PTBA Stock: Bukit Asam Profile, Business, Performance and Risks

PTBA is the ticker for PT Bukit Asam (Persero) Tbk, a state-owned coal mining company that sits under Indonesia's mining BUMN holding, MIND ID. Its core business spans coal mining, processing and sales for both domestic and export markets, with a large share of domestic sales going to state utility PLN under the Domestic Market Obligation (DMO) scheme.

PTBA stock summary

As of October 26, 2026:

Bukit Asam's business

Bukit Asam runs an integrated coal business, from exploration and mining to processing and logistics via its own railway and port assets. One of its key assets, Tarahan Port, is described as the largest coal and bulk port in Southeast Asia, with a capacity of 25 million tons per year and the ability to dock vessels up to 210,000 DWT.

The company has also expanded into power generation through the Banjarsari power plant (2x110 MW), operating since 2015, the Banko Tengah plant (2x620 MW), and the Sumsel-8 plant, whose financing agreement with Exim Bank of China was signed in 2018. As of the end of 2021, Bukit Asam had nine subsidiaries spanning various businesses, from palm oil plantations through PT Bumi Sawindo Permai, mining contracting via PT Satria Bahana Sarana, coal mining through PT Tabalong Prima Resources, mining infrastructure through PT Mitra Hasrat Bersama, to investment activities through PT Bukit Multi Investama, established in 2014.

On the sales side, PTBA's market is mostly domestic, largely channeled to PLN under the DMO scheme. According to research from BRI Danareksa Sekuritas cited by Kompas.com, PTBA holds the highest DMO assignment among coal issuers, at 48%, already fulfilled through May 2026.

Brief history and IPO

Bukit Asam's origins trace back to 1968, when the government merged several state coal companies into PN Tambang Batubara. The Bukit Asam mining unit from that company later became the capital base for establishing PT Tambang Batubara Bukit Asam in March 1981. Its corporate status changed to a public corporation (Perum) in 1984, and Perum Tambang Batubara was merged into the company in 1990. In 1993, the government assigned the company to produce coal briquettes.

The company listed on the Indonesia Stock Exchange in 2002 and changed its name to PT Bukit Asam Tbk. One major corporate action that followed was the 2008 acquisition of 51% of PT Internasional Prima Coal for USD17.85 million.

Its BUMN ownership structure has also shifted several times. In 2017, the government transferred majority ownership of PTBA to Indonesia Asahan Aluminium (Inalum) as part of forming a mining BUMN holding. Then in December 2022, to let Inalum focus on aluminum production, majority shares of PTBA were transferred to MIND ID (Mineral Industri Indonesia), established specifically as the mining BUMN holding company.

One other historical note: the Ombilin Coal Mine, one of Bukit Asam's oldest mines, was designated a UNESCO World Heritage Site in 2019.

Shareholders and management

Based on the corporate history above, majority ownership of PTBA currently sits with MIND ID as the mining BUMN holding, replacing Inalum's position since late 2022. On the management side, the sources checked mention Eko Prayitno as PTBA's Corporate Secretary Division Head, who served as the company spokesperson in disclosures regarding the share buyback study. Full details of the board of directors and commissioners aren't available in the sources checked; for current data, the public can check the company's annual report or official website, and idx.co.id.

Recent financial performance

According to a Fortune Indonesia report published October 26, 2026, PTBA posted revenue of Rp22.03 trillion in the first half of 2026, up 8% year over year. Net profit jumped 218% to Rp2.65 trillion, supported by an operational recovery in the second quarter, higher export sales, and a recovery in average coal selling prices.

Coal production in the first half of 2026 reached 19.45 million tons, while sales volume was higher at 21.10 million tons due to additional supply drawn from inventory. Of that total, 10.77 million tons (51%) went to the domestic market, in line with the priority of meeting national energy needs, while 10.33 million tons were exported, up 5% from the same period a year earlier.

