Indika Energy Tbk (INDY) fair value: what the stock is really worth
We calculate from audited financials what Indika Energy Tbk is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily, free.
Compare price with fair valuebelow fair value = cheap, above = expensive
Check the quality50 and up solid, 75 and up strong
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Energy · ID · Market cap 10.5T IDR (≈ $1.0B) · ISIN ID1000110901
At a glance
IEIndika Energy TbkINDY · JK
Price2,810 IDR
Fair Value342.97 IDR
Upside−87.8%
Quality52/100
A solid business, but trading 719% above our fair value of 342.97 IDR.
As of Sep 8, 2026, the fair value of Indika Energy Tbk is 342.97 IDR per share against a price of 2,810 IDR, so the fair value sits 88% below the price. A model estimate from reported figures, not an analyst target.
!Weak Growth (revenue 5y +2.0 %/yr)
!Thin margins · 0.5% net margin
✓Low debt · generates free cash flow
!Mixed vs. peers (6/15)
!Narrow moat 30/100
!Evidence only low, so the estimate is less certain
!Weak on future: 4 out of 100
!Weak on past: 9 out of 100
Evidence: LowRange 257.22 IDR to 428.71 IDR
Fair value as of: Sep 8, 2026
From 23 valuation models · updated yesterday
Fair value updated Sep 8, 2026, revised from 0.0200 IDR to 342.97 IDR (+1,714,750.0%) since Aug 13, 2026. Share price +4.1% over the past month.
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69 individual criteria per stock, every one traceable See the method →
What matters now
The price sits above even our optimistic bull case (428.71 IDR). The favourable scenario is already priced in.
The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
Solid but not exceptional quality (52/100) and above fair value, neither a clear bargain nor a standout compounder.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 8, 2026.
How to read this chart
60‑month range 890.10 IDR – 4,221 IDR · fair‑value band 257.22 IDR – 428.71 IDR · the 2,810 IDR price screens above the 342.97 IDR fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 8, 2026.
Indika Energy Tbk (INDY) currently trades at 2,810 IDR, while our model-based Fair Value estimate is 342.97 IDR, implying the stock looks roughly 719.0% overvalued today. The Quality Score stands at 52/100 (solid quality), in the Energy sector. Bull case: the Asset-Based group reads highest at a median of 2,572 IDR per share, and 7 of the 23 models we run sit above the 2,810 IDR price. Bear case: the Earnings-Based group reads lowest at 171.49 IDR, and 16 of the 23 models stay below the price. Evidence for this calculation is low.
Over the trailing twelve months, Indika Energy Tbk generated revenue of $2.0B at a net margin of 0.5%. Revenue grew 0.7% year over year. It earns a return on equity of 2.3%. Net debt stands at $548M. Fundamentals as of Sep 8, 2026
Scenario range: 257.22 IDR (bear) to 428.71 IDR (bull), the price of 2,810 IDR sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target. The share trades about 35% below its 52-week high and 126% above its 52-week low, currently above its 200-day average. For context, the median of 10 Energy peers we cover trades at −22% fair-value upside, at −88%, INDY screens richer than that median.
Fair Value models
Based on fiscal year 2025 figures (about 8 months old). Earnings retained since then (24.74 IDR per share) are deliberately not added.
Each model values the company its own way; the fair value above is the evidence-weighted blend. Evidence (0 to 100) shows how complete a model's inputs are. How we calculate →
ModelBear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence
Highest evidence
FCF DCF best evidence1,029 IDR1,543 IDR2,229 IDR80
Growth DCF1,029 IDR1,543 IDR2,229 IDR78
Residual Income2,744 IDR2,401 IDR1,715 IDR76
All 23 models by family
DCF Models
FCF DCF best evidence1,029 IDR1,543 IDR2,229 IDR80
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Key figures & financial health
P/E ratio77.5
P/S ratio0.23P/E × margin
EPS (TTM)35.98 IDRprice ÷ EPS = P/E 77.5
Net margin0.3%FY2025
Return on equity2.3%TTM
Return on assets (EBIT)13.0%avg 5y
More key figures
Profitability
Operating margin7.5%TTM
Growth
Revenue (TTM)$2.0BTTM
Revenue growth (YoY)+0.7%3y avg −22.7%
EPS growth (YoY)+142%
Balance sheet & cash flow
Free cash flow$22.9MFY2025
Net debt$548MFY2025 · ≈ 24.0 yrs of FCF
Figures from reported company fundamentals · as of Sep 8, 2026. TTM = trailing twelve months.
Quality Score breakdown
Overall quality52/100
Of which business quality 50
· Market factors (momentum, volatility) 64
Profitability23
Margins and returns on capital today
Quality Growth29
Are margins and returns improving?
