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10 Yrs X-Ray 
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Analyst Note 
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About
Commercial Syn Bags Ltd (COMSYN)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 539986 NSE: COMSYN Plastic Products | Small Cap | Commercial Syn Bags Share Price
₹301.10 -0.30 (-0.10%)
As on 23-Sep'26 16:01
Commercial Syn Bags Ltd (COMSYN)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 539986 NSE: COMSYN Plastic Products | Small Cap | Commercial Syn Bags Share Price
₹301.10 -0.30 (-0.10%)
As on 23-Sep'26 16:01
Key Metrics
Valuation Multiples
Market Cap
₹1,216 Cr.
Current Price
₹301.1
52-Week Low / High
₹137 / 314
TTM EPS
₹7.4
TTM Sales
₹406 Cr.
Book Value per Share
₹46.2
P/E Ratio
40.93
Higher than its 5-year historical median
Industry PE
36.7
Price to Book (P/B)
6.52
Higher than its 5-year historical median
Price to Sales (P/S)
3.00
Higher than its 5-year historical median
EV/EBITDA
24.02
Higher than its 5-year historical median
Dividend Yield
0.13%
Profitability Efficiency
Return on Equity (ROE)
12.44%
Outperforms industry median
Return on Capital Employed (ROCE)
12.66%
Outperforms industry median
Return on Assets (ROA)
5.90%
Operating Profit Margin
10.2%
Net Profit Margin
4.92%
Gross Profit Margin
8.7%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
19.63%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
41.85%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
117.81%
Asset Quality
Promoter Holding
59.18%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹146 Cr.
Equity
₹40.3 Cr.
Face Value
₹10
All Time Low / High
₹9.60 / 314.00
Check Before You Invest
Quality
Not GoodValuation
OvervaluedCheck Valuation charts
Price Trend
Strong
Is Commercial Syn Bags Ltd a good quality company?
Commercial Syn Bags Ltd is a weak quality company, based on a inconsistent multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does Commercial Syn Bags Ltd performance compare with that of its Peers?
Revenue growth of Commercial Syn Bags Ltd vs industry peers?
Commercial Syn Bags Ltd revenue CAGR is 12.75%, compared to the industry median CAGR of 0%, indicating faster growth and gaining its market share.
Promoter shareholding and pledge status of Commercial Syn Bags Ltd?
Promoters hold 59.18% of the Commercial Syn Bags Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Stock return of Commercial Syn Bags Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 34.7% based on the current price.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Commercial Syn Bags Ltd has not performed well majority of the past ten years indicating its past ten year financial track record is not good
Value Creation ⓘ
| Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 21.8% | 16.7% | 15% | 20.6% | 16% | 13.3% | 16% | 8.2% | 8.2% | 11.4% | - |
| Value Creation Index ⓘ | 0.6 | 0.2 | 0.1 | 0.5 | 0.2 | -0.1 | 0.2 | -0.4 | -0.4 | -0.2 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 117 | 119 | 161 | 207 | 191 | 214 | 322 | 291 | 286 | 342 | 403 |
| Sales YoY Gr. | - | 1.5% | 35.2% | 28.4% | -7.6% | 12% | 50.4% | -9.4% | -2% | 19.6% | - |
| Adj EPS ⓘ | 2.3 | 1.5 | 1.7 | 3.3 | 3.5 | 3.4 | 4.8 | 2.2 | 1.6 | 3.5 | 7.8 |
| YoY Gr. | - | -36.9% | 15.7% | 96.5% | 5.7% | -5.1% | 43.6% | -53.6% | -28.7% | 119.5% | - |
| BVPS (₹) ⓘ | 11.2 | 11.7 | 13.5 | 16.5 | 19.4 | 22.2 | 27.6 | 30.1 | 32 | 35.6 | 45.5 |
| Adj Net Profit ⓘ | 6 | 5.2 | 6 | 11.8 | 12.5 | 11.9 | 17.9 | 8.9 | 6.3 | 14 | 32 |
| Cash Flow from Ops. ⓘ | 9.3 | 2.3 | 7.2 | 10 | 27.1 | -0.9 | 3.6 | 36.3 | 4.4 | 8 | - |
