5 Indonesian Listed Companies with Almost No Debt: Living Peacefully, Without Drama
Debt can be an attractive option for leveraging expansion, but if not managed properly, it can threaten a company’s business continuity.
For example, the well-known Indonesian textile issuer PT Sri Rejeki Isman Tbk (SRIL) was officially declared bankrupt in October 2024 due to mounting debt. Ultimately, the company had to halt operations on 1 March 2025.
Therefore, for investors wishing to avoid debt risks, one approach is to seek companies with minimal or even zero bank debt and bonds.
This is important because interest-based debt is highly sensitive to interest rate volatility, such as the BI rate, which appears likely to remain difficult to lower as the rupiah holds strong near Rp16,900/US$.
Here are five issuers on the IDX recorded as having very low debt risk.
- SIDO Stock
The issuer producing Tolak Angin, PT Industri Jamu dan Farmasi Sido Muncul Tbk (SIDO), is known as one of the companies with the healthiest balance sheet on the Indonesia Stock Exchange.
SIDO has no bank debt or bonds. To maintain liquidity, the company relies on internal cash.
As of September 2025, SIDO recorded cash and cash equivalents of around Rp624 billion, indicating a solid liquidity position even as the company routinely distributes dividends to shareholders.
With strong operational cash flow, SIDO has ample room for expansion without relying on debt.
- ACES Stock
PT Aspirasi Hidup Indonesia Tbk (ACES), this household goods retailer, is also known for its conservative balance sheet structure.
ACES has no bank debt or bonds, making it relatively safe from interest rate hike pressures.
To support its business operations, the company relies on internal cash flow. In its September 2025 financial report, ACES still had a substantial cash position of Rp1.81 trillion with positive operational cash flow of Rp471 billion.
With a retail business model that generates stable cash flow, ACES can carry out store expansions without high dependence on debt financing.
- RALS Stock
PT Ramayana Lestari Sentosa Tbk (RALS), this department store issuer, is also among companies with a fairly conservative balance sheet.
RALS has no bank debt or bonds.
In its 30 September 2025 financial report, the company had cash and cash equivalents of around Rp881.56 billion.
Additionally, its operational performance remained stable with net profit reaching Rp272.97 billion in the same period.
Positive operational cash flow enables the company to run operations without reliance on external financing.
- MERK Stock
PT Merck Tbk (MERK), this pharmaceutical company which is part of the global Merck group, also has a very conservative capital structure.
MERK has no bank debt or bonds in its balance sheet structure.
As of September 2025, the company still had sufficient cash to support its business operations worth Rp172 billion. Interestingly, operational cash flow was still Rp178 billion, up sharply from Rp34 billion in the same period the previous year.
With a low-debt balance sheet structure, MERK is relatively more resilient to interest rate fluctuations.
- BAYU Stock
PT Bayu Buana Tbk (BAYU), this issuer in the travel services business, is also among companies with a very low debt structure.
BAYU has no bank debt or bonds, and instead has a very strong cash position.
In September 2025, the company still recorded cash and cash equivalents of more than Rp600 billion, exceeding its market cap of Rp495 billion.
BAYU’s cash per share is currently Rp1,600, while its share price as of 17 March 2026 was still Rp1,400 per share.