Cashflow37
Earnings quality: real cash, not paper profit
Fin. Strength60
Balance sheet, leverage, solvency risk
Investment98
Disciplined investing over empire-building
Low Volatility50
Calm price path (market factor)
Momentum67
Price trend over the last 3–12 months (market factor)
52W Momentum75
Distance to the 52-week high (market factor)
Net Issuance82
Buybacks instead of dilution
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
PT. Indika Energy Tbk operates as an integrated energy company in Indonesia. The company operates through Energy Resources, Energy Services, Energy Infrastructure, and Other Portfolio segments.
Full company description
PT. Indika Energy Tbk operates as an integrated energy company in Indonesia. The company operates through Energy Resources, Energy Services, Energy Infrastructure, and Other Portfolio segments. It provides procurement of electricity, gas, steam, hot water, and air; consultation services related to solar power installation projects; operation and maintenance of electricity installation; leasing of solar power plant or electricity installation; IPP solar power plant related activities; owns and operates coal-fired power plant in Cirebon, West Java; and produces coal. The company also involved in the mining, logistic, engineering, procurement, construction, and services in the coal, and oil and gas sectors; bauxite mining; manufacturing business of wheels vehicles, batteries, medical equipment, pharmaceutical drug, and other healthcare supporting service; and retail trading business for two-wheeler motor vehicle and its spare parts or accessories. In addition, it provides transportation, port operation, and related services; and management, logistics, maintenance, and management consultancy service. Further, the company is involved in the investment, general trading, marketing, financing, coal and mineral trading, agriculture, plantation and farming, printing, and workshop activities; and development, construction, and trading of real estate, as well as consultancy services for construction, industry, and infrastructure. Additionally, it provides stevedoring, business and management consultancy, gold mining, information and communication, manpower, travelling agency, insurance, vehicle repair maintenance, transportation and selling of metal mineral commodities, rental and leasing, waste management, and digital technology services, as well as professional, scientific, and technical services. The company was founded in 2000 and is headquartered in Jakarta, Indonesia.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Indika Energy Tbk reported revenue of $2.0B in FY2025 versus $3.1B in FY2021, a compound −10.1%/yr. Reported net income was $6.0M in FY2025, compounding −43.3%/yr from FY2021.
Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
$2.0B
Latest YoY
−18.0%
Avg. revenue growth/yr (3Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−22.7%
Avg. revenue growth/yr (5Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+2.0%
Avg. revenue growth/yr (18Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+12.3%
Value creation/yr (5Y) ⓘEarnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
−36.5%
Earnings growth per share plus dividend yield: the value created per share and year.
Earnings growth per share−36.5%
Dividend yield0.0%
Operating margin (EBIT) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.−3.9% (2020) → 5.0% (2025) · rising
Worst earnings drop157% (2020) (loss year, drop beyond 100%) · in USD
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Indika Energy Tbk Fair Value". https://www.fairvalue-calculator.com/stock/INDY
Peer Group
Thermal Coal · 100 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation
Quality Score52 · Above median
Profitability
Return on equity (TTM)2% · Below median
Return on assets3% · Above median
Net margin (TTM)1% · Below median
Operating margin (TTM)7% · Below median
Growth and dividend
Revenue growth1% · Above median
Dividend yield (TTM)0.0% · Bottom 25%
Balance sheet
Debt / equity0.40× · Above median
Valuation Multiples vs Thermal Coal median · lower = cheaper
P/E (TTM)77.5× · Priciest 25%
P/B0.87× · Cheaper than median
P/S (TTM)0.51× · Cheaper than median
P/FCF45.7× · Priciest 25%
EV/EBITDA6.4× · Cheaper than median
PEG3.93× · Priciest 25%
What the price implies (reverse DCF)
The inverse question: what free-cash-flow growth must Indika Energy Tbk deliver for ten years so that today's price is fair in our DCF model? Same formula, same discount rate as the fair value.
Implied FCF growth, 10 years+29.5 % per year
Achieved revenue growth, 5 years+2.0 % p.a.
Sector median revenue growth+1.6 %
FCF yield on price1.56 %
Discount rate (WACC) in the models12.0 %
The price demands an acceleration versus past growth: a high bar the company still has to clear. Ranking of the largest stocks →
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
This stockSector peers
VALUE0· sector 11
FUTURE4· sector 0
PAST9· sector 21
HEALTH80· sector 93
DIVIDEND0· sector 53
VALUE 0: the price sits above our fair-value range.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
CoalOil & gas
Similar stocks
10 more Thermal Coal stocks, each showing price versus our Fair Value estimate (as of Sep 8, 2026).
Is Indika Energy Tbk (INDY) overvalued or undervalued?
