ADHI

What ADHI does

PT Adhi Karya (Persero) Tbk. (IDX: ADHI) is an Indonesian state-owned construction enterprise (BUMN) founded in 1960, majority-owned by the Government of Indonesia (64.33%) with the remaining 35.67% publicly traded on the Indonesia Stock Exchange. Operating from ADHI Tower in Jakarta with precast factories in Purwakarta (Sadang), Mojokerto, and Yogyakarta (Margorejo) plus batching plants across Java, Aceh, Jambi, and the IKN area, the company serves as a primary delivery vehicle for national strategic infrastructure under direct Presidential Regulation appointments (Perpres) and public tenders. ADHI targets three customer concentrations: government ministries and other SOEs for large infrastructure, individual buyers for property, and external contractors for precast concrete supply.

ADHI runs four business segments: (1) Engineering & Construction executed via Infrastructure I (Western Indonesia), Infrastructure II (Eastern Indonesia), Building (PT Adhi Persada Gedung), Railways, and Energy & Industrial departments, covering roads, toll roads, bridges, ports, airports, dams, railways, buildings, and EPC for energy and petrochemical facilities; (2) Property & Hospitality through PT Adhi Commuter Properti (TOD apartments integrated with LRT stations) and PT Adhi Persada Properti (hotels, high-rises, landed houses, malls) under brands including LRT City, Grand Dhika, and Taman Melati; (3) Manufacturing via PT Adhi Persada Beton, producing precast products including square and spun piles, sheet piles, U-Shape Girders (deployed for the first time in Indonesia on the LRT Jabodebek), box girders, accropodes, and U-ditch drainage; and (4) Investment & Concession, holding equity stakes in toll roads (Tol Nusa Dua-Benoa 1%), water treatment (SPAM Kota Dumai 51%, SWRO Mandalika 25%), and industrial facilities under KPBU/PPP schemes to generate recurring income alongside construction feeding.

The company monetizes primarily through B2B/B2G project contracts awarded via direct appointment, public tenders (often via the ELISA digital procurement platform), and consortium joint operations with partners such as PT Jasa Marga and PT Hutama Karya Infrastruktur. Revenue streams include one-time engineering and construction contracts, property unit sales, precast hardware sales to internal and external projects, and managed-service-style concession income from toll roads, water, and waste-to-energy assets. Technology differentiation rests on BIM capability (documented annually since 2020), proprietary U-Shape Girder manufacturing transferred from France, digital QHSE management audited against ISO 14001:2015 and ISO 37001:2016, and the ELISA e-SCM platform for vendor registration and anti-bribery-compliant procurement. ESG positioning includes an 89.72% Scope 2 emission reduction through the Public Transportation Day program, 47,500 mangrove and project-site trees planted with KLHK, and 113,557.89 tons of waste managed in H1 2024.

Name

ADHI

Legal name

PT Adhi Karya (Persero) Tbk.

Website

https://adhi.co.id

Company type

Public

Founded year

1960

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

ADHI is an Indonesian state-owned construction conglomerate delivering toll roads, railways, airports, ports, buildings, and EPC for energy and industrial clients via direct government appointment and SOE consortia, with vertically integrated precast manufacturing, TOD property development, and KPBU/PPP concession investments.

Ownership category

akta.pro rank

Headquarters

HQ city

Jakarta

HQ country

Indonesia

HQ region

Asia

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Supply Chain, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Engineering & Construction Contracts: ADHI generates the majority of its revenue from engineering and construction contracts including roads, bridges, ports, dams, buildings, railways, airports, and EPC (Engineering, Procurement, Construction) projects for energy and petrochemical facilities. Projects are executed directly by ADHI departments (Infrastructure I, Infrastructure II, Building, Railways, Energy & Industrial) and subsidiary PT Adhi Persada Gedung.
2. Property Development & Sales: ADHI develops residential and commercial properties through subsidiaries PT Adhi Commuter Properti (Transit Oriented Development integrated with LRT) and PT Adhi Persada Properti (high-rise buildings, hotels, landed houses, shophouses, malls). Revenue is generated from apartment unit sales, commercial space sales, and land development across multiple LRT City projects.
3. Precast Concrete Manufacturing: PT Adhi Persada Beton produces precast concrete products including Square Pile, Spun Pile, Flat/Corrugated Concrete Sheet Pile, U-Shaped Girder, U-Box Girder, Box Girder, PCI/PCU Girder, Accropode, Adhi Tetra, U-Ditch, and Facade panels. Products are used internally for ADHI construction projects and sold to external customers.
4. Investment & Concession (Recurring Income): ADHI participates in Private Project Partnership (PPP) and KPBU schemes through equity investments in toll roads, water treatment (SPAM), airports, waste-to-energy, and port concessions. Business Entity Executors (BUP) include toll concessions (e.g., KPBU Unsolicited SPAM Kota Dumai 51%, SWRO Mandalika 25%, Tol Ruas Nusa Dua - Benoa 1%) generating recurring income alongside construction feeding.

