Adaro Andalan Indonesia Tbk

What Adaro Andalan Indonesia Tbk does

PT Adaro Andalan Indonesia Tbk (IDX: AADI) is a vertically integrated Indonesian energy and resources holding company, founded in 2004 as PT Alam Tri Abadi and rebranded ahead of its December 5, 2024 listing on the Indonesia Stock Exchange. Operating from Jakarta with production assets in South Kalimantan, Central Kalimantan, and South Sumatra, the group is structured around six segments: Adaro Mining (thermal and metallurgical coal under the proprietary Envirocoal brand through PT Adaro Indonesia, Balangan Coal, and PT Mustika Indah Permai, with 616.87Mt of reserves and 33,442 hectares of concession); Adaro Logistics (owned barges, tugboats, ports, shipyards, and dredging); Adaro Water (drinking water systems, mine water management, and non-revenue water reduction through PT Adaro Tirta Mandiri and seven Perumdam/Perumda partnerships); Adaro Land (land management, agribusiness/biomass, forestry, and carbon credit trading across 45,320 Ha of PBPH licenses); Adaro Capital (international investment holding via Singapore, Mauritius, and Malaysia entities); and PT Kaltara Power Indonesia (1,060 MW coal-fired plant under construction in North Kalimantan).

The company's revenue model is anchored in coal mining and sales — 2024 revenue was US$5.32 billion on 68.06Mt of coal sales at negotiated contract prices — supplemented by transaction-fee logistics, water, and land services and managed-services power plant leasing. Underlying enterprise technology comprises SAP S/4HANA and Microsoft Axapta 2012 for ERP, supported by domain-specialized systems such as the Smart Water Meter and Adaro Water Solution Software for monitoring and leak detection. Major shareholders include PT Adaro Strategic (41.10%), PT Alamtri Resources Indonesia Tbk (15.37%), and Garibaldi Thohir (5.83%); the group reports 5,001–10,000 employees, 17% female workforce, and 98% local hiring.

The company sells to coal-fired power plants (primary), cement producers, and metal refiners both domestically and internationally through direct enterprise sales and the AIS Singapore marketing arm, supported by a five-time PROPER Emas environmental award and BBB- Fitch investment-grade rating at the operating subsidiary. Strategic positioning centers on vertical integration from mine to ship, Envirocoal's low-pollutant specification as a defensible brand, and disciplined diversification into power, water, forestry/carbon, and battery materials to reduce long-run dependence on thermal coal.

Name

Adaro Andalan Indonesia Tbk

Legal name

PT Adaro Andalan Indonesia Tbk

Website

https://adaroindonesia.com

Company type

Public

Founded year

2004

Operating status

Ipo

Headcount range

5,001–10,000 employees

Short description

PT Adaro Andalan Indonesia Tbk is a vertically integrated Indonesian energy and resources group operating coal mining (Envirocoal brand), logistics, water management, land/forestry, and power generation businesses, supplying thermal coal to power plants, cement producers, and metal refiners domestically and internationally. Listed on IDX in December 2024.

Ownership category

akta.pro rank

Headquarters

HQ city

Jakarta

HQ country

Indonesia

HQ region

Asia

Offices4 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

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

Revenue model

1. Coal Mining and Sales: Revenue from thermal and metallurgical coal production and sales through PT Adaro Indonesia, PT Mustika Indah Permai, and Balangan Coal subsidiaries. 2024 revenue was $5.32 billion with coal sales volume of 68.06 million tons.
2. Logistics Services: Revenue from coal barge transportation, ship loading, fuel oil transportation, dredging, port operations, and shipyard services through PT Maritim Barito Perkasa and PT Harapan Bahtera Internusa.
3. Water Management: Revenue from clean water provision systems, mining water pumping and treatment, and water loss reduction solutions through PT Adaro Tirta Mandiri and subsidiaries.
4. Land and Forestry Management: Revenue from land asset management, agribusiness, biomass production, and carbon credit trading through PT Adaro Persada Mandiri and subsidiaries.
5. Power Generation: Revenue from power plant asset leasing and operations and maintenance services through PT Kalimantan Industrial Park Indonesia.

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

Adaro Andalan Indonesia is a vertically integrated coal mining and energy holding group that produces and sells thermal and metallurgical coal under its proprietary Envirocoal brand through PT Adaro Indonesia, Balangan Coal, and PT Mustika Indah Permai. Beyond mining, the group delivers integrated logistics services (barge transportation, port operations, shipyard services), water management solutions (drinking water systems, mining water pumping and treatment, water loss reduction), land and forestry management (agribusiness, biomass, carbon trading), and is developing a 1,060 MW power plant in North Kalimantan.

