PT Paramita Bangun Sarana Tbk (PBSA) Stock Analysis 2026: Financials, Valuation, Pros, Cons, and Investment Outlook
PT Paramita Bangun Sarana Tbk (PBSA) Stock Analysis 2026: Financials, Valuation, Pros, Cons, and Investment Outlook
Worldreview1989 - PT Paramita Bangun Sarana Tbk (IDX: PBSA) is an Indonesian construction company that may attract value-oriented investors looking beyond the U.S. market. The company operates in building construction, civil works, mechanical and electrical projects, and land-clearing services.
For U.S. investors, PBSA is a very different proposition from buying a construction stock listed on the NYSE or Nasdaq. The company is listed on the Indonesia Stock Exchange (IDX), reports in Indonesian rupiah, and is exposed to Indonesia-specific economic, currency, liquidity, and regulatory risks.
The more important question is whether PBSA's recent financial performance justifies its valuation.
The latest available financial information provides a mixed picture. PBSA delivered strong full-year 2025 growth, but its first-quarter 2026 earnings fell sharply despite another substantial increase in revenue.
This article provides an updated fundamental analysis of PBSA using its audited 2025 consolidated financial statements and unaudited March 31, 2026 financial statements.
Investment disclaimer: This article is for educational and informational purposes only. It is not personalized investment advice, and investors should conduct their own due diligence before buying PBSA or any other security.
PBSA at a Glance
| Metric | Latest / FY2025 |
|---|---|
| Company | PT Paramita Bangun Sarana Tbk |
| Ticker | PBSA |
| Exchange | Indonesia Stock Exchange (IDX) |
| Industry | Construction |
| Shares issued | 3.0 billion |
| FY2025 revenue | IDR 1.591 trillion |
| FY2025 net income | IDR 320.1 billion |
| FY2025 EPS | IDR 106.61 |
| FY2025 equity | IDR 929.2 billion |
| Q1 2026 revenue | IDR 410.6 billion |
| Q1 2026 net income | IDR 1.47 billion |
| Q1 2026 cash | IDR 64.4 billion |
| Q1 2026 total assets | IDR 1.404 trillion |
| Q1 2026 total liabilities | IDR 492.2 billion |
The company's official investor-relations website provides its annual reports and quarterly financial statements, including the March 31, 2026 report.
What Does PT Paramita Bangun Sarana Do?
PBSA is an Indonesian general contractor with activities spanning several construction-related areas.
Its project capabilities include:
Civil construction
Mechanical and electrical work
Land clearing
Industrial facilities
Refineries
Oleochemicals
Biodiesel facilities
Power plants
Jetty construction
Storage tanks
Palm oil mills
High-rise buildings
This gives PBSA exposure to Indonesia's industrial and infrastructure spending cycle.
For investors, however, construction is typically a project-driven business. Revenue can fluctuate significantly depending on project awards, project completion schedules, contract margins, and working-capital requirements.
That makes revenue growth alone insufficient for evaluating PBSA.
Investors also need to examine cash flow, receivables, contract assets, margins, and the quality of reported earnings.
PBSA FY2025 Financial Performance
The audited 2025 financial statements show a significant improvement compared with 2024.
According to the company's audited consolidated financial statements, PBSA generated approximately IDR 1.591 trillion of revenue in 2025, up from IDR 1.154 trillion in 2024.
That represents approximately 37.9% year-over-year revenue growth.
FY2025 vs. FY2024
| Financial Metric | FY2024 | FY2025 | Change |
|---|---|---|---|
| Revenue | IDR 1.154T | IDR 1.591T | +37.9% |
| Gross profit | IDR 233.9B | IDR 298.8B | +27.8% |
| Operating income | IDR 191.5B | IDR 243.0B | +26.9% |
| Net income | IDR 215.0B | IDR 320.1B | +48.8% |
| EPS | IDR 71.53 | IDR 106.61 | +49.0% |
| Total assets | IDR 1.117T | IDR 1.422T | +27.3% |
| Total equity | IDR 775.5B | IDR 929.2B | +19.8% |
The numbers show that 2025 was a strong year on the surface.
Revenue grew nearly 38%, while net income increased almost 49%. EPS increased from IDR 71.53 to IDR 106.61.