As of Sep 8, 2026, our model estimates a fair value of 342.97 IDR versus a price of 2,810 IDR, about −88% upside (overvalued).
What is the fair value of INDY?
Our model-based fair value for Indika Energy Tbk is 342.97 IDR (as of Sep 8, 2026), built from audited fundamentals. The current price: 2,810 IDR.
What is the quality score of INDY?
Indika Energy Tbk has a Quality Score of 52/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Indika Energy Tbk (INDY)?
Our model-based price target is the fair value of 342.97 IDR (as of Sep 8, 2026) from 23 valuation models. Cautious scenario 257.22 IDR, optimistic scenario 428.71 IDR. It is a calculation from audited fundamentals, not an analyst target.
What is the Indika Energy Tbk stock forecast for 2026?
Our models put fair value at 342.97 IDR, about −88% upside versus a price of 2,810 IDR (overvalued). Cautious scenario 257.22 IDR, optimistic scenario 428.71 IDR. The calculation is refreshed regularly with new filings.
What is the revenue of Indika Energy Tbk (INDY)?
Indika Energy Tbk reported trailing-twelve-month revenue of about $2.0B (latest available figure, as of Sep 8, 2026).
What is the net profit margin of INDY?
The net profit margin of Indika Energy Tbk is about 0.5%, meaning it keeps roughly 0.5% of revenue as net income. Based on the latest reported figures.
What growth is priced into Indika Energy Tbk (INDY)?
For today's price to be fair in a discounted-cash-flow model, Indika Energy Tbk would have to grow free cash flow by +29.5 % per year for ten years (discount rate 12.0 %, then 2 % perpetual growth). Over the last 5 years revenue grew +2.0 % per year. As of Sep 8, 2026.
What discount rate (WACC) does the fair value of INDY use?
Our models discount Indika Energy Tbk at 12.0 %: a base by market capitalisation (small), damped by beta 0.40, country premium for Indonesia. The same rate applies in all 26 models.
What is the intrinsic value of Indika Energy Tbk (INDY)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Indika Energy Tbk it is 342.97 IDR per share (as of Sep 8, 2026), against a price of 2,810 IDR. It is the blended result of 23 valuation models (cash flow, earnings, asset, dividend).
Is Indika Energy Tbk stock overvalued or undervalued in 2026?
As of Sep 8, 2026, INDY trades above its calculated fair value: price 2,810 IDR, fair value 342.97 IDR, a gap of about −88% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of INDY?
No. The price is what the market pays today (2,810 IDR); the fair value is what the company's own numbers justify (342.97 IDR). For Indika Energy Tbk the two are 2,467 IDR per share apart. That gap is exactly why we show both numbers side by side.
How much is Indika Energy Tbk worth?
The market values Indika Energy Tbk at about 10.5T IDR (market capitalisation, as of Sep 8, 2026). Per share that is 2,810 IDR; our models calculate a fair value of 342.97 IDR per share.
What do the bullish and bearish scenarios say about INDY?
Our models span a range for Indika Energy Tbk: cautious scenario 257.22 IDR, base 342.97 IDR, optimistic 428.71 IDR per share (as of Sep 8, 2026, price 2,810 IDR). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of INDY?
Indika Energy Tbk trades at a price-to-earnings ratio of 77.5 (as of Sep 8, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 342.97 IDR is built from several models across several years. Other multiples: PEG 3.9, P/B 0.9, P/S 0.5, EV/EBITDA 6.4.
What is the PEG ratio of INDY?
The PEG ratio of Indika Energy Tbk is 3.93 (P/E divided by earnings growth, as of Sep 8, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Indika Energy Tbk (INDY)?
Balance-sheet figures for Indika Energy Tbk (as of Sep 8, 2026): return on equity 2.3%, debt of 0.40 per unit of equity. They feed the Quality Score of 52/100, which measures business quality independently of the share price.
How far is INDY from its 52-week high?
Indika Energy Tbk trades at 2,810 IDR, about 35% below its 52-week high of 4,350 IDR and 126% above the low of 1,244 IDR (as of Sep 8, 2026). Distance from the high says nothing about value: that is what the fair value of 342.97 IDR is for.
Which stocks are comparable to Indika Energy Tbk?
From the same area (Energy) we also value China Shenhua Energy Company, PT Bayan Resources Tbk.,, Adani Enterprises Limited, Shaanxi Coal Industry Company, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Indika Energy Tbk stock attractive at the current price?
The data as of Sep 8, 2026: price 2,810 IDR, calculated fair value 342.97 IDR (−88%), Quality Score 52/100, from 23 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of INDY calculated?
We run Indika Energy Tbk through 23 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 342.97 IDR, with the spread shown as a cautious and an optimistic scenario.
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