INDF Stock: Indofood Sukses Makmur Profile, Business, Performance and Risks

INDF is the stock ticker for PT Indofood Sukses Makmur Tbk, a Jakarta-based food and beverage producer and one of the biggest names in Indonesia's consumer sector. Its business spans instant noodles, wheat flour, cooking oil, and branded consumer products through its subsidiary, Indofood CBP Sukses Makmur (ICBP). The company is part of the Salim Group and exports its products to Australia, Asia, and Europe.

INDF stock summary

As of October 23, 2026:

Indofood's business

Indofood describes itself as a total food solutions company, meaning its operations cover the entire food production chain, from processing raw materials to finished products on retail shelves. Its business lines include wheat milling through Bogasari, branded consumer products such as Indomie and Sarimi instant noodles through ICBP, snacks through a partnership with Frito-Lay, dairy through Indolakto, and agribusiness and shipping operations.

This structure gives Indofood broad exposure, from upstream agricultural commodities to downstream branded consumer goods. Its products also reach export markets in Australia, Asia, and Europe, though the domestic market remains its main revenue driver.

Brief history and IPO

Indofood's predecessor, PT Panganjaya Intikusuma, was founded on August 14, 1990. The name changed to PT Indofood Sukses Makmur on February 5, 1994. Shortly after, on February 12, 1994, 18 Salim Group companies engaged in food production were merged into Indofood, including Indomie and Sarimi factories, seasoning and sauce plants, and packaging factories.

Indofood listed its shares on the Jakarta Stock Exchange on July 14, 1994, releasing 2.75% of its shares at Rp6,200 per share. At the same time, the company also issued 20% of its shares in the form of bonds in the international market.

After the IPO, Indofood kept expanding through acquisitions, including the Bogasari wheat milling division in 1995, a plantation and agribusiness company in 1997, a carton packaging company in 2004, and Indolakto in 2008 through the acquisition of Drayton Pte. Ltd., which effectively held 68.57% of the dairy company. In 2010, Indofood's branded consumer products arm went public on its own as ICBP, following an internal restructuring of the CBP Group.

Shareholders and management

Indofood has been part of the Salim Group since its founding. In 1999, ownership of Indofood was transferred to First Pacific, the Salim Group's Hong Kong business arm, having previously been placed under Indocement. That same year, Eva Riyanti Hutapea was appointed President Director, becoming the first outsider to hold the position at Indofood.

Anthoni Salim was then appointed President Director on June 24, 2004, replacing Eva. The sources checked for this profile do not detail the current shareholding percentages or board composition, so readers who need the latest shareholder and management data should check disclosure filings on idx.co.id.

Recent financial performance

According to an investor.id report published on October 19, 2026, Indofood's revenue in the first half of 2026 rose 9% year over year to Rp65.53 trillion. However, net profit fell 19% year over year to Rp4.72 trillion, attributed to unrealized foreign exchange losses.

Liputan6.com's archive also recorded a similar pattern: Indofood's sales grew 9%, while its net profit dropped 19% through the first half of 2026. This consistency across both sources suggests the pressure on net profit came from a non-operational factor, namely rupiah exchange rate fluctuations, rather than a decline in product sales.

The sources checked do not include third-quarter 2026 financial details or a full annual report. For complete and up-to-date revenue, profit, and financial ratio figures, readers should check official financial statements on idx.co.id or Indofood's investor relations website.

Dividends

No data on INDF's dividend policy or payment history was found in the sources checked for this article. Investors who want to know dividend history, payout ratios, or the latest cum-date and payment schedules should check official disclosures on idx.co.id, as this information is typically announced through corporate disclosures after the annual general meeting.

INDF stock price movement

As of October 23, 2026, INDF traded at Rp6,625 per share. This sits within the 52-week range of Rp5,850 to Rp7,600, closer to the mid-to-lower end rather than near the yearly high.

In percentage terms, the stock is down 4.3% over the past month, down 4.3% over the past three months, and down 7.7% over the past year. The average daily trading volume over the past three months stood at 6.57 million shares.

Several technical analyst notes in recent months offer a picture of the price levels the market has been watching. On September 10, 2026, according to Kontan, INDF was in an uptrend phase with support at Rp7,425 and resistance at Rp7,600. More than a month later, on October 19, 2026, investor.id noted INDF rose 0.38% to Rp6,625 after rebounding from a sharp sell-off, with support cited at Rp6,550. Comparing these two points in time shows the stock corrected significantly from the Rp7,400 range down to the Rp6,600 range over roughly a month and a half.