But there is an important detail that investors should not overlook.
PBSA's 2025 Earnings Were Not Entirely Driven by Construction Operations
PBSA reported operating income of approximately IDR 243.0 billion in 2025.
However, it also recorded approximately:
IDR 111.5 billion in gains from changes in the fair value of investments
IDR 5.7 billion from investment sales
IDR 5.6 billion in interest income
These investment-related gains made a meaningful contribution to pre-tax profitability.
This distinction matters.
A construction company generating profits primarily from completed projects is fundamentally different from a company whose bottom-line earnings can be significantly affected by investment-market valuations.
For PBSA investors, therefore, reported net income should not be treated as identical to recurring operating earnings.
This issue becomes even more obvious when looking at Q1 2026.
Q1 2026: Revenue Surged, But Net Income Collapsed
The latest available quarterly report covers the three months ended March 31, 2026.
PBSA reported:
Revenue: IDR 410.6 billion
Gross profit: IDR 95.1 billion
Operating income: IDR 81.3 billion
Net income: IDR 1.47 billion
Revenue increased approximately 46.8% compared with IDR 279.6 billion in Q1 2025.
Gross profit increased approximately 52.4%, while operating income increased approximately 59.8%.
Yet net income fell approximately 94.3% from IDR 25.7 billion to only IDR 1.47 billion.
Q1 2026 vs. Q1 2025
| Metric | Q1 2025 | Q1 2026 | YoY |
|---|---|---|---|
| Revenue | IDR 279.6B | IDR 410.6B | +46.8% |
| Gross profit | IDR 62.4B | IDR 95.1B | +52.4% |
| Operating income | IDR 50.9B | IDR 81.3B | +59.8% |
| Net income | IDR 25.7B | IDR 1.47B | -94.3% |
| EPS | IDR 8.58 | IDR 0.47 | -94.5% |
This is one of the most important findings in the updated PBSA analysis.
Why Did PBSA's Net Income Collapse in Q1 2026?
The answer is primarily related to investment valuation.
During Q1 2026, PBSA recorded a loss of approximately IDR 71.6 billion from changes in the fair value of investments.
That overwhelmed the company's strong operating performance.
Without this large investment-related loss, PBSA's earnings picture would have looked substantially better.
The company still generated IDR 81.3 billion in operating income on IDR 410.6 billion of revenue.
This means the core construction operation was not the primary problem in Q1.
Instead, the quarter demonstrates how investment gains and losses can introduce substantial volatility into PBSA's bottom line.
This creates an important distinction:
Operational PBSA: Stronger
Reported net income: Much weaker
Investment portfolio impact: Highly significant
For long-term investors, this is an important risk factor.
PBSA's Profit Margins
PBSA's Q1 2026 operating margins remained relatively healthy despite the net-income collapse.
Using the company's reported numbers:
Gross margin
IDR 95.05 billion gross profit ÷ IDR 410.57 billion revenue = approximately 23.2%.
Operating margin
IDR 81.34 billion operating income ÷ IDR 410.57 billion revenue = approximately 19.8%.
Net margin
IDR 1.47 billion net income ÷ IDR 410.57 billion revenue = approximately 0.36%.
This creates a striking gap between operating profitability and net profitability.
PBSA was generating almost IDR 20 of operating profit for every IDR 100 of revenue, but only around IDR 0.36 of reported net profit after investment-related losses and other items.
That is something investors should monitor closely in future quarters.
Balance Sheet Analysis
PBSA entered 2026 with a relatively strong balance sheet.
At December 31, 2025, the company reported:
Total assets: IDR 1.422 trillion
Total liabilities: IDR 492.7 billion
Total equity: IDR 929.2 billion
By March 31, 2026:
Total assets: IDR 1.404 trillion
Total liabilities: IDR 492.2 billion
Total equity: IDR 911.5 billion
The balance sheet therefore remained relatively stable during the first quarter.
PBSA Has a Relatively High Equity Base
At March 31, 2026, PBSA had approximately IDR 911.5 billion of equity against IDR 1.404 trillion of assets.
That implies an equity-to-assets ratio of approximately 65%.
This is a positive feature.
A construction company with a strong equity base can have more flexibility when managing project working capital and temporary fluctuations in receivables and contract assets.
