Petrosea or PTRO Enters Strong Growth Phase in 2026 as Contract Backlog Surges

JAKARTA, Investortrust.id — PT Petrosea Tbk or PTRO enters a strong growth phase in 2026 after securing a US$4.5 billion contract backlog that positions the company for long term revenue visibility and a step change in profitability. The company also accelerates its expansion into EPC and EPCI work through the acquisitions of Hafar and Scan Bilt to broaden its portfolio and strengthen its role across Indonesias mineral value chain.

Samuel Sekuritas issued an initiation report recommending a spec buy with a target price of Rp 17,000, reflecting more than 58 percent upside potential from the latest closing price. The brokerage highlighted that PTRO also has a pathway to a market re rating as its scale and liquidity improve ahead of a potential inclusion in the MSCI big cap index.

Petrosea expanded its contract book sharply over the past two years as the company secured US$1.9 billion of new contracts in 2024, including EPC work for BP Berau, contributions to the HPAL project of Vale in Pomalaa, and a series of mandates from the CUAN ecosystem. It also added mining service contracts from Pasir Bara Prima and Global Bara Mandiri.

In 2025, PTRO, which is controlled by tycoon Prajogo Pangestu through his group, strengthened its pipeline by adding roughly US$1.5 billion of new work. The additions covered mining contracts with Niaga Jasa Dunia, Bara Prima Mandiri, and Freeport Indonesia as well as a 10 year overburden handling contract for Vale INCO in Bahodopi, Sulawesi.

Analyst Juan Harahap said the portfolio of high quality mandates from blue chip clients underscored PTROs position as a strategic partner in Indonesia’s resource sector. He said the company emerged from a period of softer results caused by pre operational costs and minimal contributions from new assets. “After a phase of weak performance from pre operating costs and limited output from new assets, the company is now stepping into a major expansion cycle across mining and EPC,” he wrote.

The push into EPC and EPCI following the integration of Hafar and Scan Bilt positioned the group to bid for larger and more diversified assignments. Juan said the shift was expected to lift PTROs EBITDA margin above 19.2 percent in 2026, compared with about 14 percent recorded in 2024. He projected return on equity of 13 percent in 2026, a sharp improvement from 3.9 percent as large scale projects reached commercial momentum.

Samuel Sekuritas estimated PTROs revenue at US$1.35 billion in 2026, rising from a projected US$847 million in 2025 and US$691 million realized in 2024. Net profit was expected to climb to US$61 million in 2026 after generating US$10 million in 2025 and US$10 million in 2024.

To support monetization of its growing backlog and fund diversification initiatives, PTRO raised Rp 3 trillion through bond and sukuk issuances in December 2024 and March 2025. The instruments carried tenors of one to seven years and coupons of 6.5 to 9.5 percent. Most of the proceeds were allocated for working capital, with 67 percent directed to materials and services and 25 percent to manpower needs.

Juan said the accelerating revenue growth, expanding margins, and improving ROE created significant room for further appreciation in PTROs share price. He added that the prospect of MSCI big cap inclusion strengthened the case for a structural re rating as global investor attention increased.