Fundamentals and strategic projects seen to support Jasa Marga's prospects
In addition to operational performance, the expansion of the toll road network is one of the factors potentially supporting JSMR’s growth in the medium term.
Jakarta (ANTARA) - The Director of PT Reliance Sekuritas Indonesia Tbk (RELI), Reza Priyambada, assesses that the combination of toll road business fundamentals and the development of strategic projects has the potential to support the future performance prospects of PT Jasa Marga (Persero) Tbk (JSMR).
Furthermore, the agenda for SOE transformation and portfolio optimisation by Danantara could serve as a strategic factor that enriches Jasa Marga’s investment story in the medium term.
“There are several aspects. With the combination of toll road business fundamentals, strategic project development, and opportunities for portfolio optimisation within the SOE ecosystem, JSMR has the potential to maintain its attractiveness amidst the dynamics of Indonesia’s infrastructure sector and capital market,” said Reza, according to an official statement in Jakarta on Thursday.
For investors, Reza explained that network expansion is viewed not only through the increased length of managed toll roads but also through asset optimisation—specifically the ability of each asset to generate traffic, revenue, and EBITDA, which ultimately provides an attractive return on invested capital.
“Besides operational performance, the development of the toll road network is one of the factors potentially supporting JSMR’s growth in the medium term. Therefore, the optimisation of operational sections as well as the accelerated contribution of new sections are vital parts of JSMR’s growth strategy,” said Reza.
Looking ahead, he continued, Jasa Marga’s prospects are not solely determined by the size of the toll road portfolio owned or managed.
“Investors will increasingly focus on portfolio quality, asset productivity, the ability to generate cash flow, financing efficiency, and return on investment,” said Reza.
Jasa Marga is the market leader in Indonesia’s toll road industry in terms of market share, operational network, and operations, controlling approximately 42 per cent of the commercial toll road market based on operational roads in Indonesia.
In terms of operational network, the company manages approximately 1,294 kilometres (km) of operational toll roads and a total concession of around 1,736 km to date.
Of the 36 toll concessions managed, 29 are fully operational, while three sections are partially operational: the Bogor Ring Road (13.30 km), Solo-Yogya (96.57 km), and Ngawi-Kertosono-Kediri (114.9 km); three others are not yet operational.
As of the first half of 2026, Jasa Marga recorded operating revenue of Rp10.31 trillion, representing a 7.6 per cent year-on-year (yoy) growth, supported by toll revenue of Rp9.5 trillion (up 6.8 per cent yoy) and other operating revenue of Rp798.2 billion (up 17.6 per cent yoy).
Meanwhile, the company’s EBITDA was recorded at Rp6.99 trillion, growing 8.1 per cent yoy, with the EBITDA margin increasing to 67.8 per cent.
Net profit reached Rp1.91 trillion, or a 2.0 per cent yoy increase, up to the first half of 2026.
Additionally, the Gearing Ratio was recorded at 1.2 times, with the Interest Coverage Ratio (ICR) growing to 3.9 times, indicating the company’s capacity to manage financial obligations while maintaining space for investment and business development.