Darma Henwa Aims for Higher Contract Volume in 2026, Stock Seen Heading Toward Rp 475
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JAKARTA, Investortrust.id — Mining services company PT Darma Henwa Tbk, or DEWA, has set a target to increase its total contract volume to 250 million bank cubic meters in 2026, signaling confidence in stronger operational recovery and new project acquisition. The goal, outlined during the company’s latest analyst meeting, exceeds earlier internal projections.
Mandiri Sekuritas noted in a recent research report that DEWA’s operations in key sites—Kaltim Prima Coal and Arutmin—were affected by heavy rainfall during the third quarter of 2025, slowing production momentum. Despite these challenges, management expressed confidence that the higher contract target would be achieved over the next few years.
“The 250 million bcm target for 2026 is above our previous estimate of around 154 million bcm,” wrote Mandiri Sekuritas analysts Vanessa Taslim and Ariyanto Kurniawan in a market commentary published in Jakarta recently.
Beyond operational improvements, Darma Henwa also planned to complete its equity reclassification and asset impairment review in the fourth quarter of 2025. The company said the steps are part of its financial restructuring efforts aimed at improving reporting quality and strengthening overall fundamentals.
The company is also awaiting preliminary drilling results from GMR within the same period, which could influence its strategic direction going forward. Management expects the findings to guide capital allocation and project portfolio adjustments for 2026 and beyond.
With both restructuring progress and stronger contract visibility ahead, Darma Henwa maintained a positive outlook for its financial performance next year. Mandiri Sekuritas reiterated its buy recommendation for DEWA shares with a target price of Rp 475, reflecting improving earnings prospects and balance sheet health.
Earlier, PT Antareja Mahada Makmur sold 954.82 million DEWA shares, equivalent to 2.35% of the company’s total outstanding shares, at an execution price of Rp 75 each. Following the sale, Antareja’s ownership decreased from 9.72% to 7.37%.