Executive Summary

Key insights and market outlook

PT Adhi Karya Tbk (ADHI) has secured Rp14.1 trillion in new contracts by the end of November 2025, representing a significant increase from Rp7.8 trillion in October 2025 ¹

². The contracts are dominated by building projects (65%), followed by infrastructure (20%), EPC (5%), and other categories (10%) ¹. For 2026, Adhi Karya targets Rp20-23 trillion in new contracts, with a focus on its core Engineering & Construction segment ³.

Full Analysis

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Deep Dive Analysis

Adhi Karya Secures Significant New Contracts Through November 2025

Strong Growth in Contract Acquisition

PT Adhi Karya Tbk (ADHI) has achieved a substantial increase in new contract acquisitions, reaching Rp14.1 trillion by the end of November 2025 ¹

². This represents a significant jump from the Rp7.8 trillion recorded in October 2025 ¹. The company's contract portfolio is primarily composed of building projects, which account for 65% of the total contract value ¹.

Sector-wise Contract Distribution

The breakdown of Adhi Karya's contracts reveals a diversified portfolio: 65% from building projects, 20% from infrastructure, 5% from EPC (Engineering, Procurement, Construction), and 10% from other categories ¹

. In terms of funding sources, 74% of the contracts came from government projects, 19% from state-owned enterprises/BUMN-D, and 7% from the private sector ¹.

Outlook for 2026

Looking ahead to 2026, Adhi Karya is targeting new contracts worth between Rp20 trillion and Rp23 trillion ³

. The company expects its core competency in the Engineering & Construction segment to drive this growth ³. While the November 2025 figure shows significant monthly growth, it's worth noting that the year-to-date contract value is still lower than the Rp15.1 trillion achieved in the same period of 2024 ³.

References