TLKM Stock: Telkom Indonesia Profile, Business, Performance and Risks

TLKM is the ticker for Telkom Indonesia, the country's largest state-owned telecommunications company, with a business spanning mobile services through Telkomsel, home internet through IndiHome, telecom towers through Mitratel, and data centers and undersea fiber cables. The company has been listed on the Indonesia Stock Exchange since 1995 and is closely watched as one of the index's major constituents.

TLKM stock summary

As of October 16, 2026.

Average daily trading volume over the past three months was 115.55 million shares, according to Yahoo Finance data.

Telkom's business

Telkom Indonesia is the state-owned enterprise that pioneered telecommunications services in the country. Its official headquarters is in Bandung, while its operational headquarters is in Jakarta, according to Wikipedia. Its core business runs through several subsidiaries: Telkomsel for mobile services, IndiHome for bundled internet, phone, and TV packages, and Mitratel, which manages telecom towers and has its own separate listing on the IDX since late 2021.

Telkom has also expanded into data centers through its Hyperscale Data Center projects in Cikarang and Batam, and into undersea fiber optic infrastructure through its subsidiary Telin, including participation in the SEA-ME-WE 6 consortium. In August 2024, management of its fiber optic assets was transferred to an entity called Telkom Infrastruktur Indonesia. By the end of 2024, the company operated 1,387 Plasa Telkom outlets across Indonesia to support customer service.

Brief history and IPO

The roots of Telkom's business trace back to 1856 under a company called Telecomunicatie Maatscappiij during the Dutch colonial era, later taken over by the Dutch government and renamed Post Telegraph Telekomunicatie Dienst. On July 6, 1965, the Indonesian government split PN Pos dan Telekomunikasi into two separate state entities, one of which, PN Telekomunikasi or PERUMTEL, became the forerunner of today's Telkom. Its status changed to a public corporation (Perum) around the same period, then to a Persero (state-owned limited company) in 1991, when it began using the "Telkom" brand.

1995 marked a double milestone: Telkom established Telkomsel for its mobile business, and the company officially listed on the Jakarta Stock Exchange and Surabaya Stock Exchange. Telkom shares were also listed on the New York Stock Exchange and London Stock Exchange, and offered (without a formal listing) on the Tokyo Stock Exchange. The company withdrew from the LSE and Tokyo exchanges in 2014.

A string of technology milestones followed: the launch of the Telkom-1 satellite (1999), the acquisition of Indosat's remaining 35% stake in Telkomsel (2001), the Telkom-2 satellite (2005), Indonesia's first 4G LTE service (2014), the launch of IndiHome (2015), and Telkomsel's rollout of Indonesia's first 5G service in May 2021. At the end of 2020, the company's official name was shortened to "PT Telkom Indonesia (Persero) Tbk" without changing its original legal entity name.

Shareholders and management

TLKM's ownership structure has shifted significantly over the past two years amid the formation of Danantara. As of February 24, 2025, the government transferred its shareholding to Biro Klasifikasi Indonesia, later renamed Danantara Asset Management, bringing the state's stake through this entity to 52.09%, with public free float at 47.91%.

Another change followed on January 6, 2026, following the implementation of Law No. 16 of 2025 on State-Owned Enterprises. A total of 516.02 million Series B shares, equivalent to 0.52%, were transferred from Danantara Asset Management to the State-Owned Enterprises Regulatory Agency (BP BUMN), and converted into Series A Dwiwarna shares. As a result, as of October 16, 2026, TLKM's ownership structure stands at Danantara Asset Management 51.57%, BP BUMN 0.52%, and public free float around 47.9%. This transfer did not change the Indonesian government's total overall ownership stake.

Specific names of current board directors and commissioners were not found in the sources checked for this profile. Readers who need this detail should check Telkom's official disclosures on idx.co.id.