PBSA's total liabilities were approximately IDR 492.2 billion, producing a liabilities-to-equity ratio of about 0.54x.
This is not an excessively leveraged balance sheet.
But Liquidity Needs to Be Watched
PBSA's current assets at March 31, 2026 were approximately IDR 1.173 trillion.
Current liabilities were approximately IDR 480.4 billion.
That produces a current ratio of approximately:
2.44x
On the surface, that is comfortable.
However, investors should look beyond the headline current ratio.
A substantial portion of PBSA's current assets consists of:
Trade receivables
Amounts due from customers
Retention receivables
Advances
Contract-related balances
Short-term investments
Cash itself declined from approximately IDR 145.2 billion at the end of 2025 to only IDR 64.4 billion at March 31, 2026.
That decline deserves attention.
For a construction company, reported working capital can look strong while cash conversion remains challenging because customers may pay after project milestones or contract completion.
PBSA's Cash Position Fell Sharply in Q1 2026
This is one of the weaker points in the latest balance sheet.
Cash and cash equivalents:
December 2025: IDR 145.2 billion
March 2026: IDR 64.4 billion
The decline was approximately 55.6% in only three months.
At the same time, PBSA's trade receivables and amounts due from customers increased.
Trade receivables from third parties increased from approximately IDR 196.7 billion at the end of 2025 to IDR 269.2 billion at March 31, 2026.
Gross amounts due from customers increased from approximately IDR 185.9 billion to IDR 246.3 billion.
Retention receivables also increased from IDR 102.6 billion to IDR 118.1 billion.
This is typical of project-based construction businesses, but it means investors should watch cash conversion rather than focusing only on accounting profit.
PBSA's Investment Portfolio Is a Major Variable
PBSA had approximately IDR 327.8 billion in short-term investments at December 31, 2025.
By March 31, 2026, this amount had declined to approximately IDR 207.9 billion.
The investment portfolio is significant relative to the company's total equity.
This helps explain why investment-market movements can have an outsized impact on PBSA's earnings.
The company's 2025 results benefited from more than IDR 111 billion in fair-value gains.
In Q1 2026, the company experienced approximately IDR 71.6 billion in fair-value losses.
This creates a key lesson for PBSA investors:
PBSA's earnings cannot be evaluated solely through its construction revenue and operating margin. The company's investment portfolio can materially change reported earnings from one period to another.
PBSA's 2025 Valuation
PBSA had 3 billion issued shares.
Using FY2025 EPS of approximately IDR 106.61, an illustrative share price of IDR 755 would imply a trailing P/E ratio of roughly:
7.1x
Using 2025 equity attributable to the parent of approximately IDR 928.5 billion, book value per share is approximately:
IDR 309.50
At IDR 755, that implies a price-to-book ratio of approximately:
2.44x
These calculations are illustrative and based on the reported FY2025 figures rather than a forward earnings estimate.
Recent market data showed PBSA trading around the IDR 755–780 area in late July 2026, although the stock has experienced considerable volatility.
Is PBSA Cheap?
The answer depends on which earnings number you use.
On FY2025 reported EPS, PBSA can appear relatively inexpensive at a single-digit P/E multiple.
But the valuation becomes much less straightforward when investors adjust for the company's investment-related gains.
The company generated strong operating income in 2025, but a substantial portion of pre-tax earnings was supported by investment gains.
Therefore, a conservative investor should consider at least three valuation approaches:
1. Reported P/E
This uses the company's full reported net income.
At around IDR 755, this produces a low-single-digit-to-high-single-digit trailing multiple depending on the reference period.
2. Normalized P/E
This removes or reduces unusual investment gains and losses.
This may provide a more realistic estimate of recurring earning power.
3. Price-to-book
PBV is useful because PBSA owns substantial equity relative to its liabilities.
However, book value itself does not guarantee future shareholder returns.
Pros of Investing in PBSA
1. Strong 2025 revenue growth
Revenue increased approximately 38% in 2025.
That demonstrates strong project activity and business expansion.
2. Strong operating profitability
Operating income increased from IDR 191.5 billion to IDR 243.0 billion in 2025.
The company therefore demonstrated genuine operating improvement rather than relying exclusively on investment income.
