Telkom Indonesia stock falls as first half revenue rises 3.9 percent

Telkom Indonesia stock closed at IDR 2,470 on the Indonesia Stock Exchange on September 22, 2026, down 1.20 percent during a session in which the shares weighed on the Jakarta Composite Index. The immediate market setting was weak, while Telkom Indonesia reported higher first half revenue and profit figures.

Revenue grows in first half

According to Merdeka on September 22, 2026, Telkom Indonesia generated consolidated revenue of IDR 75.9 trillion in the first half of 2026, an increase of 3.9 percent from the same period a year earlier. EBITDA rose 3.8 percent to IDR 37.5 trillion, with an EBITDA margin of 49.4 percent.

Net income increased 1.4 percent to IDR 10.6 trillion in the first half of 2026, while normalized net income reached IDR 11.3 trillion, up 6.2 percent year on year, according to Liputan6. The comparison matters because normalized profit grew faster than reported net income during the same six-month period.

Guidance keeps margin central

Telkom Indonesia maintained its 2026 guidance after the first six months, targeting normalized revenue growth of 1 percent to 3 percent and an EBITDA margin above 50 percent, Merdeka reported on September 22, 2026. The first half EBITDA margin of 49.4 percent remains below that full-year threshold, making margin delivery a more specific checkpoint than revenue growth alone.

The consumer-facing B2C segment also supplied measurable support. Telkomsel recorded revenue of IDR 28 trillion in the first half of 2026, up 5.3 percent year on year, while its EBITDA increased 10.3 percent and net income climbed 24.9 percent, according to Merdeka.

Foreign selling adds pressure

Market pressure was visible before the September 22 close. Telkom Indonesia shares had ended the previous session at IDR 2,500, down 2.34 percent, while foreign investors recorded net selling of IDR 114.62 billion, according to Kontan. Over the week cited in that report, foreign investors had sold a net IDR 258.37 billion of TLKM shares.

The counter-factor is therefore visible in both the broad market and ownership flow. On September 22, the Jakarta Composite Index fell 1.69 percent to 6,277, while Telkom Indonesia contributed negative points to the index, according to Bloomberg Technoz. The stock reaction thus contrasted with the companys improving first half operating figures.

Stock closes at IDR 2,470

Telkom Indonesia stock closed at IDR 2,470 on the Indonesia Stock Exchange on September 22, 2026, down 1.20 percent. The reported first half figures provide the operating benchmark: revenue rose 3.9 percent to IDR 75.9 trillion, while EBITDA increased 3.8 percent to IDR 37.5 trillion.

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