One Government Customer
One Government Customer
PART's FY2025 earnings step-up leans on a single buyer. PART's new metal-household segment (Rp62.1bn, 61% of FY2025 revenue growth) is one government customer, Badan Gizi Nasional, whose FY2025 order matches the segment total to the rupiah and carries no contracted recurrence. [1][2] That Rp62.1bn is 16.8% of FY2025 revenue, and the account sold nothing before 2025. What it means for forward earnings turns on whether it repeats: on the bear path in Scenarios and Watch Items, the household line reverts to about Rp5bn, FY2025's Rp369.6bn of revenue falls to roughly Rp336bn and profit to around Rp23bn — a 12.6x multiple at the 17 July 2026 price of Rp106 — so close to a fifth of FY2025 revenue and a quarter of its profit rest on one uncontracted account. Management reads it the other way: it describes the food-tray business as continuous rather than tender-based, and the national kitchen network it supplies is still being built out. That is a general business-model statement, not a documented commitment that this particular order recurs, and the FY2025 record does not yet settle which read holds.
From zero to Rp62 billion
The metal-household products line — food trays and gas- and electric-fired oil-water frying machines — went from no sales in FY2024 to Rp62.1bn in FY2025, arriving as a fourth reporting segment alongside automotive, electronics and sanitation [3]. Total revenue rose 38.2% to Rp369.6bn; of the Rp102.2bn added, Rp62.1bn (61%) came from this new line, Rp39.3bn from a 15.3% lift in the automotive core, and Rp0.8bn from everything else [4]. The automotive franchise still supplied 80% of sales, but it was not what moved the year.
Source: FY2025 Annual Report, MD&A — Operational Review by Business Segment [5].
The strategic rationale management gives is diversification — expanding revenue streams and reducing reliance on cyclical automotive demand, with "sustainable growth opportunities" from the culinary and food-service market "both in terms of sales volume and market expansion" [6]. The evidence in this chapter is about how much of that is demonstrated and how much is aspiration.
One customer, one programme
The customer note resolves what the segment table leaves open. Note 24 lists every customer above 10% of revenue, and the metal-household line maps to exactly one: Kantor Pusat Badan Gizi Nasional at Rp62,110,488,000 — the same figure, to the rupiah, as the household segment total [7]. The new segment is not a diversified consumer book; it is a single account. The only other 10%-plus customer is PT Chemco Harapan Nusantara, a long-standing automotive brake-systems buyer, at Rp41.5bn. Together the two represent Rp103.6bn, or 28% of FY2025 sales [8].
Source: FY2025 Annual Report, Note 24 (customers above 10% of revenue); "all other" derived as the residual to reported total revenue [9].
Badan Gizi Nasional is the agency running Makan Bergizi Gratis, the national free-nutritious-meals programme that is the flagship of the Prabowo administration. PART's own materials tie the food-tray line directly to it: stainless-steel (SUS304) trays at 0.4mm gauge, made from locally sourced Morowali nickel-steel, which management flags as a "materially higher per-piece revenue contributor" [10]. Indonesian business press through July and August 2025 framed the entry the same way — the company "entering the food-container business to target Prabowo's MBG programme," and by March 2026 called the programme PART's "new engine" of growth [11]. The programme is large and well-funded — a 2026 budget around Rp335tn and roughly 28,000 meal-preparation kitchens — so the first-year demand was real, not an accounting entry. What a peer-priced multiple pays for earnings this concentrated is taken up in Margin of Safety; this chapter takes up whether those earnings persist.
A mid-year build-out
The timing of the order carries information. First-half 2025 revenue was Rp142.2bn, up just 3.7% year on year, with net profit of Rp8.6bn [12]. The full year came in at Rp369.6bn and Rp30.2bn [13]. The second half therefore carried Rp227.4bn of revenue and Rp21.6bn of profit — 62% of the year's sales and 72% of its profit — compressed into roughly the last five months.
Source: H1 2025 figures per interim results reported in Indonesian financial press [14]; full-year figures per FY2025 Annual Report [15]; half-year splits derived by subtraction.
That burst was not in the plan. The formal FY2025 targets management set for itself were a 20% rise in net sales and 15% growth in household and sanitation products combined — modest numbers consistent with the existing book [16]. The company then pivoted mid-year: an Extraordinary General Meeting on 11 August 2025 approved the household expansion, additional working-capital financing and the purchase of new machinery, backed by a fresh Rp74bn BCA credit facility and twelve food-tray machines installed at the Tangerang plant [17][18]. The supply chain shifted to match: three suppliers that billed nothing in FY2024 — PT Tri Cipta Teknindo (Rp21.4bn), Aspire Tech (Rp18.7bn) and PT Nikawa Teknika Indonesia (Rp18.0bn) — together supplied Rp58.1bn of purchases in FY2025 [19]. And finished-goods inventory rose from Rp4.9bn to Rp42.2bn over the year, the working-capital swing examined in Cash and Solvency [20].
A single account, filled in one half-year, requiring dedicated machines, a new credit line and new suppliers, then leaving a large finished-goods position behind, has the shape of an initial fit-out rather than a level, repeating order stream.
The recurrence question
Management's framing points the other way, and it deserves a fair hearing. At the June 2025 public expose, the founder-CEO described the business model as continuous rather than tender-based — "not like a tender, won once and finished, but ongoing, with offers every month on a regular basis" — and placed the food-tray project inside that model as a large per-piece revenue addition [21]. The annual report echoes it, citing "sustainable growth opportunities" and both domestic and export ambition for the line [22]. Two structural points support a recurring read: food trays are per-student consumables that break and require replacement as the programme scales its beneficiary base, and the kitchen network the programme is building out is far from complete, so new-kitchen equipment demand continues while it expands.
The FY2025 record, though, does not yet corroborate that recurring read, and several facts cut against it. The order is a single government account with no purchasing history before 2025, delivered in one concentrated burst — the profile of procurement, not of a recurring commercial supply relationship, whatever the general business-model description. Nothing in the corpus discloses a multi-year contract, framework agreement or committed reorder schedule; recurrence is asserted, not documented. The same management framing accompanied a public revenue target of Rp1 trillion for 2025 that the company missed by more than half, delivering Rp369.6bn [23][24], which argues for weighting the record over the ambition. And the frying-machine portion of the line is capital equipment, one unit per kitchen — genuinely one-time.
On balance, the evidence leans toward the Badan Gizi contribution being a front-loaded, largely one-time fit-out rather than a proven annual franchise, with the tray-replacement and programme-expansion channels a real but unquantified offset. The strongest fact against that read is management's explicit recurrence framing and the still-expanding kitchen network; the strongest fact for it is the single-customer, single-burst, unplanned, uncontracted shape of the FY2025 order. Two disclosures would decide it, both outside the current corpus: whether the FY2026 Note 24 shows Badan Gizi (or another programme buyer) recurring as a 10%-plus customer at comparable scale, and whether H1-2026 revenue holds the second-half-2025 run-rate rather than reverting toward the ~Rp142bn first-half-2025 pace. The early-2026 signals gathered in Margin of Safety point to softening rather than repetition, but on one unaudited quarter.