Similar figures for the same period also appeared in a Kompas.com report dated September 3, 2026, albeit with slight rounding variations. It stated net profit attributable to owners of the parent reached Rp2.64 trillion in the first half of 2026, more than tripling from Rp833.04 billion in the same period of 2025. Earnings per share jumped from Rp72 to Rp230. Revenue was recorded at Rp22.02 trillion, up from Rp20.45 trillion, with gross profit surging to Rp4.24 trillion from Rp2.24 trillion as cost of revenue actually declined to Rp17.78 trillion from Rp18.20 trillion.

For the third quarter of 2026, MNC Sekuritas analyst Raka Junico W projected PTBA's revenue would reach Rp13.7 trillion, up 15% quarter over quarter and 29% year over year, based on research cited by investor.id on October 25, 2026. The projection is supported by an estimated sales volume of 12.3 million tons (up 12% qoq, 1.4% yoy) and a blended average selling price (ASP) of Rp1.1 million per ton, up 3% qoq and 27% yoy. However, this third-quarter figure remains an analyst projection, not an official result yet released by the company. For official and up-to-date financial reports, readers are advised to check idx.co.id directly.

Dividends

The sources checked don't contain detailed historical dividend data for PTBA, such as dividend-per-share figures from previous years. The only reference is a projection from MNC Sekuritas research cited by investor.id on October 25, 2026, estimating a potential dividend yield of around 6.4%, cited as one reason the firm raised its target price for PTBA shares. Since this is a projection rather than a figure confirmed through a shareholder meeting, readers should check official dividend announcements on idx.co.id or PTBA's official site once disclosed.

PTBA stock price movement

PTBA's last price stood at Rp3,210 per share, well above the 52-week low of Rp2,220 but not yet at the 52-week high of Rp3,490. This position is roughly 78% of the 52-week range, closer to the upper end, around 8% below the one-year high.

Over the past three months the stock rose 36.0%, and over the past year it gained 37.2%, suggesting most of the annual gain occurred in recent quarters. One notable point came on September 3, 2026, when PTBA jumped more than 7% in a single day to Rp2,920, driven by speculation over a revision to the DMO coal benchmark price. That daily surge came with transaction value of Rp206.61 billion, according to data cited by Kompas.com. In the most recent month, the gain slowed to 3.9%, suggesting the rally's momentum has cooled somewhat compared to earlier periods, even as it remains in positive territory.

Recent news and catalysts

Three recent developments are worth tracking for PTBA investors:

1. Share buyback study. According to Fortune Indonesia (October 26, 2026), PTBA management is studying a share buyback option to respond to domestic and global market dynamics. Corporate Secretary Division Head Eko Prayitno said the study considers liquidity, working capital needs, and the company's business plans. "We understand the importance of responding wisely to market dynamics," Eko said in a written statement cited by the outlet. As of publication, management had not decided on execution and pledged to issue a disclosure in line with OJK and IDX rules once a decision is made.

1. Third-quarter 2026 projection. Investor.id (October 25, 2026) reported that MNC Sekuritas raised its target price for PTBA based on a projected 29% year-over-year revenue growth, a potential dividend yield of 6.4%, and supply chain resilience. The research noted PTBA's logistical advantage via the Musi River, relatively unaffected by El Nino, unlike several mines in Kalimantan that faced transport constraints from falling water levels.

1. DMO policy revision sentiment. Kompas.com (September 3, 2026) reported that PTBA's share price surge was driven by speculation the government might revise the DMO coal benchmark price, unchanged since 2018 at USD70 per ton, while the export reference price, Newcastle, was already in the USD130-150 range. Research from BRI Danareksa Sekuritas said PTBA stood to be the biggest beneficiary if the revision were realized, given its 48% DMO assignment share.

Peers on the IDX

• ADRO (Adaro Energy Indonesia / Alamtri Resources) — the largest private coal mining company, with a strong export orientation and diversification into renewable energy and aluminum smelting.
• ITMG (Indo Tambangraya Megah) — a private coal producer focused on exports to Asian markets, affiliated with Thailand's Banpu group.
• HRUM (Harum Energy) — a coal mining company that has also expanded into nickel, with a smaller production scale than PTBA.

The key difference between PTBA and these peers is its status as a state-owned enterprise under the MIND ID holding, with a much larger share of domestic sales to PLN through the DMO scheme.