Recent news and catalysts

Several catalysts and market notes on INDF in recent months:

• October 19, 2026 (investor.id): BRI Danareksa Sekuritas noted INDF strengthened 0.38% to Rp6,625, with MACD starting to turn positive. The same note flagged rupiah weakness and rising global commodity prices as risks that could pressure Indofood's margins going forward.
• October 19, 2026 (liputan6.com): reported that Indofood's sales grew 9% while net profit fell 19% through the first half of 2026.
• October 13, 2026 (liputan6.com): INDF was included in BNI Sekuritas's stock recommendation list, alongside BBCA, ADRO, KLBF, MAPA, and ANTM, as the Jakarta Composite Index (IHSG) was expected to trade between 5,800 and 6,020.
• September 10, 2026 (investasi.kontan.co.id): BRI Danareksa Sekuritas technical analyst Reza Diofanda noted INDF held above its MA20 with MACD easing within positive territory and the Stochastic indicator moving sideways in neutral territory, as the IHSG closed down 0.12% at 6,678.20 the previous day.

A recurring theme across these reports is pressure from the rupiah's exchange rate and global commodity prices on Indofood's margins, even as sales growth remains positive.

Competitors on the IDX

A few issuers are often compared with INDF on the IDX due to sector overlap or direct business ties:

• ICBP (Indofood CBP Sukses Makmur Tbk): this is actually INDF's own subsidiary, listed separately on the IDX since 2010, focused specifically on branded consumer products like instant noodles, seasonings, and snacks.
• MYOR (Mayora Indah Tbk): a biscuit, coffee, and snack producer that also competes for the same retail shelf space as Indofood's products.
• SIMP (Salim Ivomas Pratama Tbk): a palm oil agribusiness company also under the Salim Group, relevant for comparison with the upstream agribusiness side of Indofood.

The key difference between INDF and ICBP is the scope of business. INDF is the parent holding company with a broader portfolio including Bogasari and agribusiness, while ICBP focuses purely on branded consumer products.

Risks

Some risks relevant for investors to monitor regarding INDF stock:

• Currency risk: the first-half 2026 report showed net profit pressured by unrealized foreign exchange losses from rupiah weakness, pointing to meaningful currency exposure.
• Commodity price risk: as a food producer reliant on wheat, palm oil, and other agricultural inputs, Indofood's margins are sensitive to global commodity price increases, as flagged by BRI Danareksa Sekuritas analysts.
• Consumer sector risk: demand for food and beverage products is relatively stable, but consumer purchasing power and staple food pricing policies can still affect sales volumes.
• Domestic business concentration: despite exports to Australia, Asia, and Europe, Indofood's primary market remains Indonesia, making domestic economic conditions an important factor.
• Liquidity and price volatility: with an average daily volume of 6.57 million shares over the past three months and the stock down 7.7% over the past year, price movements should be watched relative to its fairly wide 52-week range of Rp5,850 to Rp7,600.
• Limited public data: the sources checked do not include current detailed ownership structure, dividend policy, or the most recent complete quarterly financial reports, so investors should supplement their research with official reports on idx.co.id before making decisions.

What this means for investors

A few concrete things to watch from the available data, rather than guessing the next price direction:

• Price levels: INDF currently sits at Rp6,625, with a short-term support level analysts cited at Rp6,550 (as of October 19, 2026) and Rp7,425 (as of September 10, 2026, when the price was still around Rp7,600). The gap between these two levels shows how far the price has moved over about six weeks.
• The 52-week range of Rp5,850 to Rp7,600 gives a reference point for where the current price sits relative to the year's high and low.
• The next earnings release: the first-half 2026 figures already published, 9% revenue growth and a 19% profit decline, are the latest data available in the sources checked. Third-quarter or full-year 2026 results have not appeared in the reporting reviewed, so the official release schedule on idx.co.id is worth tracking.
• Sensitivity to the rupiah and commodity prices: since first-half 2026 net profit was hit by unrealized foreign exchange losses, the rupiah's movement going forward is relevant to watch as a sign of whether similar pressure could repeat.
• Dividend data: since none was found in the sources checked, investors who factor dividends into their decisions should check payment history directly on idx.co.id.

How to buy INDF stock

One lot of INDF stock equals 100 shares. Based on the October 23, 2026 price of Rp6,625 per share, one lot is worth approximately Rp662,500.

To buy this stock, investors need to open a brokerage account with a securities firm licensed by Indonesia's Financial Services Authority (OJK) and registered as an IDX member. Once the account is active and funded, a buy order for INDF shares can be placed through that broker's trading app at the prevailing market price.

This article is for informational purposes to support research, not a recommendation to buy or sell INDF stock.