Unilever Indonesia stock keeps volume growth as forecasts fall

Published on 11/12/2026 at 15:41 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Unilever Indonesia stock is posting a fifth straight quarter of volume-led growth. BRI Danareksa cut earnings estimates as input costs weigh on margins.

Volume Growth Meets Cost Pressure

Unilever Indonesia delivered a fifth consecutive quarter of volume-led growth in the third quarter.
BRI Danareksa reduced its 2026 to 2028 earnings forecasts while retaining a Buy rating.
Premium products and online distribution remain central to the recovery as commodity inflation pressures margins.

Unilever Indo, ID1000095706, Illustration mit AI erstellt.

PT Unilever Indonesia Tbk is sustaining its operating recovery through volume growth, but higher input costs are reducing earnings visibility. In an equity research report published on Thursday, November 5, BRI Danareksa Sekuritas lowered its fiscal 2026 to 2028 earnings estimates by 3.4% to 7.2% while retaining a Buy rating and setting a target price of 1,900 Indonesian rupiah. The BRI Danareksa equity snapshot linked the lower outlook to continuing cost pressure.

What Has Changed In The Recovery

The latest update adds a clearer view of the portfolio mix. Unilever Indonesia said in its third-quarter results release published on October 22 that premium segments represented approximately 32% of the market and were growing nearly twice as fast as mainstream segments. The company is also expanding online business and strengthening its brands.

Third-quarter sales reached 8.9 trillion Indonesian rupiah, up 7.4% year on year, with underlying volume growth of 6.4%. Sales for the first nine months increased 7.2% to 25.8 trillion Indonesian rupiah, while net profit from continuing operations rose 10.6%. The company described the quarter as its fifth consecutive period of volume-led growth.

Costs Keep Margins In Focus

BRI Danareksa said stronger volume and selective price increases were offset by pressure from commodity and logistics costs. Further average selling price increases are planned for the fourth quarter of 2026 and fiscal 2027, while premiumization and productivity measures are intended to support the recovery.

Management continues to target volume-led growth with modest margin improvement in 2026. It also expects inflation linked to Middle East-related commodities to remain elevated into 2027, making pricing, structural savings and disciplined investment important for the next phase.

Unilever Indonesia stock traded at 0.08 euros on Lang & Schwarz at 09:44 CET on Tuesday, November 10, 2026.