Product overview

PT Adaro Andalan Indonesia Tbk operates as a vertically integrated coal mining and energy group with six core business segments: Adaro Mining (thermal and metallurgical coal production under the Envirocoal brand through PT Adaro Indonesia, Balangan Coal, and PT Mustika Indah Permai), Adaro Logistics (barge/tugboat transportation, port operations, and shipyard services through subsidiaries like PT Maritim Barito Perkasa and PT Indonesia Bulk Terminal), Adaro Water (drinking water systems, mining water management, and clean water solutions through PT Adaro Tirta Mandiri), Adaro Land (land management, agribusiness, forestry, and carbon sequestration through subsidiaries including PT Adaro Persada Mandiri, PT Rehabilitasi Lingkungan Indonesia, and PT Agri Multi Lestari), Adaro Capital (investment holding with international operations), and KPI/Kaltara Power Indonesia (1,060 MW power plant development). The company went public on the Indonesia Stock Exchange in December 2024 with ticker AADI.

Differentiator

Problem solved

Functional benefit

Brands

• Envirocoal: Premium sub-bituminous coal brand with very low ash and sulfur content, produced by PT Adaro Indonesia and Balangan Coal subsidiaries

Products and services

• Envirocoal Thermal Coal Sub-bituminous thermal coal with very low ash (2-3% adb), very low sulfur (0.1-0.25% adb), and low nitrogen (0.9-1.0% daf) content, marketed as an environmentally friendly coal for power plants, cement manufacturers, and metal refining industries.
• Adaro Mining Services Vertically integrated coal mining operations producing thermal and metallurgical coal through PT Adaro Indonesia (IUPK-KOP) and four IUP companies (SCM, LSA, PCS, MIP) across South Kalimantan, Central Kalimantan, and South Sumatra, with 616.87 million tons of reserves and 3,370 million tons of resources as of December 2024.
• Adaro Logistics Services Integrated logistics services including coal barge transportation (70 barges, 72 tugs, and 3 stern propeller barges via PT Maritim Barito Perkasa), coal loading/unloading at terminals (PT Indonesia Bulk Terminal and PT Indonesia Multi-Purpose Terminal), fuel oil transportation (PT Harapan Bahtera Internusa), dredging (PT Sarana Daya Mandiri and PT Sarana Multi Talenta), port operations, and shipyard maintenance (PT Barito Galangan Nusantara), supporting reliable mine-to-customer delivery.
• Adaro Water Management Services Water management services comprising drinking water distribution systems (SPAM) operated through PT Adaro Tirta Mandiri and subsidiaries (PT Adaro Tirta Gresik, PT Drupadi Tirta Intan, PT Adaro Tirta Mentaya, PT Adaro Tirta Brayan, PT Grenex Tirta Mandiri), mining water pumping and processing (PT Adaro Wamco Prima, PT Adaro Tirta Sarana), and water loss reduction services (PT Adaro Tirta Wening) delivered to government-owned regional water utilities and one private utility.
• Adaro Land and Forestry Services Land and forestry management services including land asset management and agribusiness (PT Agri Multi Lestari producing organic fertilizer, plant seedlings, and woodchips for co-firing power plants), revegetation and watershed rehabilitation (PT Rehabilitasi Lingkungan Indonesia), and forest asset management for ecosystem restoration and carbon trading (PT Alam Sukses Lestari with PBPH license for 19,520 Ha; PT Hutan Amanah Lestari with PBPH license for 25,800 Ha in Central Kalimantan).
• Adaro Capital Investment Holding Services Investment holding services through Adaro Capital and subsidiaries including Arindo Holdings (Mauritius) Limited, Vindoor Investments (Mauritius) Limited, Adaro International (Singapore) Pte. Ltd. (coal trading and marketing agency), and Adaro Capital Limited (treasury and financial instruments), optimizing resources and networks for investment opportunities in real and financial sectors.
• Kaltara Power Indonesia (KPI) Power Plant Development Power plant asset leasing and operations & maintenance services through PT Kaltara Power Indonesia, developing a 1,060 MW power plant in North Kalimantan to support the PT Kalimantan Aluminium Industry aluminium smelter project within the PT Kalimantan Industrial Park Indonesia industrial zone.

