Budi Starch & Sweetener

What Budi Starch & Sweetener does

PT Budi Starch & Sweetener Tbk (BSSW) is an Indonesian publicly listed (IDX: BSSW) integrated manufacturer of cassava-derived industrial inputs, operating under the Sungai Budi Group (SBG) which was founded in 1947 in Lampung. The company was established on January 15, 1979, and listed on the Indonesia Stock Exchange in 1995. Its product portfolio centers on tapioca flour (Tepung Tapioka), sweeteners (glucose, fructose, maltodextrin), polypropylene (PP) woven bags, sulfuric acid (Asam Sulfat), and organic fertilizer. Core customers are industrial B2B buyers across food processing, beverages, pharmaceuticals, paper, sorbitol, instant noodles, citric acid, rayon, dyes, detergents, and agriculture, served exclusively within the Indonesian domestic market.

BSSW operates a vertically integrated zero-waste process: liquid waste from tapioca production is converted into biogas electricity via Pembangkit Listrik Tenaga Biogas (PLTBG), and solid waste (cassava peels and onggok pulp) is converted into organic fertilizer. This design offsets reliance on coal and PLN grid electricity and creates an agricultural by-product revenue stream. The company maintains upstream partnerships with cassava farmer groups (Kelompok Tani) including assistance with superior seedlings and fertilizers, and pursues in-house R&D on cassava varieties and new cassava-based derivatives.

The revenue model is hardware sales across five product lines into diversified industrial segments, with no disclosed pricing models and no consumer-facing channels. The company is controlled by PT Sungai Budi (26.7%) and PT Budi Delta Swakarya (33.06%) under the SBG umbrella, with a public float of roughly 40.07%. Recent financial trajectory shows revenue of IDR 3,177.7B in 2025 (down from IDR 4,009.3B in 2024), 1Q 2026 revenue of IDR 1,033.3B, net profit of IDR 106.6B in 2025 (up 73% year-over-year), and total assets of IDR 4,098.3B. Two new director appointments in 2024 and 2025 point to a generational leadership transition within the controlling family.

Name

Budi Starch & Sweetener

Legal name

PT Budi Starch & Sweetener (Persero) Tbk

Website

https://budistarchsweetener.com

Company type

Public

Founded year

1979

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

PT Budi Starch & Sweetener Tbk is an Indonesian publicly listed manufacturer of cassava-derived industrial inputs, producing tapioca flour, sweeteners, maltodextrin, sulfuric acid, PP woven bags, and organic fertilizer for domestic food, pharmaceutical, paper, and chemical industries under the Sungai Budi Group.

Ownership category

akta.pro rank

Product category

Cassava-based Industrial Ingredients

NAICS

Wet Corn Milling and Starch Manufacturing (311221), Starch and Vegetable Fats and Oils Manufacturing (31122), Flavoring Syrup and Concentrate Manufacturing (31193)

SIC

Grain Mill Products (2040), Food And Kindred Products (2000)

akta.pro primary industry

Starches & Grain Derivatives Manufacturing (cornstarch, maltodextrin, glucose solids) (AFAKABAG)

akta.pro secondary industries

Native Starches & Flours (Corn, Potato, Tapioca, Wheat, Rice) (AFAJABAB), Starch-Based Thickeners (Native & Modified Starches, Dextrins) (AFAJAMAA), Cassava (Tapioca) Farming (AFAGAEAD)

Keywords

• Tapioca starch manufacturing
• Cassava-based sweeteners
• Industrial glucose production
• Maltodextrin manufacturing
• Biogas waste conversion

Headquarters

HQ city

Jakarta

HQ country

Indonesia

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

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

Revenue model

1. Tapioca Flour (Tepung Tapioka): Primary product manufactured from cassava root. Sold to food, paper, candy, sorbitol, chemical, and instant noodle industries.
2. Sweeteners (Glucose and Fructose): Produced from tapioca flour, sold to food and beverage, candy, and pharmaceutical industries.
3. Maltodextrin: Produced from tapioca starch, sold to baby food, biscuits, milk, ice cream, and pharmaceutical industries.
4. PP Woven Bags: Plastic packaging bags manufactured for packaging tapioca and rice flour, used internally and distributed to subsidiaries.
5. Sulfuric Acid (Asam Sulfat): Chemical product manufactured using sulfur as raw material. Sold to citric acid, fertilizer, rayon, dye, pharmaceutical, and detergent industries.
6. Organic Fertilizer: By-product derived from processing solid waste (cassava peels and onggok), sold to agricultural sector.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

PT Budi Starch & Sweetener Tbk manufactures tapioca-based industrial ingredients from cassava (singkong), including tapioca flour (Tepung Tapioka), sweeteners (glucose, fructose, maltodextrin), polypropylene woven bags, sulfuric acid, and organic fertilizer. Products are sold directly to industrial manufacturers in food, beverage, pharmaceutical, paper, chemical, and packaging sectors under a zero-waste processing concept that converts liquid waste into biogas electricity and solid waste into organic fertilizer.

