Gudang Garam targets stable volumes: what it means for Gudang Garam stock

Published on 10/07/2026 at 02:10 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Gudang Garam earned IDR 2.98 trillion in the first half of 2026, up 2,380.00 percent. For Gudang Garam stock, revenue fell 7.20 percent.

Gudang Garam, ID1000068604, Illustration mit AI erstellt.

Gudang Garam (ID1000068604) earned IDR 2.98 trillion in net income in the first half of 2026, while management targeted stable cigarette volumes for the second half. The combination puts margin recovery against weaker demand at the center of the Gudang Garam stock story.

Volume pressure meets profit recovery

As Liputan6 reported on September 10, 2026, Gudang Garam said its second-half objective was to stop the decline in cigarette volume. The first-half volume was 20.50 billion sticks, down 13.60 percent from 23.70 billion a year earlier.

The earnings rebound was substantial but came with a demand trade-off. According to Suara.com on September 10, 2026, revenue fell 7.20 percent to IDR 41.18 trillion, while gross profit rose 58.00 percent to IDR 5.99 trillion. Gross margin expanded to 14.50 percent from 8.50 percent in the first half of 2025.

Cash discipline supports margins

Cost control strengthened the balance sheet alongside the operating recovery. Liputan6 reported on September 10, 2026, that the gearing ratio improved from 30.70 percent to 21.50 percent and that the only continuing capital project was toll-road construction.

For investors, the key test is whether pricing power can preserve profitability while volumes stabilize. The first-half figures show the tension clearly: net income surged from IDR 0.12 trillion to IDR 2.98 trillion, but revenue and volume moved lower over the same period.

Stock context and next test

On the Indonesia Stock Exchange, Gudang Garam was last at IDR 17,100.00 on October 6, 2026 at 4:00 p.m. WIB. The same quote showed a 52-week range of IDR 11,200.00 to IDR 21,825.00 and market capitalization of IDR 32.9 trillion. Lang & Schwarz showed a prior close of EUR 0.85 for October 6, 2026.

Gudang Garam is listed on the Indonesia Stock Exchange under ticker GGRM, as stated on its investor-relations page. The company manufactures and distributes tobacco products, so volume stabilization and pricing remain the clearest operating markers for the second half of 2026.

The further course of trading is shown by the continuously updated real-time quote of Gudang Garam stock.