GTRA Accelerates! Supported by Major Clients and Surge in Bodywork Business
PT Grahaprima Suksesmandiri Tbk (GTRA) recorded strong and positive fundamental performance throughout fiscal year 2025. This issuer, operating in the logistics, land transportation, and bodywork manufacturing sectors, demonstrated resilience and measured business expansion.
Based on the latest consolidated financial report, GTRA achieved sustainable revenue growth and booked positive free cash flow.
This achievement is directly supported by a portfolio of large-scale corporate clients and solid land asset ownership, positioning the company’s fundamentals strategically for continued growth trends in 2026.
Acceleration of Performance and Superior Earnings Quality
Throughout 2025, GTRA successfully booked revenue of Rp656.30 billion, reflecting annual growth of 52.9%.
This increase was accompanied by operational efficiency, resulting in net profit attributable to the parent entity’s owners rising 75.3% to Rp69.11 billion, with a net profit margin of 10.56%.
GTRA’s revenue quality is also proven to be solid. The operating cash flow to net profit ratio was recorded at 1.34x, indicating that the booked profits are supported by real cash receipts from customers.
This cash flow health is confirmed by the operating cash flow achievement increasing to Rp92.91 billion, culminating in a positive free cash flow of Rp32.4 billion for the first time.
Support from Blue-Chip Clients and Diversification of Bodywork Segments
GTRA’s revenue foundation is supported by strategic partnerships with large-scale clients. The company’s trade receivables report reflects stable transaction volumes with leading corporations such as PT Nusantara Ekspres Kilat and the Mayora Group’s distribution network.
These strategic ties with these companies provide measurable future revenue visibility guarantees for the company.
In addition to the logistics segment, GTRA’s growth catalysts are also driven by the performance of its manufacturing subsidiary, PT Satria Metalindo Perkasa. This bodywork segment recorded revenue growth of 213.6% to Rp71.26 billion.
The prospects of this segment are supported by advance sales receipts of Rp11.26 billion from PT Dayaguna Motor Indonesia towards the end of 2025, which serves as a positive indicator of high market absorption for the company’s manufacturing products.
Attractive Valuation with Significant Upside Potential
In the capital market, GTRA shares are currently traded at a very attractive valuation level when compared to its fundamentals and growth prospects.
At a reference price of Rp242 per share, the Price-to-Earnings ratio is at 6.63x. Using the optimistic scenario projection method (bull case) based on P/E, the fair value of GTRA shares has appreciation room towards Rp560 per share, representing a potential increase of around 131.4%.
This optimistic scenario valuation is based on the assumption of Earnings Per Share (EPS) growth in 2026 projected to reach Rp56 per share, combined with a target P/E ratio of 10 times that reflects sectoral valuation re-rating.
Several fundamental catalysts supporting this scenario include the potential for exponential growth from the bodywork segment (SMP), sustainability of high-volume logistics contracts with major clients, and progressive execution of debt ratio reduction.
This appeal is further strengthened by ownership of land assets worth Rp181.9 billion in Deltamas Bekasi with Building Use Rights Certificate (SHGB) status in the company’s name.