Bisnis.com, JAKARTA — The financing industry, or multifinance, has the opportunity to grow better if it can optimize the heavy equipment market.

Bhima Yudhistira, Executive Director of the Center of Economic and Law Studies (Celios), believes the government is currently focusing on developing the agricultural sector, which requires a lot of heavy equipment.

According to Bhima, financing distribution to the heavy equipment sector can boost the performance of financing companies.

"For example, in the food sector, there are sectors related to B50, which will also boost demand for heavy equipment," he told Bisnis on Tuesday (November 4, 2025).

Furthermore, he reminded financing companies to pay attention to opening up downstream processing, especially for processed products from mining other than nickel, such as bauxite and copper, which require heavy equipment.

"So, the number of projects and their locations in 2026 will determine the growth of multifinance heavy equipment distribution," Bhima said.

Furthermore, he believes there is a decoupling in the demand trend for heavy equipment because each commodity doesn't move in the same direction. For example, coal prices are falling, but CPO or palm oil prices are rebounding.

"This will also drive demand for heavy equipment in the palm oil sector, for example, so the typical heavy equipment will be different compared to coal or other mining sectors," he said.

For this reason, Bhima suggested that multifinance companies should look for sectors or commodities with good demand prospects, both export-oriented and domestically market-oriented.

If this is done, he is optimistic that companies can increase heavy equipment financing distribution while also managing the risk of non-performing financing (NPF).

"So, all of this is needed for 2026 and beyond and must be done very selectively. Even within the same commodity, not all palm oil companies generate low returns or risk of loan repayment, so we must examine the company's internal financial condition," he concluded.

According to OJK statistics, in June 2025, financing receivables for heavy equipment reached IDR 48.76 trillion, growing 13.65% year-on-year (YoY).

Overall, using the latest data, OJK recorded financing receivables in multifinance companies as of August 2025 reaching IDR 505.59 trillion, representing a 1.26% year-on-year (YoY) growth. This growth was supported by working capital financing, which grew 7.62% YoY.

Meanwhile, the risk profile of financing companies was maintained, with a gross NPF ratio of 2.51% and a net NPF ratio of 0.85%. The gearing ratio was recorded at 2.17 times, below the maximum limit of 10 times.