Product overview

PT Budi Starch & Sweetener Tbk (BSSW) operates as an integrated cassava-based manufacturer under the Sungai Budi Group. The company produces a portfolio of five main products: Tapioca Flour (Tepung Tapioka) as the primary product made from cassava, Sweetener products including Glucose, Fructose, and Maltodextrin derived from tapioca flour, PP Woven Bags for packaging, Sulfuric Acid, and Organic Fertilizer as a by-product converted from solid waste. The product portfolio follows a zero-waste environmental concept, where liquid waste is converted to biogas-powered electricity and solid waste is processed into organic fertilizer.

Differentiator

Problem solved

Functional benefit

Products and services

• Tepung Tapioka (Tapioca Flour) Tapioca starch derived from cassava (singkong), used as a raw material in food processing, paper manufacturing, candy production, sorbitol, chemicals, and instant noodle industries.
• Sweetener (Glukosa, Fruktosa, Maltodextrin) Glucose, fructose, and maltodextrin sweeteners derived from tapioca flour, supplied to food and beverage manufacturers, candy/confectionery producers, and pharmaceutical industries as ingredients.
• PP Woven Bag (Karung Plastik) Polypropylene (PP) woven plastic bags manufactured for packaging tapioca flour, rice flour, and other industrial goods; distributed to subsidiaries and industrial customers.
• Asam Sulfat (Sulfuric Acid) Sulfuric acid manufactured using sulfur as raw material, supplied to citric acid producers, fertilizer manufacturers, rayon producers, dye producers, pharmaceutical manufacturers, and detergent manufacturers as an industrial chemical input.
• Pupuk Organik (Organic Fertilizer) Organic fertilizer converted from solid waste generated during cassava processing (cassava skins and pulp/onggok), sold to the agricultural sector as part of the company's zero-waste sustainability initiative.

Quantifiable outcome

• Operating profit of 220.3 billion IDR (2025), 217.1 billion IDR (2024)
• +3 more outcomes

Segments6 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Two partnerships are on record, tiered core and minor.

• Cassava Farmers (Kelompok Tani)coreStrategic or Co-development PartnerPartnership with cassava farmer groups including assistance with superior cassava seedlings and fertilizers. The company conducts R&D to develop superior cassava seedlings for distribution to farmers, supporting sustainable raw material supply.
• Village Communities Around FactoriesminorStrategic or Co-development PartnerCSR partnerships with local communities including infrastructure development (mosques, roads, street lighting), basic necessities distribution, youth organizations support, and Zakat fitra payments.

Scale indicators7 records

Recent moves7 records

Expansion highlights4 records

Broad incumbents

• Roquette Frères: Global leader in starch, polyols, and protein ingredients including tapioca-based products; serves pharmaceutical, food, and industrial customers worldwide with substantially broader portfolio and R&D capability than BSSW.
• Agrana Beteiligungs-AG: Austrian company producing starch from corn, potatoes, and wheat, plus fruit preparations and sugar — directly comparable starch and sweetener manufacturing with established European food-industry customer base.
• Tereos Starch & Sweeteners: European cooperative producing starch, sweeteners (glucose, fructose), and ethanol from wheat, corn, and tubers — comparable product portfolio to BSSW including liquid sweeteners, with broader geographic and feedstock diversification.
• Ingredion Incorporated: Global ingredient solutions provider offering starches, sweeteners, and maltodextrin to food, beverage, and pharmaceutical industries — overlaps directly with BSSW's glucose, fructose, and maltodextrin product lines at a much larger scale.
• Tate & Lyle PLC: Specialist in food and beverage ingredients, particularly sweeteners and texturants derived from corn and other starch sources — directly comparable product categories (sweeteners, maltodextrin) with global reach and deep customer relationships.
• Cargill, Incorporated: Global agribusiness giant with extensive starch and sweetener operations across food, beverage, and industrial customers — competes with BSSW in the broader starch/sweetener ingredient market with vastly greater resources and geographic reach.

Direct peers

• Thai Wah Public Company Limited: Thailand-based tapioca starch and modified starch producer, serving regional F&B and industrial customers — directly comparable business model, raw material base, and product mix to BSSW, with greater scale and export reach.
• PT Tunas Baru Lampung Tbk: Indonesian agribusiness company under the same Sungai Budi Group umbrella, with overlapping management (President Director Santoso Winata) and similar Lampung-based operations in palm oil and starch products — the most directly comparable listed entity to BSSW.

Emerging players

• Emsland Group: German-based specialist in starch derivatives from potatoes and tapioca, serving food and industrial customers — a focused, mid-sized player in similar modified starch and sweetener categories to BSSW.

Others

• PT Surya Rengo Containers: Indonesian packaging manufacturer including PP woven bags and rigid containers — comparable to BSSW's PP woven bag product line, though not a starch competitor; useful as a peer for that segment.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights5 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Funding overview

Funding rounds

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 Budi Starch & Sweetener