Sido Muncul expects 5 to 6 percent sales drop: what it means for Sido Muncul stock
Published on 10/19/2026 at 01:28 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWSRecovery and governance signals
- Sido Muncul expected a 5 to 6 percent 2026 sales decline on October 1, 2026.
- First-half 2026 revenue reached IDR 1.46 trillion, down 19.80 percent year over year.
- Sido Muncul received a Top 50 mid-cap governance award on October 12, 2026.
Sido Muncul (ID1000130305) expects 2026 sales to fall 5 to 6 percent after distributor inventory adjustment, Kontan.co.id reported on October 1, 2026. The estimate gives Sido Muncul stock a measurable recovery test after a weak first half.
Three events set the context
On October 1, 2026, management estimated that full-year sales could decline 5 to 6 percent because of inventory adjustment. On October 3, 2026, a report put first-half revenue at IDR 1.46 trillion, down 19.80 percent year over year, according to Natur.wiki. On October 12, 2026, Sido Muncul joined the Top 50 mid-cap issuers at the IICD Corporate Governance Conference and Award, RM.id reported.
What does recovery mean?
The sales mix shows why the second half matters. Herbal and supplement sales fell 41 percent to IDR 639 billion in the first half of 2026, while food and beverage sales rose 11 percent to IDR 760 billion and pharmaceutical sales increased 7 percent to IDR 67.4 billion, according to BCA Sekuritas.
Inventory is the key variable
Management said sales began returning to normal in July 2026 after distributor inventory was adjusted. August sales approached IDR 360 billion, while distributor inventory fell to about 18 days, according to BCA Sekuritas. The same report said third-quarter sales appeared higher than a year earlier, although the figure was based on internal sales information.
Governance adds a second signal
The October 12, 2026 award adds a governance marker to the operating story. The more immediate financial question is whether improved distribution can offset the first-half decline and move the company toward its 5 to 6 percent full-year estimate.
Market capitalization stood at IDR 9.6 trillion as of October 16, 2026. Sido Muncul is listed on the IDX under ticker SIDO, and its business covers herbal medicine, pharmaceuticals, and health-focused food and beverage products.
Sido Muncul stock facts
- Company: PT Industri Jamu dan Farmasi Sido Muncul Tbk
- ISIN: ID1000130305
- Ticker: SIDO
- Primary exchange: IDX
- Market capitalization: IDR 9.6 trillion (as of October 16, 2026)
- Sector / Industry: Herbal medicine, pharmaceuticals, and health-focused food and beverages
Market context: Latest market reports.
