May 2026
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Largest Telecom Infrastructure Public Companies in Indonesia
Benchmark revenue and EBITDA valuation multiples for public comps like
Indoritel, Solusi Tunas Pratama, Mitratel, Tower Bersama and Sarana Menara Nusantara.
 | PT Indoritel Makmur Internasional Tbk is an investment holding company. The company, through its subsidiaries, is engaged in providing infrastructure through fiber optic media and serving telecommunication services ranging from data communication to interactive video, managing SDWAN services, and a variety of other Internet of Things (IoT) derivatives. Its segments are the Corporate segment, the Retail segment, and Others. It generates the majority of revenue from the Corporate segment. The Corporate Business Segment provides fiber-optic-based telecommunications data connection service products for business customers, such as Last Mile Solution, Fiberization, IP Transit, IEPL, MPLS, and DWDM, to other telecommunications operators and international customers. | $1 | -5% | $8B | $8B | 86.2x | 57.6x | ||
| PT Solusi Tunas Pratama Tbk is engaged in telecommunication infrastructure. The company operates and leases base transceiver station tower buildings or telecommunications towers, and other related telecommunication infrastructure. The segments of the company are Tower lease and Other services. The business activity of the group has functioned in the Indonesia region, and derives majority of its revenue from lease sources. The Group has one segment that is telecommunication tower rental. | $2 | -5% | $3B | $3B | 26.9x | 45.1x | ||
| PT Dayamitra Telekomunikasi Tbk is engaged in providing telecommunications infrastructure. The Group has two segments namely Telecommunication tower lease and Others. It derives maximum revenue from Telecommunication tower lease segment. | $0 | -14% | $2B | $3B | 5.9x | 7.1x | ||
| PT Tower Bersama Infrastructure Tbk is a provider of coverage solutions. The firm's primary business is leasing space for antennas and other equipment for wireless signal transmission to telecommunication operators. The Company also provides telecommunications operators with access to its Distributed Antenna System networks in shopping malls and office buildings. A majority of the firm's revenue is generated from Indonesia. The company's operating segments include Tower, Repeater, Building, and Fiber Optic. The company generates the majority of its revenue from the Tower segment. | $0 | -40% | $2B | $3B | 8.5x | 9.9x | ||
| PT Sarana Menara Nusantara Tbk is an investment company. The company's main business focus is to invest in companies engaged in operating telecommunication tower locations for lease to wireless communication companies. The business segments of the company include Tower lease and Other services (VSAT service, and Wireline). The majority of the company's revenue is generated from the Tower Lease segment. | $0 | -27% | $1B | $4B | 4.8x | 5.9x | ||
| PT Inti Bangun Sejahtera Tbk is engaged in providing telecommunication services. The company's operating segment includes Telecommunication towers, buildings, tools and machineries, and network equipment. The company generates maximum revenue from the Telecommunication tower. | $0 | +64% | $641M | $662M | 13.6x | 18.4x | ||
| PT Bali Towerindo Sentra Tbk is a provider of telecommunication tower leasing and transmission network services in Bali Province and is expanding outside Bali Province by building Microcell Poles in several cities in Indonesia. Its supporting business activity is management and human resources development consultancy services, telecommunication services, information technology services, and services for the installation of telecommunication devices. The company operates in two business segments, which include Cellular that includes tower leasing, transmission/bandwidth leasing, and operations & maintenance (O&M), covering electricity and backup power activities, and Non-cellular, which offers residential, corporate, and government Fiber-to-the-X (FTTX) products under the brand Balifiber. | $0 | -36% | $270M | $441M | 6.4x | 15.2x | ||
| PT MNC Asia Holding Tbk is an investment company that operates in the diversified media industry. The company operates through four strategic business sectors: Media & Entertainment, Financial Services, Tourism & Hospitality, and Energy. The company generates the majority of its revenue from the Media & Entertainment through advertising and content business. | $0 | +3% | $126M | $105M | 0.1x | 0.6x | ||
| Median | $0 | -10% | $2B | $3B | 7.4x | 12.6x |
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