Indika Energy’s Transformation on Track, INDY Shares Seen Heading Toward Rp 2,700

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JAKARTA, Investortrust.id — Shares of PT Indika Energy Tbk, or INDY, are projected to climb toward Rp 2,700 in the near term as the company’s business transformation proceeds as expected, driven by its expansion into gold mining.

INDY’s share price has strengthened by more than 63% over the past three months to Rp 2,220, briefly touching a record high of Rp 2,610 in late September. Analysts attribute the surge to investor optimism surrounding Indika’s upcoming transition into a gold producer through the Awak Mas mine in South Sulawesi.

According to Sucor Sekuritas analyst Yoga Ahmad Gifari, the Awak Mas project represents a key milestone for INDY’s next growth cycle. “With the Awak Mas project expected to start production in the second half of 2026, Indika’s earnings momentum is set to rebound. We estimate INDY’s profit could reach US$ 20 million in 2026, up 311% year on year, and soar to US$ 122 million in 2027, fully driven by gold contributions,” Gifari wrote in a research note.

Sucor Sekuritas highlighted that the Awak Mas gold project will fundamentally reshape INDY’s business portfolio. The mine holds estimated resources of 2.3 million ounces and proven reserves of 1.5 million ounces at an average grade of 1.33 grams per ton, providing a strong economic case amid persistently high global gold prices.

The company has appointed Australia-based Macmahon Holding Ltd as the main contractor, targeting commercial production of 100,000 to 140,000 ounces annually starting in the second half of 2026. The project’s all-in sustaining cost is estimated at around US$ 1,600 per ounce, offering solid margins against the current spot price of over US$ 3,600 per ounce.

Given these prospects, Sucor Sekuritas issued a “buy” recommendation on INDY shares with a 12-month target price of Rp 3,300. The valuation incorporates the gold segment’s estimated worth of US$ 911 million, or roughly Rp 2,800 per share, suggesting substantial upside from current levels. The target also factors in continued strength in global gold prices and the visible progress of Indika’s business transformation.