Risks

• Dependence on commodity prices. PTBA's revenue and profit are sensitive to global coal price movements and the domestic DMO benchmark price, which can change at any time due to government decisions.
• Revenue concentration in a single commodity. Despite having power generation and other subsidiary businesses, most of PTBA's revenue still relies on coal sales.
• Policy and regulatory risk. Its BUMN status makes PTBA vulnerable to changes in government policy, including DMO pricing, production allocation, and mining work plans (RKAB).
• Energy transition risk. Global pressure to reduce coal use as an energy source could affect long-term demand, though the sources checked don't quantify the impact on PTBA specifically.
• Operational and weather risk. Research cited by investor.id noted weather disruptions like El Nino can affect coal mining logistics, though PTBA is relatively more protected via the Musi River route compared to mines in Kalimantan.
• Corporate action execution risk. The buyback plan remains under study, with no certainty on execution or size.
• Valuation after a sharp rally. PTBA shares have already risen 36% in three months and 37.2% over the year, meaning further upside room may be more limited compared to when the price was near the bottom of its 52-week range, though this is not a guarantee of future direction.

What it means for investors

A few concrete things worth tracking going forward, not as buy or sell advice:

• Buyback disclosure. PTBA said it will issue an official announcement on the IDX once a decision on execution is made, so the study's progress can be tracked through the disclosure page on idx.co.id.
• Third-quarter 2026 financial report. MNC Sekuritas' projection of Rp13.7 trillion in revenue and an ASP of Rp1.1 million per ton will only be confirmed once the company releases its official report, not from brokerage research alone.
• DMO price revision outcome. The speculation around revising the DMO benchmark price from USD70 per ton, which has driven PTBA's share price volatility since September 2026, makes the government's eventual decision worth following.
• Price position within the 52-week range. At Rp3,210, the stock sits around 78% of its Rp2,220-Rp3,490 range, so future moves can be measured against these two reference points rather than as a fixed target.
• Dividend certainty. The 6.4% yield estimate from MNC Sekuritas remains a projection, not a shareholder meeting decision. The cum date and confirmed dividend amount should be checked on idx.co.id once officially announced.

How to buy PTBA shares

To buy PTBA shares, the first step is opening a brokerage account with a securities firm licensed by Indonesia's Financial Services Authority (OJK) and registered as a member of the Indonesia Stock Exchange. One lot of PTBA shares equals 100 shares, and at the last price of Rp3,210 per share, one lot is worth around Rp321,000, excluding broker transaction fees. Once the account is active and funded, purchases can be made through the broker's trading app during exchange trading hours.

FAQ

Does PTBA pay dividends regularly?

The sources checked don't detail PTBA's historical dividend track record. There's only a projection from MNC Sekuritas analysts estimating a dividend yield of around 6.4%, based on research dated October 25, 2026, so it's an estimate, not a confirmed payout. Check official dividend data in financial reports at idx.co.id.

How much is one lot of PTBA stock?

At the last price of Rp3,210 per share, one lot (100 shares) of PTBA costs around Rp321,000, excluding brokerage fees.

Is PTBA part of the LQ45 index?

PTBA's membership in the LQ45 or IDX30 index isn't mentioned in the sources checked. Current status can be verified directly on the Indonesia Stock Exchange website (idx.co.id).

What's the difference between PTBA and ADRO or ITMG?

PTBA is a state-owned enterprise under the MIND ID mining holding with a large domestic market obligation (DMO) portion sold to state utility PLN, while ADRO (Adaro) and ITMG (Indo Tambangraya Megah) are private coal miners more export-oriented. Ownership structure and DMO policy exposure are the main differentiators.

Why did PTBA shares jump more than 7% on September 3, 2026?

According to research from BRI Danareksa Sekuritas cited by Kompas.com, the jump was driven by speculation the government might revise the DMO coal benchmark price, unchanged since 2018, with PTBA seen as the biggest beneficiary given its 48% DMO sales portion.

This article is intended for informational purposes only and is not a recommendation to buy or sell PTBA shares.