Pupuk Indonesia Climbs Fortune Southeast Asia 500 Ranking
Jakarta, 22 June 2026 - PT Pupuk Indonesia (Persero) has once again been included in the Fortune Southeast Asia 500 (FSEA500) 2026 list, which ranks the 500 largest companies in the region based on fiscal year 2025 revenue. This recognition reflects the strengthening of the company’s business fundamentals, supported by governance transformation and efficiency improvements, whilst reinforcing its readiness to pursue revitalisation and downstream agendas for long-term growth.
This year, Pupuk Indonesia is ranked 68th on the Fortune Southeast Asia 500, having recorded audited revenue of Rp90.4 trillion, representing a 10% increase compared to the previous year.
Pupuk Indonesia Corporate Secretary Yehezkiel Adiperwira stated that this achievement demonstrates the company’s success in balancing business performance with its strategic mandate to support national food security.
“Pupuk Indonesia’s ranking in the Fortune Southeast Asia 500 reflects the strong business fundamentals built through continuous governance transformation and efficiency improvements. This foundation enables us to continue supporting national food security while accelerating investments that enhance competitiveness and open new growth opportunities for the company,” said Yehezkiel.
The strengthening of Pupuk Indonesia’s business fundamentals is inseparable from the government’s transformation of subsidised fertiliser governance. The simplification of the distribution mechanism through Presidential Regulation Number 6 of 2025 accelerated distribution to farmers and improved the effectiveness of the subsidy programme.
The government subsequently reinforced this reform through Presidential Regulation Number 113 of 2025, which updated the subsidy scheme from cost-plus to marked-to-market. This change has improved the financing structure of the fertiliser industry and provided the company with greater capacity to undertake productive investments in its revitalisation programme.
“Efficiency not only impacts the company’s performance but also creates broader benefits for the entire ecosystem. Better governance allows subsidised fertiliser distribution to become more effective, while the resulting efficiency provides greater room for the company to execute strategic investments that support long-term growth. At the same time, the benefits of efficiency are returned to farmers through a 20% reduction in the highest retail price (HET) of subsidised fertiliser since October 2025,” Yehezkiel explained.
This strengthened governance and efficiency now provide Pupuk Indonesia with greater capacity to accelerate its revitalisation and downstream agendas. These two initiatives will serve as the primary drivers of the company’s long-term growth while strengthening the competitiveness of the national fertiliser industry.
Under its revitalisation programme, Pupuk Indonesia targets the construction and rejuvenation of seven plants within the next five years to improve energy efficiency, production capacity, and operational reliability. One completed project is the Revamping of the Ammonia Plant-2 at Pupuk Kalimantan Timur, which successfully reduced gas consumption by more than 10%, significantly improving operational efficiency.
In the downstream sector, Pupuk Indonesia continues to expand its business portfolio through the development of various strategic projects. These include the construction of a soda ash plant with a capacity of 300,000 tonnes per year in Bontang, East Kalimantan, and the development of a methanol plant expected to support national industrial needs while strengthening energy security.
These projects are expected to create greater added value for the national economy, reduce dependence on imports of strategic commodities, and strengthen the competitiveness of Indonesia’s fertiliser industry at the regional level.