| Debt/CF from Ops. ⓘ | 2.7 | 11.4 | 5.5 | 5.4 | 1.9 | -85.8 | 19.8 | 1.8 | 21.8 | 11.5 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 12.6% | 12.3% | 2% | 19.6% | ||||
| Adj EPS ⓘ | 4.6% | -0.2% | -10.1% | 119.5% | ||||
| BVPSⓘ | 13.8% | 12.9% | 8.9% | 11.3% | ||||
| Share Price | 34.5% | 44% | 74.9% | 95% | ||||
Key Financial Parameters ⓘ
| Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 23.3 | 14.8 | 13.5 | 22.2 | 19.6 | 16.1 | 19.4 | 7.9 | 5.1 | 10.2 | 19.3 |
| Op. Profit Mgn % ⓘ | 11.8 | 9.9 | 9.3 | 12.8 | 13.3 | 12 | 9.3 | 7.3 | 7.6 | 8.8 | 12.2 |
| Net Profit Mgn % ⓘ | 5.1 | 4.4 | 3.8 | 5.7 | 6.6 | 5.6 | 5.6 | 3.1 | 2.2 | 4.1 | 7.8 |
| Debt to Equity ⓘ | 0.9 | 0.6 | 0.8 | 0.9 | 0.8 | 1 | 0.7 | 0.5 | 0.8 | 0.7 | - |
| Working Cap Days ⓘ | 107 | 132 | 124 | 118 | 130 | 143 | 134 | 156 | 165 | 166 | 80 |
| Cash Conv. Cycle ⓘ | 66 | 72 | 64 | 64 | 79 | 92 | 79 | 90 | 104 | 106 | 23 |
Valuation of Commercial Syn Bags - Consolidated
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 |
|---|---|---|---|---|---|---|
| Sales | 191 | 214 | 323 | 290 | 288 | 348 |
| Operating Expenses ⓘ + | 167 | 189 | 289 | 267 | 264 | 312 |
| Operating Profit ⓘ | 24 | 25 | 33 | 23 | 25 | 35 |
| Operating Profit Margin (%) | 12.4% | 11.5% | 10.3% | 8.0% | 8.6% | 10.2% |
| Other Income ⓘ + | 2 | 2 | 4 | 2 | 5 | 4 |
| Interest ⓘ | 4 | 4 | 7 | 6 | 8 | 9 |
| Depreciation ⓘ | 7 | 8 | 9 | 10 | 11 | 9 |
| Profit Before Tax ⓘ | 14 | 15 | 21 | 9 | 11 | 21 |
| Tax ⓘ | 3 | 3 | 3 | 1 | 3 | 4 |
| Profit After Tax | 11 | 12 | 18 | 8 | 8 | 17 |
| PAT Margin (%) | 6.0% | 5.6% | 5.7% | 2.8% | 2.7% | 4.9% |
| Adjusted EPS (₹) | 3.2 | 3.4 | 4.9 | 2.0 | 2.0 | 4.3 |
| Dividend Payout Ratio (%) | 15.50% | 19.70% | 14.20% | 0% | 0% | 9.30% |
| PARTICULARS | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 69 | 79 | 103 | 121 | 129 | 146 | |||||
| Debt + | 46 | 74 | 69 | 57 | 88 | 97 | |||||
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | |||||
| Trade Payables | 6 | 12 | 16 | 15 | 17 | 19 | |||||
| Others Liabilities ⓘ | 20 | 33 | 35 | 35 | 39 | 46 | |||||
| Total Liabilities ⓘ | 140 | 197 | 222 | 227 | 273 | 308 | |||||
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 58 | 87 | 94 | 99 | 108 | 100 | |||||
| CWIP ⓘ | 14 | 0 | 0 | 13 | 0 | 2 | |||||
| Investments ⓘ | 0 | 0 | -0 | -0 | 22 | 23 | |||||
| Inventories | 30 | 57 | 59 | 58 | 72 | 81 | |||||
| Trade Receivables | 18 | 21 | 36 | 28 | 42 | 46 | |||||
| Cash Equivalents | 4 | 6 | 5 | 5 | 5 | 6 | |||||
| Others Assets ⓘ | 15 | 25 | 28 | 25 | 23 | 50 | |||||
| Total Assets ⓘ | 140 | 197 | 222 | 227 | 273 | 308 | |||||
| PARTICULARS | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 |
|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 27 | -9 | 6 | 38 | 6 | 1 |
| Cash Flow From Investing Activity ⓘ + | -17 | -17 | -7 | -30 | -29 | -0 |
| Cash Flow From Financing Activity ⓘ + | -10 | 28 | -1 | -8 | 23 | 0 |
| Net Cash Flow ⓘ | -0 | 2 | -2 | -1 | 0 | 1 |
| PARTICULARS | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | ||||
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 16.58 | 16.24 | 20.18 | 7.24 | 6.3 | 12.44 | ||||
| ROCE (%) | 15.48 | 13.3 | 16.26 | 8.41 | 9.16 | 12.66 | ||||
| Asset Turnover Ratio | 1.36 | 1.27 | 1.54 | 1.29 | 1.15 | 1.2 | ||||
| PAT to CFO Conversion(x) | 2.45 | -0.75 | 0.33 | 4.75 | 0.75 | 0.06 | ||||
| Working Capital Days | ||||||||||
| Receivable Days | 35.20 | 34 | 32.30 | 39.80 | 44.30 | 46.50 | ||||
| Inventory Days | 57.80 | 74.40 | 65.70 | 73.90 | 82.40 | 80.20 | ||||
| Payable Days | 21.30 | 29.30 | 26.30 | 34.10 | 36.70 | 35.30 | ||||
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Commercial Syn Bags Ltd FAQs
