October 2026
Largest Telecom Service Providers Public Companies in Indonesia
Benchmark revenue and EBITDA valuation multiples for public comps like
Telkom Indonesia, MoraRepublic, Dian Swastatika Sentosa, Indosat and PT XLSmart Telecom.
 | PT Telkom Indonesia (Persero) Tbk is the integrated telecommunications provider in Indonesia. The company is focusing on dividing business into 3 Digital Business Domains namely, digital connectivity, digital platform, and digital services. It also provides a wide range of other communication services, including telephone network, interconnection services, multimedia, data and internet communication-related services, satellite transponder leasing, leased line, intelligent network and related services, cable television, and VoIP services. The group derives revenue from product lines: Mobile, Consumer, Enterprise, WIB and Others. | $0 | -35% | $12B | $15B | 1.8x | 3.7x | ||
| PT Ekamas Mora Republik Tbk, formerly PT Mora Telematika Indonesia Tbk is a wholesale telecommunications network provider. It is engaged in telecommunication activities with cables, internet service providers, internet interconnection services, and Data Center. The company's segments include Telco; Wholesale; Retail, and Others. | $0 | +179% | $12B | $13B | 57.1x | 112.8x | ||
| Dian Swastatika Sentosa (DSSA) is an Indonesian energy, infrastructure and technology group listed on the Indonesia Stock Exchange and part of the Sinar Mas conglomerate, headquartered at Sinar Mas Land Plaza in Jakarta. Its largest business is coal mining through PT Golden Energy Mines (GEMS), which has operated since 1997 and holds concessions in Jambi, South Sumatra, West Sumatra and South and Central Kalimantan, and PT DSSE Energi Mas Utama, which supplies independent power producers; the group reports about 0.9 billion tons of proven thermal coal reserves. It also generates electricity, including through a 600 MW joint venture with China Datang Corporation, and trades fertilisers, pesticides and industrial chemicals. Its digital infrastructure arm runs MyRepublic Indonesia, which passed more than 6.4 million homes in 140 cities and had over 914,000 internet customers at the end of 2024, and SM+ data centres. Through PT Sinarmas Sukses Sejahtera it invests in digital platforms including the payments app DANA and the streaming service Vidio, whose rounds it joined in 2022 and 2025, and it runs GWS Medika clinics and GWS Farma pharmacies in Jakarta. | $0 | -69% | $9.8B | $11B | 4.0x | 21.5x | ||
| PT Indosat Tbk, branded as Indosat Ooredoo Hutchison, is an Indonesian telecommunications operator headquartered in Jakarta. Established in 1967, it provides mobile voice, messaging and data connectivity as well as fixed-network, internet and digital services. Its consumer operations serve prepaid and postpaid subscribers through the IM3 and Tri brands, while its enterprise business supplies connectivity, cloud, data-centre, security and managed information-technology services. The company earns recurring and usage-based revenue from subscriptions, prepaid packages, data traffic, interconnection and business-service contracts. Its nationwide network connects customers across Indonesia and supports both personal communications and corporate digital transformation. Indosat is publicly listed in Indonesia and operates as part of the Ooredoo Hutchison ownership group following the combination of Indosat Ooredoo and Hutchison 3 Indonesia. | $0 | +11% | $4.1B | $7.3B | 2.3x | 4.8x | ||
| PT XLSmart Telecom Sejahtera Tbk is an integrated telecommunications entity. Its brands are Prioritas, Axis, XLSmart, Smartfren, and Others. | $0 | -15% | $2.4B | $5.6B | 2.4x | 6.0x | ||
| PT IndoInternet Tbk is an information and communication technology company. It carries out the following main businesses: Internet Service Provider (ISP), cable telecommunications, hosting and its related activities, computer consulting, management of other computer facilities, and satellite telecommunications activities. Its operating segments are Connectivity, Data Center, Cloud Services, and Other Services. Maximum revenue for the company is generated from the Data Center segment, which represents the operations of its data centers serving corporate customers across various industries, including financial services, logistics, manufacturing, internet services, and oil and gas. Geographically, it derives maximum revenue from Indonesia and also has a presence in Singapore. | $0 | +0% | $543M | $746M | 15.9x | 29.6x | ||
| 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 | +0% | $292M | $470M | 6.8x | 10.6x | ||
| PT MNC Vision Networks Tbk core business consists of DTH post-paid and prepaid Pay TV, Fixed Broadband and Fiber optic Pay TV service, Android OTT Box, OTT Platform, and Local Cable Operator, content production that serves exclusively for the group. Its segments include Satellite services, Digital IPTV and broadband services, and others. The company generates the majority of its revenue from Satellite services. | $0 | -50% | $52M | - | - | - | ||
| Median | $0 | -7% | $3.2B | $7.3B | 4.0x | 10.6x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
Recent Insights
Start Your
Free Trial Today
Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.