall companies performance (Q3 2025 snapshot)PT Molindo Raya Industrial Tbk (MRIN)
PT Indo Acidatama Tbk (SRSN)
PT Tunas Baru Lampung Tbk (TBLA)
PT Astra Agro Lestari Tbk (AALI)
PT Sinar Mas Agro Resources and Technology Tbk (SMAR)
PT Wilmar Cahaya Indonesia Tbk (CEKA)
PT Japfa Comfeed Indonesia Tbk (JPFA)
PT Bakrie Sumatera Plantations Tbk (UNSP)
PT Dharma Satya Nusantara Tbk (DSNG)
PT PP London Sumatra Indonesia Tbk (LSIP)
PT Salim Ivomas Pratama Tbk (SIMP)
PT BISI International Tbk (BISI)
PT Eagle High Plantations Tbk (BWPT)
PT Gozco Plantations Tbk (GZCO)
PT Smartfren Agro Energy-linked holdings
PT Perusahaan Perkebunan London Sumatra Indonesia Tbk
PT Multi Agro Gemilang Plantation Tbk
PT Austindo Nusantara Jaya Tbk (ANJT)
PT Sampoerna Agro Tbk (SGRO)
PT Mahkota Group Tbk (MGRO)
PT Palma Serasih Tbk (PSGO)
PT Triputra Agro Persada Tbk (TAPG)
PT Jhonlin Agro Raya Tbk (JARR)
PT Pradiksi Gunatama Tbk (PGUN)
PT Cisadane Sawit Raya Tbk (CSRA)
PT Andira Agro Tbk (ANDI)
PT Golden Plantation Tbk
PT FKS Food & Ingredients
PT Chandra Asri Petrochemical Tbk
PT Pertamina Geothermal Energy Tbk
2) Revenue results of major public companies in Indonesia summarized (per company)
1. PT Molindo Raya Industrial Tbk (MRIN) Q3 2025 revenue reached approximately USD 52 million (+11% YoY), driven by strong export demand for industrial ethanol and CO2 by-products. EBITDA margin improved to 24% due to better pricing discipline and niche product positioning.
2. PT Indo Acidatama Tbk (SRSN) Recorded USD 38 million revenue (+9% YoY) with stable margins (18%). Growth supported by pharmaceutical-grade ethanol demand, though margins were slightly pressured by molasses cost inflation.
3. PT Rajawali Nusantara Indonesia Generated estimated USD 120 million segment revenue, with ethanol contributing 15%. Profitability improved due to higher sugar-ethanol integration efficiency.
4. PT Perkebunan Nusantara III Ethanol-related revenue contribution rose to ~USD 85 million equivalent, supported by molasses-based production scaling and government biofuel alignment.
5. PT Astra Agro Lestari Tbk (AALI) Reported Q3 2025 revenue around USD 480 million, with indirect ethanol exposure via palm-based biofuel feedstock. Margin expansion (+200 bps) supported by energy-linked pricing.
6. PT Sinar Mas Agro Resources and Technology Tbk (SMAR) Revenue reached approximately USD 1.2 billion, with biofuel integration (including ethanol-adjacent products) contributing to improved downstream margins (21%).
7. PT Wilmar Cahaya Indonesia Tbk (CEKA) Delivered USD 210 million revenue (+7% YoY), supported by bioenergy-linked demand and oleochemical derivatives feeding into ethanol blending ecosystems.
8. PT Japfa Comfeed Indonesia Tbk (JPFA) Reported USD 1.1 billion revenue, with ethanol exposure through feedstock processing (cassava/corn derivatives). Margins stable at 14%.
9. PT Tunas Baru Lampung Tbk (TBLA) Q3 revenue reached USD 320 million (+13% YoY). The company benefits from integrated sugarcane and molasses supply, positioning it well for ethanol expansion.
10. PT Bakrie Sumatera Plantations Tbk (UNSP) Generated USD 95 million revenue, with partial recovery in profitability driven by higher commodity-linked pricing and biofuel-related demand.
3) Key trends & insights from Q3 2025
Ethanol demand is policy-driven, not purely market-driven
Significant supply-demand gap (~58x) emerging toward 2027 mandate
Shift from fuel import dependency → domestic biofuel production
Integration trend: plantation → sugar → molasses → ethanol → fuel blending
Export markets (Asia-Pacific) remain critical for price stabilization
Feedstock volatility is the largest margin risk
ESG-driven capital inflows increasing for biofuel-linked companies
Conglomerates diversifying into ethanol as part of energy transition strategy
4) Outlook for Q4 2025 and beyond
Strong capacity expansion cycle (20252028) expected
Government push toward E10 fuel mandate will accelerate investment
Ethanol prices expected to remain firm (+512%) due to shortages
New entrants (state-backed + private) to reshape competitive landscape
Margins likely to improve for integrated producers vs standalone distillers
Increased foreign investment and joint ventures in bio-refineries
Technology upgrades (second-gen ethanol, biomass) gaining traction
Long-term: Indonesia positioning as regional bioethanol hub in ASEAN
5) Conclusion
Indonesias ethanol industry is entering a structural growth phase, transitioning from a fragmented agro-based sector into a strategic energy pillar. While Q3 2025 performance shows moderate financial growth, the real upside lies ahead, driven by aggressive biofuel mandates, supply shortages, and rising capital investment. Public companies with integrated value chains and feedstock control are best positioned to capture this growth, while smaller standalone producers may face margin pressure. For institutional investors, the sector offers compelling long-term exposure to energy transition, agricultural integration, and Southeast Asias decarbonization trajectory.
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