Kalbe Farma (KLBF IJ): Volume-led growth, pressured margin

Kalbe Farma (KLBF IJ)
Not rated
Analyst: Erdji Herlando

Volume-led growth, pressured margin
• Growth is volume-led but slowed in 3Q26
• Top-line strategy and run-rate remain intact, but margin stays under pressure through FY2027
• Earnings remain sound, but share price dilutes