Recent financial performance

According to research from Kiwoom Sekuritas Indonesia cited by investor.id on September 14, 2026, TLKM's net profit in the second quarter of 2026 jumped 28% year-on-year (YoY) to Rp6.3 trillion. Analyst Sukarno Alatas attributed the acceleration to lower financing costs and improved operating leverage, meaning the company's ability to grow profit faster than revenue through a more efficient cost structure.

Second-quarter 2026 revenue reached Rp38.7 trillion, up 6% YoY and 4% quarter-on-quarter (QoQ). EBITDA grew 11% both YoY and QoQ to Rp19.5 trillion. For the first half of 2026, TLKM's revenue rose 4% YoY to Rp75.9 trillion, with EBITDA up 3% to Rp37.1 trillion and an EBITDA margin of 48.8%, slightly down from 49.4% in the prior period.

The main driver of revenue growth was the data, internet, and IT services segment, which grew 13%. This growth offset declines in legacy business lines: IndiHome revenue fell 3%, SMS plus voice and cellular services dropped 29%, interconnection fell 10%, and other network and telecom services declined 6%.

On the subscriber side, mobile subscribers fell 3.1% to 153.5 million, but mobile ARPU rose 9.1% to Rp45,000, which analysts at Kiwoom said signals improving customer monetization. Meanwhile, IndiHome's business-to-consumer (B2C) subscriber base fell 5.4% to 9.5 million.

The full first-half 2026 net profit figure was not fully available in the source we checked, as the text was cut off before stating the nominal amount. Readers who need complete financial statements and other ratios should check Telkom's official financial reports on idx.co.id.

Dividends

The sources checked for this profile did not specify dividend amounts, payout ratios, or payment schedules for TLKM. Given that Telkom is a large state-owned enterprise that typically pays dividends annually, readers who need exact dividend-per-share figures and cum/ex dividend dates should check the company's official annual reports and disclosures on idx.co.id.

TLKM share price movement

As of October 16, 2026, TLKM traded at Rp2,230 per share. This position sits much closer to the 52-week low of Rp2,170 than the 52-week high of Rp3,990, meaning the stock is currently trading near its lowest level of the past year.

Both short and medium-term trends have been negative: down 16.2% over one month, 11.9% over three months, and 27.6% over one year. The consistent decline across all three timeframes suggests sustained selling pressure rather than a brief correction. Still, there have been short-term rebounds: on October 9, 2026, TLKM jumped 2.7% and helped lift the Jakarta Composite Index (IHSG) to 6,053 in the first trading session, according to Kompas.com.

A day before this profile's data date, BNI Sekuritas noted the IHSG closed up 0.29% on October 14, 2026, but was accompanied by net foreign selling of Rp104 billion, with big-cap stocks like BBRI and BMRI topping the foreign sell list, according to a Liputan6.com report published October 15, 2026. TLKM was listed among the stocks discussed in analysts' daily commentary that day, though full details of the recommendation and target price were not fully available in the source checked.

Recent news and catalysts

Several recent developments are relevant for TLKM watchers:

• October 9, 2026: TLKM jumped 2.7% and was among the stocks lifting the IHSG to 6,053 in the first session, alongside AMMN, DSSA, and BBRI, according to Kompas.com.
• September 14, 2026: Kiwoom Sekuritas revised its TLKM target price after second-quarter 2026 net profit jumped 28% YoY to Rp6.3 trillion, supported by lower financing costs and improved operating leverage, according to investor.id.
• October 15, 2026: TLKM was included in a daily analyst stock commentary roundup as the IHSG was projected to trade between 5,830 and 6,000, still affected by foreign selling, according to Liputan6.com.
• October 2, 2026: Selular.id published an article discussing how success for Telkom's CEO is measured beyond just TLKM's share price performance, though the full article content was not entirely available in the source checked.

Structurally, the ownership changes under the Danantara and BP BUMN scheme finalized on January 6, 2026 are also an important development, as they could influence future dividend policy and the broader state-owned enterprise holding strategy.

