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Alamtri Resources Indonesia (ADRO) USD

PT Alamtri Resources Indonesia Tbk is a coal and mining company operating in Indonesia, involved in coal mining, trading, mining services, logistics, and related activities such as transportation, warehousing, and power supply.

At a glance: strengths & risks
✓Revenue growing (+11% y/y, Q2 2026)✓Profit growing (+84% y/y, Q2 2026)✓Margins improving (31%→50%, Q2 2026)✓Low leverage (0.4x EBITDA)✓Commodity price +43% vs 1-yr · +25% vs 3-yr✓Model upside +29%

Sector: Coal mining

ID_ADRO

Price chart

2 640 IDRDay -1.12%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
2 640 IDR · -1.12%
Market cap
4.3 bn USD

Growth

Δ revenue y/y
11.0%
Δ EBITDA y/y
50.2%

Multiples

P/E (LTM)
6.3x
P/B (FY)
0.9x
P/E (ann.)
6.0x
EV/EBITDA (LTM)
5.0x
EV/EBITDA (ann.)
5.2x

Cash return

Dividend yield
10.0%
FCF yield (LTM)
-17.2%

Value creation

to target market cap (spot commodity model)
Upside (potential)
+29.4%
↓ details

Liquidity

Daily turnover (listing)
75.4 bln IDR

Shares: connector/market_inputs

Financial results

Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-06-30Q2 2026 (3M)PARTIAL528.3
y/y 11.0%
218.0
y/y 50.9%
1.0
y/y -26.3%
219.0
y/y 50.2%
181.2
y/y 84.5%
——7804.9
y/y 21.8%
4609.0
y/y 1.9%
15.3%205.2Link
2026-03-31Q1 2026 (3M)PARTIAL470.9
y/y 23.4%
146.3
y/y 91.2%
1.0
y/y -98.2%
147.3
y/y 11.6%
128.1
y/y 46.8%
—-159.17185.4
y/y 11.7%
4895.9
y/y -6.4%
10.4%-170.0Link
2025-12-31Q4 2025 (3M)OK525.4
y/y —
153.3
y/y —
1.0
y/y —
154.3
y/y —
146.1
y/y —
202.0-233.76817.0
y/y 1.7%
5004.0
y/y -6.8%
9.6%-222.9Report (PDF)
2025-09-30Q3 2025 (3M)OK872.1
y/y —
211.4
y/y —
169.6
y/y —
381.0
y/y —
234.3
y/y —
139.9-357.06595.0
y/y —
5156.6
y/y —
9.2%-342.1Report (PDF)
2025-06-30Q2 2025 (3M)OK476.1
y/y —
144.4
y/y —
1.3
y/y —
145.8
y/y —
98.2
y/y —
252.3-205.66407.7
y/y —
4524.5
y/y —
8.1%-463.9Link
2025-03-31Q1 2025 (3M)OK381.6
y/y -73.6%
76.5
y/y -85.1%
55.5
y/y -31.7%
132.0
y/y -77.8%
87.3
y/y -76.7%
80.9-153.36434.4
y/y -38.5%
5227.9
y/y -26.7%
6.6%-539.6Report (PDF)
2024-12-31FY 2024 (12M)PARTIAL—
y/y —
—
y/y —
—
y/y —
—
y/y —
—
y/y —
——6702.1
y/y —
5370.8
y/y —
23.8%-826.1Report (PDF)
2024-06-30Q2 2024 (3M)OK1530.0
y/y —
494.5
y/y —
84.3
y/y —
578.8
y/y —
505.8
y/y —
543.8-184.710264.5
y/y —
7700.6
y/y —
23.7%-1486.2Report (PDF)
2024-03-31Q1 2024 (3M)OK1442.8
y/y —
513.6
y/y —
81.2
y/y —
594.8
y/y —
374.3
y/y —
489.3-200.610466.2
y/y —
7128.2
y/y —
—-1680.3Report (PDF)

Net debt structure (leases included, IFRS 16) 2026-06-30

Short-term debt (incl. ST leases)227
Long-term debt (incl. LT leases)956
− Cash & equivalents978
Net debt205

Net debt / LTM EBITDA: 0.3x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

-1 000-50005001 0001 5002024 q12024 q22024 H22025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-100%-50%0%50%2024 q12024 q22024 H22025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF ($ mln)

-1 00001 0002 0003 0002024 q12024 q22024 H22025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

-2 000-1 500-1 000-50002024 q12024 q22024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit is cash-backed
In a typical year of 2024–2025 operating cash flow came to 1.25x of reported net profit; after capex, 0.76x.
year20242025
cash flow / profit1.30x1.21x
accruals, % of assets-6.9%-1.5%
Last twelve months (to 2025-12-31): 1.21x of profit came back as operating cash flow.
net debt / EBITDA 0.4x
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Production & Reserves

Physical operating metrics — supplementary, not part of the financial statements

Metallurgical coal (ADMR; post-AADI thermal spin-off Dec-2024)