Go-to-market motion3 records

Distribution channels5 records

Marketing channels7 records

Core offering

ADHI is a state-owned Indonesian construction and infrastructure company that delivers engineering, procurement, and construction (EPC) services for roads, bridges, buildings, railways, airports, ports, irrigation, and power plants. Beyond construction, ADHI manufactures precast and prestressed concrete products, operates toll road and infrastructure concessions under investment arrangements, and develops property and hospitality assets. Integrated across construction, manufacturing, concessions, and property segments, ADHI serves primarily government and corporate clients in Indonesia.

Product overview

ADHI (PT Adhi Karya (Persero) Tbk) is an Indonesian state-owned construction and infrastructure company with four core business segments: (1) Engineering & Construction - delivered through Infrastructure I, Infrastructure II, Building (PT Adhi Persada Gedung), Railways, and Energy & Industrial departments, offering comprehensive construction services for roads, bridges, ports, dams, buildings, and railways; (2) Property & Hospitality - managed via PT Adhi Commuter Properti (Transit Oriented Development) and PT Adhi Persada Properti (high-rise buildings, hotels, commercial spaces) under brands including LRT City, Grand Dhika, and Taman Melati; (3) Manufacturing - operated by PT Adhi Persada Beton producing precast concrete products (piles, girders, sheet piles, marine structures) at factories in Sadang, Mojokerto, and Margorejo plus multiple batching plants; (4) Investment & Concession - managing long-term infrastructure projects including toll roads, airports, and water treatment through KPBU/PPP schemes. Supporting digital platforms include ELISA (electronic supply chain management for vendor procurement) and QHSE (quality, health, safety, environment management system). The company also publishes annual BIM Capability Statements documenting Building Information Modeling expertise.

Differentiator

Problem solved

Functional benefit

Brands

• ELISA: Electronic Integrated Supply Chain Management ADHI - e-SCM platform for transparent procurement and tendering activities

Products and services

• Engineering & Construction Services Full-scope engineering, procurement, and construction (EPC) services for roads, bridges, buildings, railways, airports, ports, irrigation systems, and power plants. Targeted at government agencies, state-owned enterprises, and private corporations undertaking infrastructure projects in Indonesia.
• Precast and Prestressed Concrete Manufacturing Manufacturing of precast and prestressed concrete products including U-Shape Girder components for use in infrastructure and building construction. Sold to construction projects and the broader Indonesian construction market.
• Infrastructure Investment & Concession (Toll Roads) Investment in and operation of toll road and other infrastructure concessions under long-term agreements with the government. Provides recurring concession revenues from toll road operations.
• Property & Hospitality Development Development and operation of real estate, offices, hotels, and hospitality properties. Targets commercial real estate buyers, tenants, and hospitality customers.

Quantifiable outcome

• 89.72% reduction in GHG emissions (from 681.07 kgCO2e to 70.01 kgCO2e) through Public Transportation Day program implemented April-June 2026
• +4 more outcomes

Named customers7 records

Segments4 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature6 records

Partnerships

Six partnerships are on record, tiered core and minor.

