Merdeka Battery Materials stock gained 2.07 percent as revenue rose 67 percent

Merdeka Battery Materials (ISIN ID1000188303) gained 2.07 percent to IDR 492 on the IDX on October 6, 2026, with 69,797,700 shares traded. The move followed first-half results showing revenue growth, although technical signals and nickel-price assumptions remain important for the stock.

First-half revenue rose 67 percent

According to NTVNews on September 28, 2026, Merdeka Battery Materials reported first-half 2026 revenue of USD 1.05 billion, up 67 percent from the same period of 2025. EBITDA increased 306 percent to USD 311 million, while net income attributable to the parent rose to USD 54 million from USD 6 million.

The operating base expanded alongside the financial result. Nickel ore production reached 15.2 million wet metric tonnes in the first half, up 121 percent year over year, while ore sales increased 60 percent to 12.4 million wet metric tonnes, according to NTVNews.

Analysts see a wide valuation gap

Investing.com lists a Strong Buy consensus based on 7 analysts, including 6 Buy ratings, 1 Hold rating and 0 Sell ratings. The average 12-month price target is IDR 798.03, with a high estimate of IDR 1002.68576544 and a low estimate of IDR 590.86839749.

Against the October 6 closing price of IDR 492, the average target lies 62.2 percent above the stock price. That gap describes the distance between the published consensus and the latest IDX close, rather than a forecast made in this article.

Technical strength meets execution risk

KAF Sekuritas classified the October 6 move as a technical rebound and assigned MBMA a Sell on Strength signal in its October 7, 2026 research. The report placed resistance at IDR 505 and IDR 520, support at IDR 474 and IDR 458, and cited an RSI of 81.81 as a sign of overbought conditions.

The same KAF Sekuritas report set a fundamental target of IDR 425 and highlighted weaker nickel pricing, lower limonite benchmarks and execution risk around the SLNC high-pressure acid leach project. The contrast is clear: first-half EBITDA rose 306 percent, while the technical and valuation view remains cautious.

MBMA stock closed at IDR 492

Merdeka Battery Materials closed at IDR 492 on the IDX on October 6, 2026, up 2.07 percent from the prior session. The closing level remains below the consensus target of IDR 798.03 and above KAF Sekuritas' fundamental target of IDR 425.

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