PT Lupromax Pelumas Indonesia Tbk (LMAX) Fair Value & Analysis
Energy · ID · Market cap 76.7B IDR
Fair value as of: Jul 19, 2026
From 20 valuation models · updated 22 days ago
Share price +1.8% over the past month.
A solid business, but screening 39% overvalued on our models.
What matters now
- The price sits above even our optimistic bull case (83.95 IDR). The favourable scenario is already priced in.
- Solid but not exceptional quality (67/100) and above fair value, neither a clear bargain nor a standout compounder.
- A fairly wide model range (42.20 IDR to 83.95 IDR) leaves room in how you read the outcome.
Price vs Fair Value (3 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 19, 2026.
How to read this chart
36‑month range 14.00 IDR – 362.00 IDR · fair‑value band 42.20 IDR – 83.95 IDR · the 114.00 IDR price screens above the 69.69 IDR fair value. Dashed = 300-day average. As of Jul 19, 2026.
Analysis
PT Lupromax Pelumas Indonesia Tbk (LMAX) currently trades at 114.00 IDR, while our model-based Fair Value estimate is 69.69 IDR, implying the stock looks roughly 38.9% overvalued today. The Quality Score stands at 67/100 (solid quality), in the Energy sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: medium).
Over the trailing twelve months, PT Lupromax Pelumas Indonesia Tbk generated revenue of 67.7B IDR at a net margin of 1.1%. Revenue declined 12.1% year over year. It earns a return on equity of 1.4%. Fundamentals as of Jul 19, 2026
Our scenario range runs from 42.20 IDR (bear case) to 83.95 IDR (bull case); at 114.00 IDR, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 54% below its 52-week high and 226% above its 52-week low, currently below its 200-day average. For context, the median of 10 Energy peers we cover trades at -48% fair-value upside, at -39%, LMAX screens cheaper than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 20 models by family
Widest divergence: Growth DCF (93.76 IDR) versus Multiples (24.98 IDR). Highest evidence: Growth DCF (80).
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Key figures & financial health
Figures from reported company fundamentals · as of Jul 19, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 66 · Market factors (momentum, volatility) 44
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.
About the company
PT Lupromax Pelumas Indonesia Tbk distributes and sells lubricating oil to the retail and automotive sectors in Indonesia. The company offers additive products, including engine additives, fuel additives, and aerosol. It also provides oil products, such as gasoline engine, motorcycle, diesel engine, transmission, and industrial oils.
Full company description
PT Lupromax Pelumas Indonesia Tbk distributes and sells lubricating oil to the retail and automotive sectors in Indonesia. The company offers additive products, including engine additives, fuel additives, and aerosol. It also provides oil products, such as gasoline engine, motorcycle, diesel engine, transmission, and industrial oils. The company was founded in 2017 and is based in Tangerang, Indonesia.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2022 – FY2024 · reported fiscal years
PT Lupromax Pelumas Indonesia Tbk reported revenue of 78.3B IDR in FY2024 versus 37.7B IDR in FY2022, a compound +44.1%/yr. Reported net income was 955M IDR in FY2024, compounding −39.2%/yr from FY2022.
LMAX screens 39% overvalued. Compare with Reliance Industries Limited →
Peer Group
Oil & Gas Refining & Marketing · 114 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.
Snowflake
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.
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.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Oil & Gas Refining & Marketing stocks, each showing price versus our Fair Value estimate (as of Jul 19, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Reliance Industries Limited RELIANCE | ₹1,293 | ₹835.66 | -35% |
| Valero Energy Corporation VLO | $309.65 | $127.32 | -59% |
| Marathon Petroleum Corporation MPC | $283.74 | $135.80 | -52% |
| Phillips 66 PSX | $196.16 | $101.04 | -48% |
| Neste Oyj NESTE | €31.10 | €4.07 | -87% |
| Formosa Petrochemical Corporation 6505 | 81.30 TWD | 16.68 TWD | -79% |
| Indian Oil Corporation IOC | ₹138.96 | ₹417.35 | +200% |
| HF Sinclair Corporation DINO | $88.59 | $48.90 | -45% |
| Bharat Petroleum Corporation BPCL | ₹315.55 | ₹846.81 | +168% |
| SK Innovation Co 096770 | 121,400 KRW | 58,865 KRW | -52% |
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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