Overview

Detailed Summary

Commercial Syn Bags Limited is a manufacturer of flexible packaging and technical textiles, including FIBC, BOPP, and woven sacks.
The company operates manufacturing and trading segments with plants in Pithampur and a solar power facility in Sitamau for captive use.
In 2018, the company commenced commercial operations at its SEZ Unit, boosting production capacity from 13,100 MT to 17,000 MT annually.
They expanded into printed laminates for flexible packaging in 2016, installing machinery for advanced printing and lamination.
Comsyn India Private Limited was established as a wholly owned subsidiary in 2020, signaling strategic growth intentions.

Sector: Industrial Products
Industry: Packaging
Market Cap: 615 Cr
Volatility: Low Risk
P/E Ratio: 22.7
Industry P/E: 32.3
PEG Ratio: 0.2
P/B Ratio: 3.8
52W High: 200.40
52W Low: 76.12

Sales CAGR

1Y: 20.59%
3Y: 2.03%
5Y: 12.33%
10Y: 12.10%

Profit CAGR

1Y: 117.81%
3Y: -8.57%
5Y: 4.00%
10Y: 9.93%

ROE

TTM: 15.74%
3Y: 7.41%
5Y: 10.28%
10Y: 12.09%

ROCE

TTM: 14.65%
3Y: 11.57%
5Y: 13.78%
10Y: 16.17%

Technicals

‌

Forecasts

Peers

Industrials Capital Goods Industrial Products Packaging

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
SHREERAMA	48.01	643 Cr	11.54	3.84	0.00	33.67	17.62	26.57
COMSYN	153.90	615 Cr	22.70	3.79	0.26	15.74	14.65	8.89
CROPSTER	7.20	606 Cr	37.89	5.23	0.00	12.71	13.32	13.14
NAHARPOLY	239.75	590 Cr	8.14	0.69	0.43	7.12	8.44	6.00
ARROWGREEN	368.30	553 Cr	10.83	2.61	1.09	24.06	31.50	21.71
PYRAMID	147.95	544 Cr	21.05	2.08	0.34	10.50	10.28	5.21
SHRJAGP	599.00	525 Cr	10.91	1.68	0.00	16.06	19.85	10.77
Median: 7 Co.	153.90	590 Cr	11.54	2.61	0.26	15.74	14.65	10.77

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	68	71	70	77	87	86	98	91	98	97
Expenses	61	67	61	70	79	77	86	79	85	85
Operating Profit	7.42	4.00	8.74	6.88	7.87	9.44	11	11	13	12
OPM %	10.87	5.63	12.55	8.95	9.08	10.91	11.65	12.18	13.20	12.40
Other Income	0.56	0.24	2.27	0.85	0.80	0.13	2.25	0.71	0.36	0.15
Interest	2.05	1.65	3.08	2.33	2.10	2.74	2.20	2.44	2.10	2.16
Depreciation	2.71	2.79	2.81	3.00	2.67	2.64	0.52	2.72	2.67	2.73
Profit Before Tax	3.22	-0.20	5.12	2.40	3.90	4.20	11	6.57	8.59	7.35
Tax %	27.02	-30.00	37.11	19.17	7.69	16.19	26.03	15.53	1.98	18.23
Net Profit	2.35	-0.25	3.22	1.93	3.60	3.52	8.07	5.55	8.42	6.00
EPS in Rs	0.58	-0.06	0.81	0.48	0.90	0.88	2.02	1.32	2.01	1.43

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	191	214	323	290	288	348	361
Expenses	167	187	289	267	262	312	322
Operating Profit	24	26	34	24	27	36	40
OPM %	12.44	12.34	10.42	8.13	9.27	10.22	10.99
Other Income	1.86	-0.07	3.61	1.62	3.34	4.03	3.89
Interest	4.29	4.14	6.58	6.14	8.41	9.36	9.48
Depreciation	6.90	7.66	9.45	9.62	11	8.82	8.55
Profit Before Tax	14	15	21	9.46	11	21	26
Tax %	20.89	17.41	13.61	14.50	26.81	20.05	18.92
Net Profit	11	12	18	8.09	7.86	17	21
EPS in Rs	—	3.00	4.39	2.14	1.97	4.28	6.78
Dividend Payout %	15.51	19.72	14.34	0.00	0.00	9.32	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	12	12	12	40	40	40
Reserves	57	67	93	81	89	110
Borrowings	46	86	84	76	109	115
Other Liabilities	26	32	32	31	36	43
Total Liabilities	140	197	222	227	273	308
Fixed Assets	58	87	94	99	108	100
CWIP	14	0.30	0.00	13	0.11	1.65
Investments	0.00	0.00	-0.04	-0.16	22	23
Other Assets	68	109	128	116	143	183
Total Assets	140	197	222	227	273	308

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	27	-8.82	6.31	38	6.10	1.02
Cash from Investing Activity	-17	-17	-7.48	-30	-29	0.00
Cash from Financing Activity	-10	28	-0.54	-8.34	23	0.00
Net Cash Flow	-0.04	2.02	-1.71	-0.61	0.40	1.02

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Jun 2023	Sep 2023	Dec 2023	Jan 2024	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Promoters	58.66%	58.79%	58.79%	58.79%	58.79%	58.79%	58.79%	58.79%	58.79%	58.79%	58.79%	58.79%
FIIs	0.00%	0.00%	0.00%	0.00%	0.11%	0.00%	0.00%	0.00%	0.00%	0.24%	0.11%	0.00%
DIIs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Public	41.34%	41.21%	41.21%	41.21%	41.10%	41.21%	41.21%	41.21%	41.21%	40.97%	41.11%	41.21%
Total Shareholders	4,875	4,921	4,698	4,706	4,711	4,671	5,735	5,864	5,240	4,810	6,015	5,007

Market Transactions

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Q3 FY22

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