Indika Lifts Outlook as Gold Exposure Drives Higher Valuation

JAKARTA, Investortrust.id — PT Indika Energy Tbk or INDY benefits from rising exposure to gold assets on Monday, Jan 12, 2026 in Jakarta as higher gold price assumptions prompt analysts to revise earnings forecasts and lift the stock valuation outlook. The diversified energy group is increasingly seen as less dependent on coal cycle volatility as gold contributes a stabilizing revenue stream.

Analysts at Mandiri Sekuritas raised their net profit estimates for INDY by 7 percent for 2026 and 15 percent for 2027, citing stronger gold price assumptions. The upgrade led the brokerage to revise up its target price for INDY shares to Rp 3,750.

“INDY gold business exposure provides an effective hedge against revenue volatility from coal mining,” Mandiri Sekuritas wrote in its research note released in Jakarta. The firm said the upward trend in gold prices was expected to support more stable medium term earnings.

The market reacted positively to the revised outlook. INDY shares rose Rp 320, or 11.11 percent, to Rp 3,200 by mid afternoon trading, extending gains to around 80 percent over the past year.

Beyond portfolio diversification, Indika has also stepped up investments in cleaner energy. Through its subsidiary Kideco Jaya Agung, the group recently commissioned a solar power plant at Batu Kajang in Paser regency, East Kalimantan.

The facility, built on about 8,000 square meters of land, uses 1,420 photovoltaic panels and five inverters, generating a total capacity of 1,008 kilowatt peak. The system is supported by battery energy storage units with a combined capacity of 860 kilowatt hours.

Indika said the solar plant is expected to reduce fossil fuel consumption by around 350,000 liters per year, improving the environmental footprint of its operations.

Chief Executive Azis Armand said the project reflected the company long term transition strategy. “The development of this solar power plant is not only a strategic step to support decarbonization targets, but also a commitment to promote more sustainable operational practices,” he said.

Analysts said the combination of higher gold exposure and renewable energy investments has strengthened Indika investment narrative. The shift is seen as aligning the company with both commodity upside from gold and longer term structural demand for cleaner energy solutions.