3. Strong balance sheet
PBSA had approximately IDR 929 billion of equity at the end of 2025 and IDR 911.5 billion at March 31, 2026.
The balance sheet does not resemble a highly leveraged construction company.
4. Q1 2026 operating performance was strong
Despite the 94% decline in net income, revenue increased nearly 47% and operating income increased almost 60%.
That suggests the underlying construction operation remained active.
5. Potential valuation appeal
If PBSA can normalize investment-related volatility and sustain its construction profitability, the stock could potentially look attractive from a value perspective.
Cons of Investing in PBSA
1. Earnings volatility
The biggest issue is the investment portfolio.
A gain of more than IDR 111 billion in 2025 was followed by a fair-value loss of more than IDR 71 billion in Q1 2026.
This can make headline earnings difficult to forecast.
2. Cash conversion risk
Construction companies often recognize revenue based on project progress before receiving all related cash.
PBSA's increasing receivables and contract-related assets make cash flow an important metric to monitor.
3. Cash declined significantly
Cash fell from IDR 145.2 billion at December 2025 to IDR 64.4 billion at March 2026.
That is a substantial short-term decline.
4. Construction-cycle exposure
PBSA depends on project awards, construction spending, industrial investment, and customer demand.
A slowdown in Indonesia's construction or industrial sector could reduce new contracts.
5. Indonesian market risk
For a U.S.-based investor, PBSA adds risks that do not exist to the same extent when investing in U.S. companies.
These include:
Indonesian rupiah currency risk
Indonesian equity-market risk
Foreign-market liquidity risk
Indonesian regulatory risk
Political and macroeconomic risk
Brokerage and market-access considerations
An Important Accounting Risk: Construction Revenue Recognition
PBSA's independent auditor identified revenue recognition from construction contracts using the percentage-of-completion method as a key audit matter.
This is important because construction revenue is recognized over the duration of projects based on the actual progress of work.
Management must estimate project completion, contract revenue, costs, and budget revisions.
The auditor specifically highlighted the judgment involved in determining the actual completion stage of construction projects.
This does not mean the financial statements are unreliable.
In fact, the auditor issued an unmodified opinion stating that the 2025 consolidated financial statements fairly presented the group's financial position, performance, and cash flows in accordance with Indonesian Financial Accounting Standards.
However, revenue recognition remains an important area for investors to monitor because construction accounting naturally involves estimates.
What U.S. Investors Should Know About PBSA
PBSA is not a U.S.-listed stock.
For an American investor, the investment process is therefore different from buying shares of Caterpillar, Fluor, Jacobs Solutions, or another U.S.-listed construction/infrastructure company.
Investors should consider:
Currency risk
PBSA reports its financial statements in Indonesian rupiah.
If the rupiah weakens against the U.S. dollar, the dollar value of the investor's position can decline even if PBSA's share price in rupiah remains stable.
Market-access risk
The shares trade on the Indonesia Stock Exchange.
Investors need a brokerage platform that provides access to the Indonesian market.
Liquidity
PBSA is considerably smaller and less liquid than major U.S. construction stocks.
Large orders may therefore have a greater market impact.
Information risk
PBSA's official financial statements are available in Indonesian, although portions of the documents are presented in English.
U.S. investors should be comfortable reviewing Indonesian corporate disclosures or use professional translation and financial research resources.
Tax considerations
U.S. investors should also investigate the tax treatment of Indonesian dividends and capital gains with a qualified tax professional before investing.
PBSA vs. a Typical U.S. Construction Stock
PBSA should not automatically be compared with the largest U.S. construction companies.
A more appropriate framework is to evaluate it as a smaller emerging-market construction company with a relatively strong balance sheet and a meaningful investment portfolio.
| Factor | PBSA |
|---|---|
| Market | Indonesia |
| Currency | Indonesian rupiah |
| Business | Construction |
| Balance sheet | Relatively strong |
| Operating growth | Strong in 2025 and Q1 2026 |
| Earnings stability | Moderate to weak |
| Investment exposure | Significant |
| Debt risk | Moderate/controlled |
| Cash-flow visibility | Needs monitoring |
| Foreign investor risk | Higher |
| Potential value | Attractive if earnings normalize |
| Main concern | Earnings volatility |
PBSA Stock Investment Outlook for 2026
The outlook is mixed but potentially interesting.
