PEFINDO has assigned its idA- rating with stable outlook to PT Nindya Karya (PTNK)

(July 6, 2026)--The rating reflects PTNK’s satisfactory market position, good project pipeline, and strong financial flexibility, but is constrained by its moderate financial leverage and the volatile business environment.

The rating may be raised if PTNK improves its business position, stemming from a robust contract backlog to support its revenue growth prospect, and manages to implement diversification plans to expand margins. The Company should also demonstrate a more conservative capital structure and stronger cash flow protection measures. However, the rating may be lowered if PTNK incurs more debt than projected to finance expansion or working capital, resulting in the deterioration of its financial profile. We may also lower the rating if the Company wins insufficient new contracts, eroding its revenue and profit visibility.

PTNK focuses mainly on buildings, irrigation, and dams, in addition to its expertise in other segments, including roads, bridges, airports, and seaports. As of December 31, 2025, its shareholders were PT Danareksa (Persero) with 99.99% ownership and the Indonesian government (0.01%). (ends)