Indah Kiat Pulp & Paper stock falls 2.96 percent

Indah Kiat Pulp & Paper stock was trading at IDR 8,200 in Jakarta on September 24, 2026, down 2.96 percent from the prior close of IDR 8,450. The move puts the share 35.7 percent below its 52-week high of IDR 12,750.

First-half sales reach USD 1.70 billion

The latest operating figures offer a contrasting signal. According to Databoks, Indah Kiat reported USD 1.70 billion in net sales for the first half of 2026, an increase of 8.74 percent from the same period a year earlier.

The earnings comparison was sharper than the sales trend. Net profit rose 127 percent in the first half of 2026, according to the same financial-report summary, making profit growth the key numerical counterweight to the weaker share price on September 24.

Packaging expansion changes the mix

Packaging is becoming a larger contributor to the company picture. Kontan reported that packaging revenue rose 38.1 percent year over year to USD 316 million in the relevant period, while six-month packaging revenue increased 27.6 percent to USD 566 million.

The figures matter because the Karawang facility introduces a timing issue. Kontan reported that the plant could weigh on near-term operating performance before its projected contribution improves in 2027. For investors, this creates a measurable gap between current expansion costs and the later earnings contribution.

Stock stays below yearly high

Indah Kiat Pulp & Paper stock remains within a wide 52-week band of IDR 6,250 to IDR 12,750. The September 24 price of IDR 8,200 is 31.2 percent above the yearly low, but 35.7 percent below the high, leaving the market valuation sensitive to evidence that expansion can translate into operating profit.

The company also combines pulp, cultural paper, industrial paper and tissue products, according to MarketWatch. That mix gives the packaging figures greater importance than a single-product revenue change.

IDR 8,200 sets the reference point

On September 24, 2026, the Jakarta quote stood at IDR 8,200 during trading, with a daily change of minus 2.96 percent. The next market test is whether the higher first-half sales and 127 percent net-profit increase can offset the costs associated with the Karawang expansion.