Benteng Api Technic Tbk.

BATR.JK

Construction Materials · Basic Materials

Price

94.00 IDR

+1.00 (+1.08%)

Market Cap

279.73B IDR

Exchange

Indonesia Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 10, 2026 · filings through Mar 31, 2026

Share count rising — dilution

+9141.6% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 32.5M (2021) → 3.00B (2025)

Operating from Surabaya, Indonesia, PT Benteng Api Technic Tbk is a diversified company established in 1997, active across manufacturing, trade, engineering, and construction sectors within the country. The firm specializes in the production and supply of a broad spectrum of refractory products, encompassing fire clay bricks, high alumina bricks, refractory cement, mortars, and various castables, including gunning castable, alongside other crucial refractory materials. Additionally, it delivers comprehensive technical services, such as refractory and fire brick installation, insulation solutions, mechanical services, and expert refractory casting, ramming, and gunning works. Its vast portfolio of clients spans numerous heavy industries, including iron and steel, aluminum and copper smelting, petrochemicals and fertilizers, oil and gas, power generation, cement and lime production, paper processing, food manufacturing, and the palm oil (CPO) sector, among others.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+25.7% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+19.0% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (3%)

Research and development spending

Cash Runway

~7 months

$26.1B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Revenue accelerating

Benteng Api Technic Tbk. grew revenue 26% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

37.9%

Modest — 37.9% gross margin

Operating Margin

12.3%

Healthy — 12.3% operating margin

ROCE

1.8%

Weak — 1.8% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+38.1%

Fast-growing sales (+38.1% YoY)

EPS YoY

+69.4%

Earnings growing fast (+69.4% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

6/7 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

186%

Turns 186% of profit into real cash

FCF Margin

9.2%

Modest free cash flow (9.2%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

0.25

Conservative — low debt load (0.25)

Interest Cover

8.82x

Comfortably covers interest (8.8x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

20.9x

Growth-priced — P/E 20.9

P/E above the market average. People are paying up for expected growth.

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend Yield

2.13%

Moderate income — 2.13% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend Growth

N/A

Data not available

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