PT Maharaksa Biru Energi Tbk

What PT Maharaksa Biru Energi Tbk does

PT Maharaksa Biru Energi Tbk is an Indonesian publicly-listed renewable energy company headquartered in Jakarta, founded in 2006 and trading on the Indonesia Stock Exchange under ticker IDX:OASA. The company delivers renewable energy solutions spanning waste-to-energy, biomass, wood chip production, consultancy, and installation services, serving clients across Indonesia's emerging clean energy ecosystem. With a headcount of 51-100, the firm operates as a relatively small but listed specialist in a capital-intensive sector where it competes for project mandates and supply contracts.

The company's revenue has scaled rapidly from approximately IDR 86 billion in 2020 to roughly IDR 4.15 trillion in 2024, representing an aggressive multi-year growth trajectory. However, the financial profile has deteriorated sharply: gross margin compressed from approximately 87% in 2022 to roughly 19% in 2024, EBITDA swung from positive IDR 412 billion in 2022 to a loss of approximately IDR 1.87 trillion in 2024, and the company recorded a net loss of approximately IDR 3.9 trillion in 2024 versus a profit of IDR 326 billion in 2022. This combination of rapid revenue expansion with collapsing profitability suggests a low-margin, possibly pass-through revenue model (consistent with biomass commodity trading and project installation work) rather than a high-value services or technology franchise.

The company's public listing, multi-line service portfolio, and Indonesia-based operations provide a foundation for further renewable energy build-out, but the magnitude of 2024 losses and gross margin erosion represent material concerns for any investment thesis. Underlying technology, proprietary IP, AI/ML capabilities, customer logos, pricing structure, and management details are not disclosed in the available source data, materially limiting deeper due diligence.

Name

PT Maharaksa Biru Energi Tbk

Website

https://maharaksabiru.com

Company type

Private

Founded year

2006

Headcount range

51–100 employees

Short description

PT Maharaksa Biru Energi Tbk is an Indonesian publicly-listed renewable energy company (IDX:OASA) headquartered in Jakarta, providing waste-to-energy, biomass, wood chip, consultancy, and installation services to clients across Indonesia's clean energy market.

Ownership category

akta.pro rank

Product category

Renewable Energy Services

NAICS

Biomass Electric Power Generation (221117), Electric Power Generation (22111), Solid Waste Combustors and Incinerators (562213)

SIC

Cogeneration Services & Small Power Producers (4991)

akta.pro primary industry

Biomass Plant EPC & Integration (Design/Build, Balance of Plant) (EUAAAGAH)

akta.pro secondary industry

Onsite Low-Carbon Heat & CHP (Electrified CHP, Fuel Cells, Renewable CHP) (EUABAJAI)

Keywords

• Renewable energy solutions
• Waste-to-energy
• Biomass energy
• Wood chip fuel
• Energy consultancy

Headquarters

HQ city

Jakarta

HQ country

Indonesia

HQ region

Asia

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Supply Chain, Infrastructure

Core offering

PT Maharaksa Biru Energi Tbk provides renewable energy solutions spanning waste-to-energy conversion, biomass energy supply, wood chip fuel production, energy consultancy, and installation of renewable energy systems. The company delivers these offerings to organizational clients in Indonesia, combining advisory services with physical fuel and equipment delivery.

Differentiator

Problem solved

Functional benefit

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Recent moves3 records

Expansion highlights4 records

Direct peers

• Valmet: Finnish technology provider of biomass-fired power plant solutions, including fluidized bed boilers and automation — a direct comparable in biomass EPC and integration.
• Covanta Holding: A leading waste-to-energy operator in North America, owning and operating facilities that convert municipal solid waste into electricity and steam — directly comparable to MBE's waste-to-energy and biomass service offering.
• Hitachi Zosen Inova: Global EPC contractor and operator of waste-to-energy and biomass-to-energy plants, with project execution capabilities similar to MBE's installation and consultancy offering.
• China Everbright Greentech: China-listed renewable energy company focused on biomass integrated utilization and waste-to-energy projects — a close comparable given MBE's integrated biomass + waste-to-energy model in Asia.
• Babcock & Wilcox Enterprises: Provides biomass boiler systems and renewable energy solutions for industrial and utility customers, closely aligned with MBE's biomass power engineering focus.
• Wheelabrator Technologies: Operates waste-to-energy facilities and provides clean energy solutions in North America — comparable to MBE's waste-to-energy development and operations model.
• ANDRITZ: Supplies biomass boiler islands, evaporation, and power plant technologies to the biomass power industry globally — comparable to MBE's biomass energy equipment and installation scope.

Broad incumbents

• PT Pertamina (Persero): Indonesian state energy major with renewable energy initiatives and a dominant domestic energy footprint — a broad incumbent peer for MBE in the Indonesian market.
• Veolia Environnement: Global environmental services group active in waste-to-energy and biomass energy solutions — a broad incumbent comparable through its end-to-end waste-to-energy value chain.
• Sembcorp Industries: Singapore-listed conglomerate with a renewables and waste-to-energy segment, operating integrated sustainable solutions across Southeast Asia — overlapping with MBE's regional renewable energy positioning.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat3 records

Key risks5 records

Key highlights5 records

Customer concentration

• LinkedInlinkedin.com/company/pt-maharaksa-biru-energi-tbk

Revenue estimate

Valuation estimate

Number of profiles

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 PT Maharaksa Biru Energi Tbk