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  3. •

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PT Budi Starch & Sweetener Tbk

PT Budi Starch & Sweetener Tbk

IIDX:BUDI
214.00
IDR
+4.00
(+1.90%)
38.03EPS
5.58P/E
916.22BMarket Cap
PT Budi Starch & Sweetener Tbk
IDX:BUDI
(Indonesia Stock Exchange)

Recent

price

214.00

P/E

ratio

5.58

div

yld

3.27%

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
IDR
564.27
662.73
577.21
626.73
557.26
552.14
564.94
558.03
588.4
667.65
605.88
750.12
751.8
876.85
891.15
707.01
876.24
Revenue per Share
12.25
15.65
1.27
2.63
6.81
4.55
7.7
9.13
10.68
13.61
13.89
18.51
19.77
22.41
13.7
23.71
36.55
Basic EPS, GAAP
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Free Cash Flow per Basic Share
9.55
12.91
- -
- -
- -
- -
- -
2.5
4
5
6
6
8
14
9
8.99
7
Dividend per Share
205.47
206.18
200.73
203.83
210.19
235.55
240.71
253.91
252.85
264.35
271.53
284.23
296.06
326.07
330.72
345.43
362.06
Book Value per Share
205.4
206.18
200.73
203.83
210.19
235.55
240.71
253.91
252.85
264.35
271.53
284.23
296.06
326.07
330.72
345.43
362.06
Tangible Book Value per Share
3,765
3,778
3,977
4,099
4,099
4,308
4,368
4,499
4,499
4,499
4,499
4,499
4,499
4,499
4,499
4,495
4,491
Basic Weighted Avg Shares
2,124,381
2,503,984
2,295,369
2,568,954
2,284,211
2,378,805
2,467,553
2,510,578
2,647,193
3,003,768
2,725,866
3,374,782
3,382,326
3,944,953
4,009,264
3,177,730
3,935,428
Sales/Revenue/Turnover
6.34
7.17
3.8
8.64
6.56
8.21
6.68
7.28
7.33
7.72
7.3
6.62
6.59
6.15
5.42
6.93
7.36
Operating Margin (%)
- -
8,464
10,222
8,129
10,292
7,444
6,254
10,526
14,890
11,854
17,941
36,687
39,028
42,756
38,948
36,589
35,548
Depreciation Expense
46,130
59,128
5,049
10,789
27,932
19,602
33,651
41,078
48,064
61,228
62,496
83,283
88,961
100,802
61,624
106,550
164,149
Net Income, GAAP
34.83
30.11
59.25
- -
34.46
59.57
26.89
25.12
29.69
23.7
3.2
19.52
19.79
19.46
20.17
10.01
13.4
Effective Tax Rate (%)
2.17
2.36
0.22
0.42
1.22
0.82
1.36
1.64
1.82
2.04
2.29
2.47
2.63
2.56
1.54
3.35
4.17
Profit Margin (%)
23,816
181,627
103,529
77,517
43,409
1,256
1,544
7,503
4,632
7,324
156,101
188,591
392,357
456,478
695,975
1,084,277
1,098,865
Working Capital
173,912
404,218
363,648
345,469
483,934
496,558
485,209
501,200
459,100
321,700
287,460
193,620
270,000
209,040
375,000
680,000
615,000
LT Debt
802,010
811,031
854,135
883,246
908,931
1,105,251
1,164,982
1,194,700
1,226,484
1,285,318
1,322,156
1,387,697
1,445,037
1,591,327
1,619,224
1,689,078
1,768,592
Total Equity
6.11
7.67
1.98
- -
4.15
2.08
4.76
5.44
5.24
6.77
7.55
7.11
6.78
6.85
5.53
5.61
6.68
Return on Invested Capital (%)
3.22
6.05
1.9
- -
4.73
2.62
4.59
4.93
5.51
6.51
7.09
6.71
6.59
7.01
5.32
7.05
8.06
Return on Capital (%)
6.12
7.73
0.64
1.33
3.4
2.11
3.19
3.75
4.28
5.26
5.18
6.66
6.81
7.2
4.17
7.01
10.49
Return on Common Equity (%)

Capital Structure

IDR

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
1,325,818
1,277,746
1,483,926
LT Borrowings
680,000
647,500
615,000
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
4,491
4,491
4,491
Market Capitalization
961,133
952,151
916,221

Working Capital

IDR

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
2,563,668
2,508,262
2,752,588
Cash, Cash Equivalents & STI
137,326
84,942
299,750
Accounts Receivable, Net
1,486,131
1,533,529
1,661,836
Inventories
832,808
792,488
702,883
Total Current Liabilities
1,479,391
1,429,597
1,653,723
Payables & Accruals
- -
- -
- -
ST Debt
1,325,818
1,277,746
1,483,926
Deferred Revenue
- -
- -
- -

Growth Rates

IDR

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
4.36%
5.05%
4.31%
Free Cash Flow
- -
- -
- -
Net Income, GAAP
22.76%
17.48%
72.9%
Sales/Revenue/Turnover
3.67%
4.31%
-20.74%
Total Cash Common Dividend
- -
- -
-0.16%

Quarterly Revenue

IDR

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
968,170
883,999
1,120,002
1,037,093
4,009,264
2025
798,486
654,399
713,406
1,011,439
3,177,730
2026
1,033,306
1,177,277
- -
- -
- -

Quarterly Earnings Per Share

IDR

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
4.62
2.39
4.33
2.35
13.7
2025
2.48
1.32
13.58
6.34
23.71
2026
5.98
10.64
- -
- -
- -

Quarterly Dividends Per Share

IDR

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
5
9
2025
- -
- -
- -
7
8.99
2026
- -
- -
- -
- -
- -
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Business
PT Budi Starch & Sweetener Tbk engages primarily in the manufacture and sale of cassava-based products and derivatives, operating through four main segments: tapioca starch and modified tapioca starch; sweeteners including glucose, fructose, sorbitol, and maltodextrin; sulfuric acid and other chemical products such as citric acid, organic fertilizers, and chemicals used in fertilizer manufacturing, rayon, dyes, medicines, detergents, inorganic salts, oil refining, and metallurgical processes; and plastic packaging, specifically polypropylene woven bags used in packaging applications. The company serves both domestic Indonesian markets and international exports. Founded in 1975 and headquartered in Jakarta, Indonesia, it operates production facilities across several Indonesian cities including Lampung, Solo, Subang, and Surabaya. Recent strategic developments include a focus on sustainability through converting liquid waste into electricity to reduce traditional fuel dependency and processing solid waste into organic fertilizer, underscoring its commitment to a green environment. The company has also undergone operational expansions to enhance production efficiency and competitiveness in the starch and sweetener sectors. Financially, PT Budi Starch & Sweetener Tbk has maintained steady revenue contributions from its core segments, with a majority derived from tapioca starch sales, supplemented by steady growth in sweetener and chemical product lines. These efforts align with its mission to integrate environmentally friendly practices in its manufacturing process and increase competitive positioning in both local and global markets. The company is a subsidiary within the Sungai Budi Group, one of Indonesia’s largest agribusiness conglomerates, and continues to leverage its extensive agricultural base to supply raw materials and sustain product innovation in cassava starch and derivative goods. PT Budi Starch & Sweetener Tbk targets food and beverage, chemical, agricultural, and industrial sectors, providing staple ingredients and industrial chemicals predominantly in Southeast Asia with expanding footprints internationally. This comprehensive product and service offering positions it as a leading cassava-based agribusiness and industrial chemical supplier in Indonesia and beyond.