NSE: COMSYN · BSE: 539986
COMMERCIAL SYN BAGS LTD
Manufactures synthetic bags and technical textiles used in industrial packaging. The manufacturing segment generated Rs 381.24 crore in FY26, or 99.3% of segment revenue, with the remaining 0.7% (Rs 2.75 crore) coming from a small 'other' segment. Operations are based at Indore SEZ, Pithampur in Madhya Pradesh, where the existing manufacturing capacity of 24,530 MTPA was running at about 91% utilization before a 1,500 MTPA expansion at the Techtex unit, which commenced commercial production on 22 July 2026. The expansion was funded through internal accruals, share capital and borrowings, with Rs 5 crore invested in the Techtex unit. The company is also expanding through a wholly-owned subsidiary Comsyn India Private Limited and a step-down subsidiary Comsyn International. Raw materials are the largest cost at 49.5% of revenue, followed by employees at 16.9% and other operating expenses at 18.6%, with capex at 10.4% of revenue. FY26 standalone revenue stood at Rs 387.00 crore with an EBITDA margin of 13.08%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Manufacturing (Segment A) (99%), Other segment (Segment B) (1%). Asset-heavy industrial packaging manufacturer with ongoing capacity expansion
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 323 | 290 | 288 | 348 | 387 |
| EBITDA (ex other income) | 34 | 24 | 27 | 36 | 48 |
| margin % | 10.4 | 8.1 | 9.3 | 10.2 | 12.4 |
| Owners' profit | 0 | 0 | 0 | 0 | 26 |
| EPS, as reported (₹) | 15.48 | 2.08 | 3.94 | 4.29 | 6.59 |
| ROE % · ROCE % | 17.3 · 19.1 | 6.7 · 9.4 | 6.1 · 11.0 | 11.4 · 16.6 | 14.8 · 18.2 |
| Debt / equity (x) | 0.79 | 0.63 | 0.78 | 0.71 | 0.68 |
| Cash from operations | 6 | 38 | 6 | 1 | 39 |
| Capex | (18) | (43) | (12) | (9) | (40) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 87 | 86 | 98 | 91 | 98 | 97 | 101 | 109 |
| Profit before tax | 4 | 4 | 11 | 7 | 9 | 7 | 8 | 12 |
| Net profit | 4 | 4 | 8 | 6 | 8 | 6 | 6 | 9 |
| EPS (₹) | 0.90 | 0.88 | 2.02 | 1.39 | 2.11 | 1.50 | 1.59 | 2.21 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Segment -A Manufacturing | 384 | 99.3 |
| Segment-B other Segment | 3 | 0.7 |
| Total, before eliminations | 387 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| EPL LIMITED | 6,871 | 14.1 | 2.40 | 7.5 | 13.7 | 13.6 | 9.0 | 19.1 |
| AGI GREENPAC LIMITED | 4,627 | 12.8 | 1.92 | 7.0 | 14.6 | 16.5 | — | 23.4 |
| UFLEX LIMITED | 4,203 | 6.2 | 0.52 | 6.7 | 3.9 | 2.7 | 11.6 | 17.1 |
| TCPL PACKAGING LIMITED | 3,722 | 32.2 | 5.18 | 14.1 | 13.6 | 13.0 | 15.4 | 17.8 |
| JINDAL POLY FILMS LIMITED | 2,951 | 144.3 | 0.72 | 10.1 | 0.6 | 0.8 | 8.5 | 23.0 |
| POLYPLEX CORPORATION LTD | 2,899 | 18.7 | 0.41 | 8.0 | 0.6 | 0.3 | 7.6 | 14.3 |
| XPRO INDIA LIMITED | 2,360 | 71.5 | 2.96 | 51.2 | 2.4 | 2.8 | 6.2 | 11.4 |
| COSMO FIRST LIMITED | 1,923 | 11.4 | 1.19 | 7.2 | 9.6 | 6.4 | 9.8 | 12.6 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 28.2 | 16.2 | 45 of 64 | 30% |
| P/B | 4.8 | 1.3 | 57 of 61 | 7% |
| ROCE | 14.0 | 6.9 | 15 of 68 | 79% |
| ROE | 14.8 | 6.8 | 8 of 61 | 88% |
| Debt / Equity | 0.7 | 0.4 | 41 of 61 | 33% |
| EBITDA margin | 15.1 | 12.1 | 23 of 62 | 64% |
| Revenue growth | 20.6 | 14.0 | 22 of 61 | 65% |
| Profit growth | 60.8 | 23.4 | 22 of 60 | 64% |
| Market cap | 843 | 118 | 15 of 73 | 81% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 10 Oct 2026 · Regulation 74(5) not applicable as all shares held in demat form | compliance | minimal | — | — |
| 10 Oct 2026 · AGM minutes: 5% dividend, preferential warrants to promoters, director re-appointments | board shareholder meetings | low | — | — |
| 1 Oct 2026 · Re-appointment of Chairman and Whole-time Director for 3 years | management changes | medium | — | — |
| 1 Oct 2026 · Final dividend of Rs 0.50 per share approved at AGM | corporate actions | high | — | — |
| 1 Oct 2026 · AGM approves dividend, reappoints CMD, and clears warrants issue to promoters | board shareholder meetings | medium | — | — |
| 1 Oct 2026 · All 8 resolutions passed at 42nd AGM; dividend and MD reappointment approved | board shareholder meetings | low | — | — |
| 29 Sept 2026 · 42nd AGM proceedings: dividend, director re-appointments, preferential warrants | board shareholder meetings | medium | — | — |
| 25 Sept 2026 · Trading window closed ahead of Q2 and H1 FY27 results | compliance | minimal | — | — |
| 23 Sept 2026 · Corrigendum to 42nd AGM notice for warrants issuance to promoters | compliance | minimal | — | — |
| 23 Sept 2026 · Corrigendum to 42nd AGM notice on warrants to promoters | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.