ITMG Stock: Indo Tambangraya Megah Profile, Business, Performance and Risks

ITMG is the ticker for PT Indo Tambangraya Megah Tbk, an investment holding company that controls several coal mining, coal trading, and power generation subsidiaries in Indonesia. The company is part of Thailand's Banpu Pcl group, with its main mines spread across East and South Kalimantan. Beyond coal, ITM has started moving into minerals and renewable energy through hybrid solar power projects.

ITMG stock summary

As of October 27, 2026 (Yahoo Finance data):

ITM's business

ITM is essentially a holding company. The actual mining operations run through subsidiaries that hold the mining permits, including PT Indominco Mandiri, PT Trubaindo Coal Mining, PT Jorong Barutama Greston, PT Kitadin, and PT Bharinto Ekatama, spread across East Kalimantan, South Kalimantan, and Central Kalimantan. According to Indonesian Wikipedia, the group operates six mines, five ports, and two coal loading points, including the Balikpapan Coal Terminal, Bontang Port, Jorong Port, and loading points at Muara Berau and Muara Jawa.

Beyond coal, ITM also runs power generation subsidiaries such as PT ITM Bhinneka Power and PT ITM Energi Utama, and has recently begun developing hybrid solar power as part of its clean energy push. The latest diversification move came with the establishment of PT ITM Mineral Investama (IMI) on October 7, 2026, a new subsidiary formed together with PT ITM Batubara Utama to pursue mineral businesses outside coal.

Brief history and IPO

PT Indo Tambangraya Megah was founded on September 2, 1987. Its business roots trace back to the Salim Group through PT Kitadin, which held a 930-hectare mining concession in East Kalimantan since 1986. Several other mining companies followed, including PT Indominco Mandiri (since 1997) and PT Trubaindo Coal Mining (a joint venture between Truba Group and Salim Group), together forming a business group known as Indocoal.

The Asian financial crisis reshaped the ownership picture. As part of settling BLBI obligations owed to Bank Central Asia, the Salim Group had to hand over its entire coal business to Indonesia's bank restructuring agency, BPPN. Through a tender process that included bidders such as PT Timah, PT Bukit Asam, and PT Bhakti Investama Tbk, Thailand's Banpu eventually won the Indocoal assets through PT Centralink Wisesa International in March 2001. Banpu then consolidated all the former Indocoal entities under ITM, including buying out remaining stakes still held by other Salim-affiliated companies, such as Indocement's 35% stake in PT Indominco Mandiri.

ITM went public on the Jakarta Stock Exchange on December 18, 2007, releasing 20% of its shares at an IPO price of Rp14,000 per share and raising Rp3.16 trillion. In 2008, Banpu's stake in ITM was transferred to Banpu Minerals (Singapore) Pte. Ltd., with an additional portion sold to the public, leaving Banpu's ownership at around 65%. By 2010, ITM was Indonesia's fourth-largest coal exporter. Between 2014 and 2020, the company kept expanding its portfolio through new subsidiaries and acquisitions, including ventures into solar power. In 2021, ITM posted revenue of US$1.3 billion and profit of US$271 million.

Shareholders and management

Based on the ownership data on record, ITMG's shareholder structure is:

Djisman Simandjuntak serves as President Commissioner, alongside two Independent Commissioners, Mahyudin Lubis and Djoko Wintoro, plus Banpu-affiliated commissioners Somruedee Chaimongkol, Somsak Sithinamsuwan, Fredi Chandra, Kirana Limpaphayom, and Maneewan Vachiruckul. Mulianto holds the President Director role, supported by directors Chum Ramsiri, Parameth Prasan, Isara Pootrakul, Ignatius Wurwanto, Jusnan Ruslan, Yulius Kurniawan Gozali, Stephanus Demo Wawin, and Junius Prakarsa Darmawan. ITMG's current Corporate Secretary, Monika I Krisnamurti, has acted as the company's spokesperson in several stock exchange disclosures.

Recent financial performance

For the first half of 2026, ITMG booked revenue of around US$1 billion, up 9% year on year. The growth was driven by a 5% rise in sales volume to 12.3 million tons from 11.7 million tons in H1 2025, along with an increase in average selling price (ASP) from US$78 to US$81 per ton.

On net profit, there's a slight discrepancy across outlets. Kontan and Mikirduit cited net profit attributable to shareholders of around US$106 million, up 16-17% year on year. Liputan6, meanwhile, reported net profit for the six-month period ended June 30, 2026 at US$110 million. The gap likely comes down to different calculation bases, profit attributable to shareholders versus total consolidated net profit, so readers after the precise figure should check ITMG's official financial statements on idx.co.id.