Competitors on the IDX

In the telecom sector on the IDX, TLKM competes with two other major mobile operators:

• ISAT (Indosat Ooredoo Hutchison): a mobile operator formed from the merger of Indosat Ooredoo and Tri Indonesia, majority owned by a consortium of Ooredoo Group and CK Hutchison, focused primarily on mobile and data services without a home fixed broadband business the size of IndiHome.
• EXCL (XL Axiata): a mobile operator under Malaysia's Axiata Group, competing closely with Telkomsel and Indosat in mobile data, and more recently expanding into fixed broadband through its merger with Link Net.
• FREN (Smartfren Telecom): a smaller mobile operator by market share, known for aggressive data pricing strategies in the retail segment.

TLKM's key difference from these peers is its much more diversified business scale, spanning mobile through Telkomsel, home internet through IndiHome, towers through Mitratel, and data centers and undersea cable infrastructure, with its state-owned status giving it access to government infrastructure projects.

What this means for investors

A few concrete things TLKM watchers can track going forward, without needing to call a price direction:

• The Rp2,170 level, the lower bound of the 52-week range, as a reference point for whether the price keeps holding near the past year's low or starts moving away from it.
• The Rp3,990 level, the upper bound of the 52-week range, as a benchmark for how far the current price sits from the past year's high.
• The release of Telkom's third-quarter 2026 financial report on idx.co.id, to see whether the 28% YoY net profit growth seen in the second quarter continues or slows down.
• Quarterly mobile and IndiHome subscriber data, since declines in both segments were already visible in the first half of 2026 and signal ongoing competitive pressure.
• Foreign buy/sell flows in big-cap IDX stocks, given BNI Sekuritas reported foreign selling pressure weighing on large-cap shares recently.
• Developments in Danantara Asset Management and BP BUMN's policies toward TLKM, including any potential shift in dividend direction or restructuring of the state telecom holding going forward.

Risks

Some concrete risks relevant to monitor for TLKM:

• Declining subscribers in legacy businesses. Mobile subscribers fell 3.1% YoY and IndiHome B2C subscribers fell 5.4% in the first half of 2026, signaling competitive pressure in mature core businesses.
• Dependence on specific segments. Revenue growth has been heavily reliant on the data, internet, and IT services segment, which grew 13%, while legacy SMS, voice, and cellular services dropped 29%. A slowdown in the growth segment could pressure total revenue.
• State-owned enterprise governance and regulatory risk. The ownership restructuring through Danantara Asset Management and BP BUMN, only finalized in January 2026, brings uncertainty around future dividend policy and holding company strategy, given how recent this regulatory change is.
• Foreign selling pressure on big-cap stocks. A BNI Sekuritas report on October 14, 2026 noted net foreign selling of Rp104 billion on the IHSG with big-cap stocks as the main targets, which could also weigh on large-cap names like TLKM even though it wasn't the most sold stock that day.
• Price volatility over the past year. A 27.6% decline over one year and a price near the lower end of the 52-week range suggest market sentiment has not fully recovered, despite improving quarterly profits.
• Relative valuation risk. With the share price falling sharply while Q2 2026 net profit rose 28% YoY, there is a potential disconnect between market perception and company fundamentals that's worth checking against official valuation ratios in financial reports.

How to buy TLKM shares

TLKM shares trade in lot units, where one lot equals 100 shares. At Rp2,230 per share as of October 16, 2026, one lot of TLKM is worth Rp223,000, excluding brokerage transaction fees.

To buy this stock, investors need to open a Customer Fund Account and a securities account with a brokerage licensed by Indonesia's Financial Services Authority (OJK) and registered as a member of the Indonesia Stock Exchange. Once the account is active, buy orders can be placed through the brokerage's trading app by entering the TLKM ticker, number of lots, and desired price.

This article is written for informational purposes to support research, and is not a recommendation to buy or sell TLKM shares.