Proved reserves
178.10 Mt
2025
Reserve life (R/P)
24.0 yrs
reserves ÷ annual output
Annual production
7.41 Mt
2025

Proved reserves

YearReserves, Mt
2025178.10

Production

YearProduction, Mtper day, Mt
20257.410.02

Alamtri Resources (ex-Adaro, IDX:ADRO) AR2025 (alamtri.com PDF): marketable P&P JORC reserves 178.1 Mt at 31.12.2025 (94.0 proved + 84.1 probable, p.74-75); FY25 met-coal production 7.41 Mt, sales 6.28 Mt (p.76-77). Prior panel history (group thermal coal pre-spin-off, 2022-2024) dropped as basis-broken after the AADI spin-off.

Indonesia — currency context

USD/IDR17606
1-week-0.1%
1-month-1.4%
room to 52w-weakest3.3%
DXY (dollar index)99.1
US 10Y4.93%

A weaker rupiah lowers the USD value of Indonesian equities for a foreign holder; for banks, BI's high policy rate (defending the currency) pressures margins.

as of 2026-09-11 (Yahoo)

Key-commodity price — Coking coal AU

Current 274spot vs LTM +30%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: +29.4%

Main driver: Coking coal AU +43% vs LTM; revenue ×1.30 vs costs ×1.04; EBITDA 518→908; at 6.7× EV/EBITDA → +29%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Coking coal AU (rev)+70%274.00191.62239.10+43%+25%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue1 874
LTM EBITDA518
LTM cash costs (revenue − EBITDA)1 356
2 · Revenue projection
Revenue multiplier — spot×1.301 (+30%)
= Spot revenue2 437
Revenue multiplier — 3y price×1.173 (+17%)
= 3-year-price revenue2 198
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs1 410
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs1 410
4 · EBITDA projection (revenue − costs)
= Spot EBITDA1 027
= 3-year-price EBITDA788
Conservative EBITDA = min(spot, avg)908
5 · Valuation → target market cap
Historical EV/EBITDA (75th pct)6.7x
Target EV = EV/EBITDA × conservative EBITDA6 079
Net debt296
Target market cap = EV − net debt5 783
Current market cap4 468

Upside = target market cap ÷ current − 1 = +29.4%

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-04-28118.26 IDREx-dividend: 118.26 IDR per sharePaidYahoo Finance (ex-div)
2025-12-30145.14 IDREx-dividend: 145.14 IDR per sharePaidYahoo Finance (ex-div)
2025-06-13166.69 IDREx-dividend: 166.69 IDR per sharePaidYahoo Finance (ex-div)
2024-12-30106.48 IDREx-dividend: 106.48 IDR per sharePaidYahoo Finance (ex-div)
2024-11-281 358.18 IDREx-dividend: 1 358.18 IDR per sharePaidYahoo Finance (ex-div)
2024-05-28209.31 IDREx-dividend: 209.31 IDR per sharePaidYahoo Finance (ex-div)
2023-12-29199.98 IDREx-dividend: 199.98 IDR per sharePaidYahoo Finance (ex-div)
2023-05-23240.78 IDREx-dividend: 240.78 IDR per sharePaidYahoo Finance (ex-div)
2023-01-02251.28 IDREx-dividend: 251.28 IDR per sharePaidYahoo Finance (ex-div)
2022-05-17141.39 IDREx-dividend: 141.39 IDR per sharePaidYahoo Finance (ex-div)
2021-12-30160.16 IDREx-dividend: 160.16 IDR per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Investor reporting (IR): https://www.alamtri.co.id/investor-relations

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Alamtri Resources Indonesia (ADRO) — from primary filings.

Frequently asked questions

What is Alamtri Resources Indonesia (ADRO)'s P/E ratio?
Alamtri Resources Indonesia (ADRO) trades at a P/E of 6.3x (price to trailing 12-month earnings).
What is Alamtri Resources Indonesia (ADRO)'s EV/EBITDA?
Alamtri Resources Indonesia (ADRO) trades at 5.0x EV/EBITDA.
What is Alamtri Resources Indonesia (ADRO)'s P/B ratio?
Alamtri Resources Indonesia (ADRO) trades at a P/B of 0.9x.
What is Alamtri Resources Indonesia (ADRO)'s dividend yield?
Alamtri Resources Indonesia (ADRO)'s trailing 12-month dividend yield is 10.0%.
What is Alamtri Resources Indonesia (ADRO)'s return on equity (ROE)?
Alamtri Resources Indonesia (ADRO)'s ROE is 15.3%.
What is Alamtri Resources Indonesia (ADRO)'s market capitalization?
Alamtri Resources Indonesia (ADRO)'s market cap is 4.3 bn USD.

See also: Indonesian Stocks (2026): The Cheapest Big Emerging Market · The Cheapest Coal Stocks (2026): Out of Favour, Cash-Rich, High-Yield · The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map