On production, second-quarter 2026 output rose 13% quarter on quarter to 5.3 million tons, bringing total H1 2026 production to 9.9 million tons, still 5% below the 10.4 million tons recorded in the same period last year. On the cost side, cost of revenue rose 7%, driven by a higher strip ratio and rising fuel costs. Selling expenses climbed from US$81 million to US$88 million, general and administrative expenses stood at US$26 million, bringing total operating expenses to US$114 million. Finance income slipped slightly to US$18 million from US$21 million, while finance costs actually fell 32% to US$4 million from US$6 million.

The government has approved ITMG's revised 2026 RKAB (annual work and budget plan) with a group production quota of around 23 million tons, slightly above the company's initial target of 22-22.9 million tons. Mirae Asset Sekuritas Senior Market Analyst Nafan Aji Gusta told Kontan on September 22, 2026 that ITMG's challenge now is no longer quota availability but its ability to execute production and convert it into sales volume for the rest of the year.

Dividends

No dividend policy, record date schedule, or dividend-per-share figures for ITMG were found in the sources checked for this profile. Readers looking for ITMG's dividend history and plans should check the company's official disclosures and annual reports on idx.co.id.

ITMG stock price movement

As of October 27, 2026, ITMG trades at Rp25,200 per share. That sits slightly below the midpoint of its 52-week range of Rp20,900 to Rp30,700, closer to the lower end than to the annual high of Rp30,700, but still well above the 52-week low.

Over the past month, ITMG shares slipped 1.2%, though they're still up 3.5% over three months and 10.9% over the past year. Average daily trading volume over the past three months stood at 1.57 million shares, suggesting the stock remains fairly actively traded.

For context, on Thursday, October 15, 2026, a day before the new subsidiary announcement, ITMG closed at Rp25,300, down 0.59%, with an intraday range of Rp24,975 to Rp25,425, trading frequency of 2,551 times, volume of 21,852 shares, and transaction value of Rp56.1 billion, according to RTI data cited by Liputan6.

Recent news and catalysts

Several developments are worth tracking for ITMG investors:

• October 7-16, 2026: ITMG and its subsidiary PT ITM Batubara Utama (IBU) established PT ITM Mineral Investama (IMI) on October 7, 2026, announced through an IDX disclosure on October 16, 2026. Corporate Secretary Monika I Krisnamurti stated, "IMI will support the comprehensive expansion of the company's mineral business portfolio." The transaction is classified as an affiliated transaction since IBU is a controlled company at least 99% owned by ITMG's paid-up capital, meaning it did not require shareholder (RUPS) approval.
• September 22, 2026: Kontan reported the government's approval of ITMG's revised 2026 RKAB with a quota of around 23 million tons, slightly above the company's target. UBS Sekuritas analyst Timothy Handerson lowered his 2025-2028 production volume CAGR projection for ITMG to 2% from a previous 6%, citing low visibility on additional quota approvals for 2027-2028 and the government's preference for maximizing state revenue through higher commodity prices rather than higher volumes.
• September 24, 2026: Mikirduit noted coal prices briefly topped US$150 per ton during the third quarter of 2026, and flagged operational risk from low water levels on the Mahakam River, which forced a roughly 30-40% cut in barge loads from the Melak area, from around 7,000 tons to 3,500-4,000 tons per barge, potentially raising transport costs per ton by a similar margin.
• August 12, 2026: ITMG released its H1 2026 results in a written statement, showing revenue up 9% year on year and double-digit net profit growth, supported by higher ASP and sales volume.

Peers on the IDX

A few coal and energy issuers commonly compared with ITMG on the IDX:

• BYAN (Bayan Resources): a major coal producer known for high-calorie coal products, which also received an additional RKAB quota in the same period as ITMG.
• ADRO (Adaro Energy Indonesia): an integrated energy group with broader diversification into aluminum and green energy, differing from ITM, which has only recently started expanding into minerals through IMI.
• PTBA (Bukit Asam): a state-owned coal producer with its main concessions in South Sumatra, a different mining base from ITM's Kalimantan-centered operations.

UNTR (United Tractors) is also relevant to mention since its subsidiary, PT Pamapersada Nusantara (PAMA), is an important mining contractor at ITM's PT Indominco Mandiri concession, handling overburden removal, coal extraction, and transport to port.

