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PT Gudang Garam Tbk: Business Overview, Financials & Competitive Analysis

PT Gudang Garam Tbk scores 6/10 on the AskCyborg Cyborg Score (Solid). Established tobacco leader with 33% market share facing margin pressure from excise tax increases and volume contraction in a declining market. Gudang Garam is a market leader in Indonesian tobacco with strong historical performance and diversified operations beyond cigarettes. However, the business faces headwinds from rising excise taxes.

What is PT Gudang Garam Tbk's industry? PT Gudang Garam Tbk (gudanggaramtbk.com) operates in Tobacco Manufacturing / Consumer Non-Durables. AskCyborg classifies PT Gudang Garam Tbk under Tobacco Manufacturing / Consumer Non-Durables in its company registry.

Gudang Garam manufactures and sells cigarettes in Indonesia and internationally through Cigarettes, Paperboards, Infrastructure, and Others segments. As Indonesia's largest tobacco manufacturer with a market share of ...

6/ 10Solid

Cyborg Score thesis

Established tobacco leader with 33% market share facing margin pressure from excise tax increases and volume contraction in a...

Read the full analyst-debate transcript →
Industry Tobacco Manufacturing / Consumer Non-Durables
1 named competitors
2 recent developments
11 analyst dimensions
Synthesized from analyst-debate stress-testing across 11 dimensions and hundreds of data points. Methodology →
Cyborg Score recalibrated: October 19, 2026
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PT Gudang Garam Tbk OverviewStrategic ProfileCompetitive LandscapeIndustry ContextKey facts
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PT Gudang Garam Tbk Overview

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Gudang Garam manufactures and sells cigarettes in Indonesia and internationally through Cigarettes, Paperboards, Infrastructure, and Others segments. As Indonesia's largest tobacco manufacturer with a market share of nearly 33%, the company is a dominant player in the regional kretek (clove cigarette) market.

Strategic Profile

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The company manufactures kretek cigarettes which are clove cigarettes common in Indonesia, with operations almost entirely domestic. The company has diversified its operations to include paper-related activities through its subsidiaries.

Competitive Landscape

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Gudang Garam dominates the Indonesian cigarette market as the clear #1 player with 33% market share. Key competitors include PT Hanjaya Mandala Sampoerna (HM Sampoerna/HMSP), another Tier-1 tobacco player. The sector faces structural headwinds from escalating excise taxes and shifting consumer preferences, with both leaders experiencing volume pressure despite pricing power.

Industry Context

PT Gudang Garam Tbk operates in Tobacco Manufacturing / Consumer Non-Durables.

Key facts

Founded: 1958 · Headquarters: Kediri, Indonesia · Employees: 25,445 · Revenue: $5.65B · Market cap: $1.99B

What the AI analysts debated

AI-generated and not independently verified: selected findings from the multi-agent debate on PT Gudang Garam Tbk.

  • Market leader with ~33% share in Indonesia's tobacco market, but facing excise tax increases that compress margins
  • Diversified beyond cigarettes into paperboard and infrastructure, reducing pure tobacco exposure
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Recent developments

Material events tracked by the AskCyborg corpus.

  • July 2024RHB Equity Research downgraded GGRM to SELL from Neutral with IDR13,700 target price citing flat-to-negative volume growth expectations
  • 2024Price increases only offset 30-50% of excise tax hikes, with volumes declining as consumers downtraded
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Named competitors

Pulled from the analyst-debate framework. Click any competitor to see their Cyborg Score.

HM SampoernaSecond-largest Indonesian tobacco company competing in kretek and white cigarettes→

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Industry context

PT Gudang Garam Tbk operates in Tobacco Manufacturing / Consumer Non-Durables. See how the rest of the sector scores on the Cyborg framework.

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AI-generated research summary based on public sources; it may contain errors or omissions. Not investment advice. Not reviewed or endorsed by the companies covered. Report an error: legal@askcyborg.com · Terms of Service

Frequently asked questions

What does PT Gudang Garam Tbk do?+
Gudang Garam manufactures and sells cigarettes in Indonesia and internationally through Cigarettes, Paperboards, Infrastructure, and Others segments. As Indonesia's largest tobacco manufacturer with a market share of ...
What is PT Gudang Garam Tbk's Cyborg Score?+
PT Gudang Garam Tbk has a Cyborg Score of 6/10 (Solid). The score synthesizes business model, financials, leadership, competitive position, technology, marketing, and ESG dimensions across hundreds of data points.
Who are PT Gudang Garam Tbk's main competitors?+
Named competitors include HM Sampoerna. The full competitive landscape is in the AskCyborg report.
How can I get the full PT Gudang Garam Tbk research report?+
Get the report plus analyst-debate audio at askcyborg.com -- no credit card required for preview access. Pro adds saved-company audio playlists and monitoring.
How current is the PT Gudang Garam Tbk research?+
The Cyborg Score is recalibrated weekly. Recent developments are tracked continuously and surfaced in every report.

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