Quantifiable outcome

• GHG Emissions Intensity: 0.00000226 tCO2e/Rp (Scope 1 & 2)
• +5 more outcomes

Named customers3 records

Segments3 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

Seven partnerships are on record, tiered minor and core.

• PT Kalimantan Industrial Park Indonesia (KIPI)minorStrategic or Co-development Partner · 1 January 2024PT Kalimantan Industrial Park Indonesia is developing an industrial zone in North Kalimantan where KPI is constructing a 1,060 MW power plant to support the aluminium smelter project developed by PT Kalimantan Aluminium Industry.
• Balai Pengelolaan Daerah Aliran Sungai (BPDAS)minorStrategic or Co-development Partner · 1 January 2024Collaboration for watershed rehabilitation and land handover in South Kalimantan, with 386.89 Ha of land handed over in 2024.
• Perumda Tirta WeningminorStrategic or Co-development Partner · 1 January 2024Performance-based water loss reduction cooperation with Perumda Tirta Wening in North Bandung service area, targeting reduction from 44.98% to 17% non-revenue water.
• Government-owned Water UtilitiescoreStrategic or Co-development Partner · 1 January 2024Partnerships with 7 government-owned water utilities (Perumdam/Perumda) and 1 private utility for clean water distribution systems covering clean water provision, treatment, and distribution services.
• PT Pelindo Multi Terminal (PMT)minorStrategic or Co-development Partner · 1 January 2023Joint venture between PT Indonesia Bulk Terminal and PT Pelindo Multi Terminal for tank maintenance operations at IBT facilities.
• EMR CapitalcoreStrategic or Co-development Partner · 1 January 2018Joint acquisition with EMR Capital (private equity mining specialist) of 80% interest in Rio Tinto's Kestrel Mine coal operations in Queensland, Australia. ACL holds 48% indirect ownership while EMR Capital holds 52%.
• EGAT International Company Limited (EGATi)coreStrategic or Co-development Partner · 1 January 2016Strategic cooperation between PT Adaro Indonesia and EGATi, a subsidiary of Thailand's state electricity authority. EGATi acquired 11.53% equity stake in PT Adaro Indonesia for USD 325 million to strengthen AI's financial position.

Scale indicators12 records

Recent moves11 records

Expansion highlights6 records

Broad incumbents

• Glencore plc: Diversified global mining giant with substantial thermal and metallurgical coal operations; broader incumbent serving similar end-markets though operating across many commodities beyond coal.

Direct peers

• PT Bayan Resources Tbk: Major Indonesian coal producer with integrated mining concessions, hauling infrastructure, and port terminals serving similar thermal coal export markets to power generation customers across Asia Pacific.
• Banpu Public Company Limited: Thai-listed integrated energy company with coal mining and power generation operations across Indonesia and Asia-Pacific; directly comparable vertically-integrated coal-to-power business model and the parent of peer ITMG.
• PT Bukit Asam Tbk: Indonesian state-owned coal miner producing thermal and coking coal with integrated logistics operations, serving similar power generation and industrial customers across domestic and export markets with comparable scale.
• PT Adaro Energy Indonesia Tbk: Parent group entity of Adaro Andalan Indonesia, operating coal mining, logistics, and power businesses across Indonesia with overlapping mining subsidiaries and shared management. Closest comparable peer as the larger listed Adaro group company with substantially the same thermal coal exposure.
• PT Indo Tambangraya Megah Tbk: Indonesian thermal coal producer (Banpu Group subsidiary) with operations focused on export markets and a similar customer base in Asian power generation; directly comparable in scale and product mix to Adaro's Envirocoal offering.
• PT Harum Energy Tbk: Indonesian coal mining and logistics operator with thermal coal focus and diversified business lines; comparable mid-cap competitor in domestic Indonesian coal markets with overlapping operational footprint.
• PT Golden Energy Mines Tbk: Indonesian thermal coal producer (Sinar Mas Group affiliate) with operations in South and Central Kalimantan — overlapping geography and product mix with Adaro's coal mining footprint and similar end-market exposure.

Emerging players

• PT Petrindo Jaya Kreasi Tbk: Indonesian thermal coal producer with growing production profile and integrated logistics; emerging competitor with overlapping customer base in power generation and a similar geographic footprint in Kalimantan.

Regional players

• Yancoal Australia Ltd: Australia's largest thermal coal producer with major export operations to Asian power markets including Indonesia; comparable product offering and customer base but operating in a different jurisdiction.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/profile.php
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Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries36 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 Adaro Andalan Indonesia Tbk