• Konsorsium BSIS (PT Bogor Serpong Infra Selaras, PT Persada Utama Infra, PT Jasa Marga (Persero) Tbk, PT Hutama Karya Infrastruktur)coreStrategic or Co-development Partner · 17 July 2026ADHI participates as a shareholder in PT Bogor Serpong Infra Selaras (BSIS) and, together with PT Persada Utama Infra, PT Jasa Marga (Persero) Tbk, and PT Hutama Karya Infrastruktur, forms a consortium to execute the 32km Serpong-Bogor via Parung toll road under a pure KPBU (Government and Business Entity Cooperation) scheme with a 40-year concession period. The consortium will finance the project without using the State Budget (APBN).
• InJourney HospitalityminorStrategic or Co-development Partner · 1 July 2026ADHI signed a CSPA (Conditional Share Purchase Agreement) with InJourney Hospitality to support the consolidation of hotel asset management among SOEs, transferring hotel assets under ADHI's portfolio to InJourney Hospitality for centralized management.
• PT Kereta Api Indonesia (Persero) (KAI)coreStrategic or Co-development Partner · 1 January 2015Under Presidential Regulation No. 65/2016, PT KAI was designated as the sarana (facility) operator for LRT Jabodebek, responsible for procurement, operation, maintenance, and commercial exploitation of the light rail transit system, while ADHI was tasked with building the infrastructure including depots, elevated track construction, stations, and operational facilities.
• PT Perusahaan Air Indonesia Amerika (for SWRO Mandalika)minorStrategic or Co-development PartnerADHI holds 25% equity in the SWRO Mandalika water treatment project developed with PT Perusahaan Air Indonesia Amerika, a seawater reverse osmosis facility for the Mandalika special economic zone in West Nusa Tenggara.
• MABES POLRI, Satuan Gegana, RSUD Budi Asih, Building ManagementminorStrategic or Co-development PartnerADHI collaborates with MABES POLRI (Indonesian National Police Headquarters), Satuan Gegana (Bombe disposal unit), RSUD Budi Asih hospital, and building management for integrated emergency response simulations at ADHI Tower, testing coordination across multiple agencies in emergency situations.
• KLHK (Ministry of Environment and Forestry)minorStrategic or Co-development PartnerADHI collaborates with the Ministry of Environment and Forestry for mangrove conservation programs, having planted 47,500 trees as part of its environmental commitment and ESG roadmap.

Scale indicators7 records

Recent moves7 records

Expansion highlights6 records

Regional players

• Gamuda Berhad: Malaysian infrastructure and property group with tunneling, rail, water treatment, and TOD developments. Comparable in mass transit, water, and integrated property business lines, but operates primarily in Malaysia rather than Indonesia.
• IJM Corporation Berhad: Malaysian conglomerate with construction, property, industry, and plantation businesses. Comparable on diversified construction + property + manufacturing mix, but headquartered in Malaysia with limited Indonesian overlap.

Direct peers

• PT PP (Persero) Tbk: Indonesian SOE construction and EPC contractor active in toll roads, ports, power plants, and property development. Comparable as a fellow BUMN listed on IDX with a similar diversified construction + property + investment mix.
• PT Brantas Abipraya (Persero): Indonesian SOE specializing in water infrastructure (dams, irrigation, water supply) and civil construction. Direct comparable on dam, water, and government EPC work, with similar BUMN procurement dynamics.
• PT Nindya Karya (Persero): Indonesian SOE general contractor in buildings, infrastructure, and EPC. Smaller-scale direct peer with similar BUMN-driven project mix in government construction and property development.
• PT Hutama Karya (Persero): Indonesian SOE focused on toll road construction and operation, including Trans-Sumatra corridor. Direct peer and consortium partner of ADHI on multiple KPBU toll projects, with overlapping capabilities in road EPC and concession management.
• PT Waskita Karya (Persero) Tbk: Indonesian state-owned construction company (BUMN) operating across toll roads, buildings, EPC energy, and precast. Direct comparable on government project mix, BUMN ownership structure, and capital-intensive infrastructure delivery in the same Indonesian market.
• PT Wijaya Karya (Persero) Tbk: Indonesian SOE construction and engineering company with infrastructure, building, energy, and precast concrete businesses. Closest direct peer in scale and business mix, both serving government clients on toll, rail, and building contracts.

Others

• PT Semen Indonesia (Persero) Tbk: Indonesia's largest cement and building materials producer and a fellow BUMN. Not a direct competitor but a key upstream supplier of cement and concrete inputs to ADHI's precast and construction operations.

Broad incumbents

• PT Jasa Marga (Persero) Tbk: Indonesia's largest toll road operator (SOE). Comparable for ADHI's investment & concession segment and as a JV partner on KPBU toll projects; broader because Jasa Marga's core is operating toll assets rather than building them.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Instagraminstagram.com/adhikaryaid
• Xx.com/adhikaryaid
• Facebookfacebook.com/adhikaryaID
• LinkedInlinkedin.com/company/pt-adhi-karya-persero-tbk.

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries4 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about ADHI