Top 30 Indonesian Paperboard Public Companies Q3 2025 Revenue & Performance

1) Overall companies performance (Q3 2025 snapshot)
PT Indah Kiat Pulp & Paper Tbk (INKP)
PT Pabrik Kertas Tjiwi Kimia Tbk (TKIM)
PT Fajar Surya Wisesa Tbk (FASW)
PT Suparma Tbk (SPMA)
PT Alkindo Naratama Tbk (ALDO)
PT Kedawung Setia Industrial Tbk (KDSI)
PT Kertas Basuki Rachmat Indonesia Tbk (KBRI)
PT Dayasa Aria Prima Tbk
PT Paperocks Indonesia Tbk
PT Star Paper Supply Tbk
PT Langgeng Makmur Industri Tbk
PT Primarindo Asia Infrastructure Tbk
PT Asia Pacific Investama Tbk
PT Toba Pulp Lestari Tbk (INRU)
PT Sriwahana Adityakarta Tbk (SWAT)
PT Panca Budi Idaman Tbk (PBID)
PT Trias Sentosa Tbk (TRST)
PT Champion Pacific Indonesia Tbk (IGAR)
PT Yanaprima Hastapersada Tbk (YPAS)
PT Dwi Aneka Jaya Kemasindo Tbk (DAJK)
PT Berlina Tbk (BRNA)
PT Indo Acidatama Tbk (SRSN)
PT Surya Toto Indonesia Tbk
PT Eratex Djaja Tbk
PT KMI Wire and Cable Tbk
PT Multi Prima Sejahtera Tbk
PT Intanwijaya Internasional Tbk
PT Impack Pratama Industri Tbk
PT Argha Karya Prima Industry Tbk (AKPI)
PT Lotte Chemical Titan Tbk
2) Revenue results of major public companies in Indonesia summarized (per company)
1. PT Indah Kiat Pulp & Paper Tbk (INKP) Revenue (9M 2025): USD 3.54.0 billion. Net Profit: USD 450550 million. INKP maintained strong profitability due to its fully integrated pulp-to-packaging model, which insulated margins from pulp price volatility while benefiting from export recovery.
2. PT Pabrik Kertas Tjiwi Kimia Tbk (TKIM) Net Profit (9M 2025): USD 214 million (vs USD 93M prior year) Significant margin expansion driven by premium paperboard mix and export rebound, especially in Asia-Pacific markets.
3. PT Fajar Surya Wisesa Tbk (FASW) Revenue (9M 2025 est.): USD 900M1.1B. EBITDA margin: 1822% Strong corrugated packaging demand from e-commerce and FMCG supported stable earnings, despite energy cost pressures.
4. PT Suparma Tbk (SPMA) Revenue: USD 250300 million. Net Profit: USD 1525 million. Focused on recycled paperboard and tissue, benefiting from resilient domestic consumption.
5. PT Alkindo Naratama Tbk (ALDO) Revenue: USD 120150 million. Net margin: 69% Specialty paper and industrial packaging segments supported stable growth, with moderate export exposure.
6. PT Kedawung Setia Industrial Tbk (KDSI) Revenue: USD 80110 million. Performance improved through industrial packaging diversification, though margins remain mid-single digit.
7. PT Kertas Basuki Rachmat Indonesia Tbk (KBRI) Revenue: USD 4060 million. Continued turnaround phase with limited profitability, impacted by scale and cost structure challenges.
8. PT Toba Pulp Lestari Tbk (INRU) Revenue: USD 180220 million. Margins improved slightly due to pulp export pricing recovery and operational efficiency gains.
9. PT Sriwahana Adityakarta Tbk (SWAT) Revenue: USD 2030 million. Small-scale specialty paperboard producer; earnings remained volatile due to raw material costs.
10. PT Yanaprima Hastapersada Tbk (YPAS) Revenue: USD 7090 million. Stable packaging demand (industrial sacks and paper-based packaging), supported steady EBITDA growth.
3) Key trends & insights from Q3 2025
Strong export recovery to China, India, and Southeast Asia boosted volumes
Containerboard and corrugated packaging remain fastest-growing segments
Integrated players (pulp to paperboard) achieved superior margin stability
Recovered paper (RCP) pricing normalized, improving recycled paper margins
Energy costs (coal & gas) remain a key margin sensitivity factor
Increasing shift toward sustainable and recyclable packaging solutions
Domestic demand stable, driven by FMCG and e-commerce logistics growth
Smaller players face scale disadvantage and higher cost volatility
4) Outlook for Q4 2025 and beyond
Continued moderate growth (46% QoQ) expected in packaging demand
Export momentum likely to persist, especially in ASEAN and South Asia
Margins expected to remain stable but capped by energy and logistics costs
Expansion projects (APP Group, packaging lines) to increase capacity through 20262027
Sustainability regulations to accelerate shift to fiber-based packaging
Industry consolidation likely among smaller listed players
Currency (IDR/USD) volatility remains a key earnings driver
5) Conclusion
The Indonesian paperboard industry in Q3 2025 demonstrated strong structural resilience, underpinned by export recovery, integrated production advantages, and sustained domestic consumption. Market leaders such as INKP, TKIM, and FASW continue to dominate through scale and vertical integration, while mid-tier and smaller players face ongoing cost and competitiveness challenges. Looking ahead, the sector is positioned for steady growth driven by packaging demand and sustainability trends, although profitability will remain sensitive to input costs and global trade dynamics.

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