Kalbe Farma stock reports 14.00 percent revenue growth as margins slip

Published on 10/01/2026 at 06:24 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Kalbe Farma stock posted IDR 19.47 trillion in first-half 2026 revenue, up 14.00 percent year over year. Net profit fell 2.80 percent as margins narrowed.

Kalbe Farma, ID1000096605, Illustration mit AI erstellt.

Kalbe Farma stock is quoted at IDR 725.00 on the IDX on October 1, 2026 at 11:11 a.m. WIB, while the company enters the final quarter with first-half revenue growth of 14.00 percent. The central investor issue is the contrast between expanding sales and weaker profitability.

Sales growth meets margin pressure

Kalbe Farma said on July 31, 2026, that unaudited first-half net sales rose 14.00 percent, supported by Prescription Pharmaceutical, Consumer Health, Nutritionals, and Distribution and Logistics. The company also identified higher raw material prices, rupiah depreciation, and product mix as factors weighing on gross, operating, and net profit margins.

According to Kontan on September 10, 2026, first-half revenue reached IDR 19.47 trillion, up 14.04 percent year over year, while net profit fell 2.80 percent to IDR 1.91 trillion. The figures show that volume growth has not yet translated into matching earnings growth.

Analyst target stays above IDX price

Kiwoom maintained its Buy recommendation and IDR 950.00 target price in its September 10, 2026 first-half update. Its report said first-half revenue grew 14.00 percent, while net profit declined 0.80 percent year over year, and it identified consumer purchasing power, competition, raw material costs, and rupiah depreciation as downside risks.

Against the IDR 725.00 IDX quote on October 1, 2026, the Kiwoom target is 31.03 percent higher. That comparison highlights the market's debate: revenue momentum remains visible, but margin recovery is needed to support the earnings case.

Market value and trading range

KLBF's market capitalization was IDR 32.8 trillion on October 1, 2026. The 52-week IDX range was IDR 630.00 to IDR 1,345.00, placing the share price 42.78 percent below the yearly high and 15.08 percent above the yearly low.