Risks

• Commodity price risk: ITMG's revenue is highly sensitive to global coal prices and Indonesia's benchmark coal price (HBA). The ASP increase from US$78 to US$81 per ton in H1 2026 shows how directly revenue tracks market pricing.
• Production quota regulation: annual production quotas are governed through the RKAB approval process. UBS flagged low visibility on additional quota approvals for 2027-2028, with the government likely prioritizing state revenue through higher prices over higher output volumes.
• Business concentration: despite diversification moves through IMI and hybrid solar power, most of ITM's revenue still depends on a single commodity, coal, and on export markets.
• Operational and logistics risk: low water levels on the Mahakam River forced barge loads from the Melak area down by 30-40%, potentially raising transport costs per ton by a similar proportion, though the impact on total company costs has so far been limited since it affects only part of the mining operations.
• Third-party contractor dependence: PAMA, a UNTR subsidiary, plays a critical role at the Indominco Mandiri mine, from overburden removal to coal transport. Reliance on a single large contractor is a factor worth watching in ITM's cost structure.
• Currency and input cost risk: a weaker rupiah theoretically supports ITM's dollar-denominated export revenue, but rising fuel prices and mining costs tied to global oil prices can eat into margins.
• Global energy transition: the worldwide push toward clean energy could pressure long-term coal demand, though ITM has started responding through its expansion into minerals and hybrid solar power.

What it means for investors

ITMG currently trades at Rp25,200, below the midpoint of its 52-week range of Rp20,900 to Rp30,700. Investors tracking the stock can compare the current price against both ends of that range to gauge where it sits relative to the past year's trading, without drawing conclusions about future direction.

A few concrete things worth watching:

• Second-half 2026 production and sales realization: H1 production was still down 5% year on year even after the RKAB quota rose to 23 million tons. Q3 and Q4 production reports will show whether ITMG can close in on its own target of 22-22.9 million tons.
• ASP and HBA movements: ITMG's ASP rose from US$78 to US$81 per ton in H1 2026. Further moves in benchmark coal prices will directly affect margins, especially after prices briefly topped US$150 per ton in Q3 2026.
• Progress at PT ITM Mineral Investama (IMI): this new subsidiary was only established on October 7, 2026. Future IDX disclosures should clarify what assets and mineral business plans it will pursue.
• Mahakam River water levels: low water already cut barge loads in the Melak area by 30-40%. An extended dry season could push logistics costs higher again.
• Official financial reports: there's a discrepancy in H1 2026 net profit figures across outlets (US$106 million versus US$110 million). For confirmed Q3 and full-year 2026 numbers, check ITMG's official filings on idx.co.id.

How to buy ITMG shares

To buy ITMG shares, investors need to open a securities account with a brokerage licensed by Indonesia's Financial Services Authority (OJK) and registered as an IDX member. Once the account is active and funded, buy orders can be placed through the broker's trading app in minimum units of 1 lot, or 100 shares. As of October 27, 2026, one lot of ITMG costs Rp2,520,000 based on the last price of Rp25,200 per share, a figure that will change as the stock price moves.

FAQ

Does ITMG pay regular dividends?

No dividend policy or schedule data for ITMG were found in the sources checked for this profile. Check official disclosures and annual reports on idx.co.id before making dividend-related decisions.

How much does one lot of ITMG shares cost?

As of October 27, 2026, ITMG trades at Rp25,200 per share, so one lot (100 shares) is worth Rp2,520,000.

Is ITMG part of the LQ45 index?

ITMG's LQ45 or IDX30 membership status was not found in the sources checked. Check the latest index constituent list directly on the IDX website.

What's the difference between ITMG and BYAN (Bayan Resources)?

Both are major Indonesian coal producers, but ITMG is a Banpu Pcl (Thailand) subsidiary with mines in East and South Kalimantan, while BYAN is known for high-calorie coal products. Detailed financial comparisons between the two aren't covered in this source set.

Who is ITMG's controlling shareholder?

Banpu Minerals (Singapore) Pte. Ltd. holds 65.14% of ITMG shares, making ITMG part of Thailand's Banpu group.

What is PT ITM Mineral Investama, the new subsidiary ITMG just set up?

PT ITM Mineral Investama (IMI) is a new subsidiary established by ITMG together with PT ITM Batubara Utama on October 7, 2026, to support the expansion of the company's mineral business portfolio.

This article is informational and is not a recommendation to buy or sell ITMG shares.