BRPT Outlook Remains Bright for 2026, Supported by Renewable Energy and Petrochemical Businesses
PT Barito Pacific Tbk (BRPT) business prospects are regarded as promising as the company pursues aggressive expansion across two primary business lines: renewable energy and petrochemicals.
Research Analyst at Henan Sekuritas, Dennis Tay, assessed that BRPT currently holds a strategic position in the renewable energy sector through its subsidiary PT Barito Renewables Energy Tbk (BREN). He noted that as of the 2024 financial year, BREN recorded Indonesia’s largest installed renewable energy capacity at approximately 965 megawatt (MW).
“We consider this target sufficiently realistic, supported by a diversified expansion strategy. In the short term, optimisation of existing geothermal assets is estimated to add approximately 119 MW over the next three years,” said Dennis in research dated 19 January 2026.
Beyond this, BRPT is also developing large-scale geothermal projects at greenfield locations such as Hamiding in North Maluku and South Sekincau in Sumatra.
BRPT’s portfolio extends further with a robust petrochemicals business through subsidiary PT Chandra Asri Pacific Tbk (TPIA). TPIA is currently Indonesia’s largest petrochemical producer with annual production capacity of approximately 4.2 million tonnes in 2024, equivalent to roughly 40% of total national petrochemical capacity.
TPIA’s expansion has accelerated following the completion of an acquisition with Glencore in the first semester of 2025 of Shell Energy and Chemicals Park (SECP) in Singapore, now rebranded as Aster Chemicals and Energy (ACE).
Additionally, TPIA is constructing a Chlor Alkali–Ethylene Dichloride (CA-EDC) facility in Cilegon, targeted for completion in 2026. Upon commencing operations in 2027, the company’s total petrochemical production capacity is projected to increase to approximately 21 million tonnes per annum.
Echoing Dennis’s assessment, Head of Research at Korea Investment & Sekuritas Indonesia (KISI) Muhammad Wafi also believes that the subsidiary entities BREN and TPIA support long-term stability and cash flows for the group.
“BREN contributes long-term cash flow stability, whilst TPIA drives growth through increased production capacity. This combination makes BRPT’s portfolio relatively balanced between defensive green energy business and aggressive expansion in the petrochemical sector,” said Wafi when contacted by Kontan on Wednesday (11 March 2026).
Wafi also noted several potential catalysts that could support BRPT’s share price movement going forward. These include the potential for declining global interest rates, China’s economic recovery which could boost petrochemical demand, and accelerated energy transition supporting renewable energy business growth.
JP Morgan Sekuritas Indonesia analyst Arnanto Januri, in research dated 30 January 2026, noted that Siam Cement Group’s (SCG) planned divestment of TPIA shares remains a focus for market participants. In June 2025, SCG through its entity SCC TB announced plans to divest approximately 10.6% of its total 30.6% stake in TPIA. According to SCG’s fourth quarter 2025 performance presentation, the divestment process remains on track and is targeted for realisation in the first semester of 2026.
“This valuation is considered significantly lower than TPIA’s current market capitalisation of approximately US$32 billion or approximately 8 times price-to-book ratio,” explained Arnanto.
On financial performance, during the first nine months of 2025, BRPT achieved revenue of US$5.56 billion, a significant increase of 232% year-on-year compared to the same period last year of US$1.68 billion.
During the same period, the company’s net profit surged 2,055% year-on-year to US$582 million, from US$27 million previously.
Arnanto estimates BRPT’s revenue in 2026 to reach approximately US$7.29 billion, a modest increase of around 2% compared to the 2025 projection of US$7.15 billion. However, from a profitability perspective, BRPT’s adjusted net income is projected to reach only approximately US$226 million in 2026.
Consequently, Arnanto recommends an underweight rating for BRPT shares, with a price target of Rp 870 per share. Wafi and Dennis both recommend investors to buy BRPT shares, with respective price targets of Rp 2,300 and Rp 4,100 per share.