The positive case is straightforward.
PBSA's construction business is growing.
Revenue increased almost 47% year over year in Q1 2026, gross profit increased more than 52%, and operating income increased almost 60%.
Those are strong operational numbers.
The negative case is equally important.
The company generated only IDR 1.47 billion in net income during Q1 because investment-related losses overwhelmed operating profits.
That means investors cannot simply extrapolate FY2025 EPS into 2026.
Three Scenarios for PBSA
Bull Case
PBSA continues winning and executing construction projects while investment-market losses normalize.
If operating earnings remain strong and the investment portfolio stops producing major losses, reported net income could recover substantially.
In this scenario, the stock could receive support from both earnings growth and valuation re-rating.
Base Case
Construction revenue continues growing, but investment gains and losses remain volatile.
Operating profitability remains healthy, but reported net income fluctuates from quarter to quarter.
Under this scenario, PBSA may remain a value-oriented but volatile small-cap stock.
Bear Case
Construction project growth slows while investment losses continue.
Receivables rise faster than cash generation, working-capital pressure increases, and net income remains weak.
In that scenario, the stock could appear cheap based on historical earnings but prove less attractive based on normalized earnings.
My Fundamental Take on PBSA
PBSA is more interesting than a simple P/E screen might suggest.
The company had a very strong FY2025:
Revenue +37.9%
Net income +48.8%
EPS +49%
Equity +19.8%
But Q1 2026 exposed a major weakness in earnings quality.
Revenue increased 46.8%.
Operating income increased 59.8%.
Net income fell 94.3%.
The difference was largely caused by the company's investment portfolio.
Therefore, I would characterize PBSA as:
Operationally promising, financially relatively solid, but earnings-sensitive and difficult to value using headline net income alone.
For a value investor, the most important numbers to watch going forward are not simply revenue and EPS.
They are:
Operating profit
Construction gross margin
Operating cash flow
Trade receivables
Contract assets
Investment portfolio gains/losses
Cash balance
New contract awards
Dividend policy
Normalized earnings
Final Verdict: Is PBSA Stock Worth Watching?
Yes — but PBSA is better viewed as a speculative/value-oriented emerging-market construction stock rather than a conventional defensive investment.
The company's 2025 audited financial statements demonstrate strong growth and a healthy equity position.
However, the Q1 2026 results show why investors need to look beyond reported net income.
The construction operation itself remained strong, but investment-market losses dramatically reduced reported profitability.
For investors in the United States, PBSA could be interesting as a small allocation to an Indonesian emerging-market opportunity, particularly for investors who understand foreign-market and currency risks.
But it is not an obvious "buy" simply because its historical P/E appears inexpensive.
The key question for 2026 is:
Can PBSA convert strong construction operating performance into consistent cash earnings without being overwhelmed by investment-portfolio volatility?
If the answer is yes, PBSA's valuation could become increasingly interesting.
If investment gains and losses continue to dominate the income statement, the stock may remain much harder to value.
Bottom Line
PBSA's strongest investment argument: strong construction growth, rising operating income, substantial equity, and a relatively conservative liability structure.
PBSA's biggest weakness: volatile earnings caused by its investment portfolio and the potential gap between accounting earnings and cash generation.
2026 investor priority: monitor operating cash flow, receivables, new construction contracts, investment gains/losses, and normalized EPS.
For U.S. investors, PBSA may be worth researching as a small-cap Indonesian value opportunity — but it should be approached with a higher risk tolerance than a typical U.S.-listed construction stock.
Primary Sources
The company's investor-relations portal provides its annual reports and quarterly financial statements. The latest official financial filing available covers March 31, 2026, while the audited FY2025 financial statements were audited by Crowe Teramihardja, Pradhono & Chandra.
PBSA Official Investor Relations – Financial Statements
About the Author
David Mulyana is the founder and editor of WorldReview1989, an independent publication dedicated to finance, investing, insurance, business, technology, and digital marketing.
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This article is for educational and informational purposes only and should not be considered personalized investment, tax or financial advice. Australian stocks can be volatile and involve currency, market, commodity, regulatory and geopolitical risks. Past performance does not guarantee future results. U.S. investors should conduct their own due diligence and consult a qualified financial or tax professional before investing.
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