Kalbe Farma stock faces margin pressure after strong sales growth

Published on 10/07/2026 at 09:15 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Kalbe Farma stock traded at IDR 750 on October 7, 2026, as first-half sales rose 14.0 percent. Net income fell 2.8 percent to IDR 1.92 trillion.

Kalbe Farma, ID1000125107, Illustration mit AI erstellt.

Kalbe Farma (ISIN ID1000125107) was last at IDR 750 on the Jakarta Stock Exchange on October 7, 2026, down 0.66 percent from the prior close. The price sits 44.24 percent below the 52-week high of IDR 1,345, making margin recovery more important than sales growth for the stock's next valuation step.

Sales grow while profit falls

Kalbe Farma reported first-half 2026 net sales of IDR 19.48 trillion, up 14.0 percent from the same period a year earlier, according to Kontan.co.id on September 11, 2026. Net income declined 2.8 percent to IDR 1.92 trillion, while gross margin fell to 37.6 percent from 41.0 percent.

The operating trade-off is visible in the cost base. Distribution and logistics revenue increased 26.6 percent to IDR 7.20 trillion in the first half, but higher raw-material costs and rupiah weakness constrained earnings conversion, according to Kontan.co.id in its October 6, 2026 update.

Analysts see upside despite costs

The analyst picture remains constructive but dispersed. Investing.com lists a Strong Buy consensus from 17 analysts, an average 12-month target of IDR 1,131, a high target of IDR 1,700 and a low target of IDR 820.

One named research view is more cautious on the earnings path. Kiwoom Research maintained a Buy recommendation and an IDR 950 target on September 10, 2026, while identifying consumer purchasing power, competition, raw-material costs and rupiah depreciation as risks.

Buyback adds a capital signal

Kalbe Farma also announced a share buyback plan of up to IDR 500.0 billion for the period from September 16 to December 16, 2026. Pasardana.id reported that the company plans to fund the repurchase internally and expects pro forma earnings per share of IDR 81.44 if the buyback is completed.

For investors, the central test is whether distribution-led volume growth can offset imported input costs. The stock's IDR 33.9 trillion market capitalization and 14,951,600-share session volume on October 7, 2026 show that the margin debate is being priced alongside a substantial trading base.