The current trading price of Commercial Syn Bags on 23-Sep-2026 16:01 is ₹301.1.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 22-Sep-2026 the market cap of Commercial Syn Bags stood at ₹1,215.8 Cr
The latest P/E ratio of Commercial Syn Bags as of 22-Sep-2026 is 38.50.
The latest P/B ratio of Commercial Syn Bags as of 22-Sep-2026 is 6.63.
The 52-week high of Commercial Syn Bags is ₹314.0 and the 52-week low is ₹137.4.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Commercial Syn Bags is ₹403 ( Cr.) .
Past 10 year’s financial track record analysis by Moneyworks4me indicates that Commercial Syn Bags Ltd is a below average quality company.
The key valuation ratios of Commercial Syn Bags Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Strong which suggest that the price of Commercial Syn Bags Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing
About Commercial Syn Bags Ltd
The company was originally incorporated on December 10, 1984 as a private limited company under the name and style of ‘Commercial Synbags Private Limited’ under the provisions of the Companies Act, 1956 with the Registrar of Companies, Madhya Pradesh, Gwalior, Subsequently, the company was converted into a public limited company on May 21, 1993 and the name of the company was changed to ‘Commercial Syn-bags Limited’. The company further changed its name from ‘Commercial Syn-bags Limited’ to ‘Commercial Syn Bags Limited’ vide certificate dated May 18, 2016 issued by Registrar of Companies, Madhya Pradesh, Gwalior.
The manufacturing facilities of the company are divided into four units namely Unit - I, II and III (all located at Pithampur, Dhar, Madhya Pradesh) and Unit SEZ located at Special Economic Zone, Indore Phase - I, Pithampur, Dhar, Madhya Pradesh. Initially, the company commenced its business operations in Unit I by manufacturing Tarpaulin and PP woven sacks in the financial year 1985-86. Subsequently, the company made expansion and set up Unit II in the year 2011 and SEZ Unit in the year 2013. With the view to improve the quality of its products and better utilisation of the waste raw materials, the company in the year 2014, setup a new manufacturing facility at Unit III for refining the scrap granules generated from the manufacturing of different products.
The company’s Promoters, Mohanlal Chourlhary and Anil Choudhary have more than 30 years experience in field of manufacturing of plastic products and have fair knowledge of the products and industry in which the company operates. The company’s customer base is spread across the globe with presence in countries like United States of America, United Kingdom, Australia, Germany, Italy, Spain, New Zealand, etc.
Business area of the company
The company is an ISO 9001:2008 certified company engaged in the manufacturing and supply of High Density Polyethylene (HDPE) / Polypropylene (PP) woven sacks, Flexible Intermediate Bulk Container (MC), fabrics & Tarpaulin for domestic as well as export markets. Its product tarpaulin is sold under the brand name ‘TIGER TARPAULIN’ and other range of products under the brand name ‘COMSYN’. Both COMSYN and TIGER TARPAULIN are registered with the Registrar of Trademark. Further, the company has recently installed flexible packaging machines; Roto Gravure Printing machine, Solvent less/Solvent base combi machine, Slitting machines and Pouch machine which are used for printing, lamination and pouching on films. These printed pouches or rolls are then used as packaging materials in the packaging industry.
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