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2026-11-05T09:06:52

Indocement (INTP) Earns IDR 1.3 Trillion to September 2026 as Volume Rises 9%

印多水泥（INTP）2026年前三季度净利1.3万亿印尼盾，销量增长9%

Indocement profit (PT Indocement Tunggal Prakarsa Tbk, ticker INTP) reached IDR 1.30 trillion in the nine months to September 2026, up 22.5% from IDR 1.06 trillion a year earlier. The gain came from cement and clinker volume rising 9.0% to 15.75 million tonnes as domestic demand strengthened. The company itself warns, however, that energy costs and the exchange rate still squeeze margins, which may lead to further price adjustments.

Key Facts

Indocement results to September 2026

Indocement's official press release of 3 November 2026 shows growth in almost every line. Net revenue rose 8.9% to IDR 14.07 trillion while cost of revenue rose only 7.8%. Gross profit therefore grew faster, by 11.4% to IDR 4.51 trillion, and gross margin improved from 31.3% to 32.0%.

Operating profit rose 18.5% to IDR 1.56 trillion and EBITDA climbed 14.6% to IDR 2.82 trillion, a 20.1% margin. According to IDXChannel, extra support came from net finance income of IDR 20.4 billion, helped by lower interest on PT Semen Grobogan's debt, and from the share of associates' profit, up 109.6% to IDR 49.8 billion. Cash and equivalents stood at IDR 4.7 trillion on 30 September 2026.

National cement demand is also stronger

Indocement's volume growth matches the market. Mirae Asset Sekuritas research quoted by Kontan puts domestic cement consumption for January–September 2026 at 48.1 million tonnes, up 7.9% year on year. September alone reached 6 million tonnes, with bulk cement at 1.9 million tonnes (up 8.2% YoY) and bagged cement at 4.2 million tonnes.

Drivers included dry weather, project deadlines and faster year-end budget disbursement. Indocement reported bulk growth of 12.6% and bagged growth of 5.9%. Bulk cement mostly feeds large projects and ready-mix concrete, while bagged cement reflects house building and small renovations.

Market share competition

The same research says Indocement's share hit 31.6% in September 2026, the highest since at least 2021, while Semen Indonesia (SIG) slipped to 44%. For the nine-month period Indocement reports a 29.3% domestic share. Analysts now estimate full-year 2026 domestic consumption at about 66.9 million tonnes.

Energy costs and selling prices

Indocement's release says the cement industry still faces margin pressure from high energy costs and the exchange rate. The company lists efficiency, alternative fuels and further selling-price adjustments as key steps. Contractors and building-material shops should note this: higher volume does not automatically mean cheaper cement.

Analysts also flag rising interest rates, slower state spending and a weaker rupiah as risks. Cement sales growth for 2027 is projected at only about 2%.

What it means for cement buyers and contractors

  • Lock prices for year-end projects: demand is seasonally strong from September to December, so ask for written quotes with a clear validity date.
  • Watch factory price announcements: producers have openly mentioned possible price adjustments because of energy costs.
  • Compare bulk and bagged: for large volumes, bulk cement or ready-mix can be more efficient than bags.
  • Schedule deliveries before peak rain: cement must stay dry, so avoid stockpiling on site for too long.

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Indocement profit: related articles and products

FAQ

How much did Indocement earn to September 2026? Profit for the period was IDR 1,301.9 billion, up 22.5% from IDR 1,063.1 billion in the same period of 2025.

What was Indocement sales volume? Cement and clinker totalled 15.75 million tonnes, up 9.0%; 15.09 million domestic and 660 thousand tonnes exported.

Will cement prices fall? There is no guarantee. Indocement says energy costs and the exchange rate still pressure margins and mentions possible price adjustments.

Which brands does Indocement make? Among others Semen Tiga Roda, Semen Rajawali, Mortar Tiga Roda and Semen Grobogan.

For building and renovation material needs, reach the homeX team on WhatsApp +62 821 1818 998, by email at homex9998@gmail.com or through our contact page.

Sources: Indocement, Q3 2026 results press release (accessed 5 Nov 2026); IDXChannel, 4 Nov 2026; Kontan via TradingView, September 2026 cement consumption