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Commercial Syn Bags Ltd (COMSYN)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 539986 NSE: COMSYN Plastic Products | Small Cap | Commercial Synbags Share Price

₹153 0.00 (0.00%)

As on 04-Jun'26 16:59

Commercial Syn Bags Ltd (COMSYN)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 539986 NSE: COMSYN Plastic Products | Small Cap | Commercial Synbags Share Price

₹153 0.00 (0.00%)

As on 04-Jun'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹617 Cr.
Current Price
₹153
52-Week Low / High
₹119 / 200
TTM EPS
₹6.7
TTM Sales
₹384 Cr.
Book Value per Share
₹41.4
P/E Ratio
22.89
Lower than its 5-year historical median
Industry PE
39
Price to Book (P/B)
3.70
Higher than its 5-year historical median
Price to Sales (P/S)
1.61
Higher than its 5-year historical median
EV/EBITDA
14.65
In line with its 5-year historical median
Dividend Yield
0.50%
Profitability Efficiency
Return on Equity (ROE)
10.28%
Outperforms industry median
Return on Capital Employed (ROCE)
11.40%
Outperforms industry median
Return on Assets (ROA)
5.16%
Operating Profit Margin
8.8%
Net Profit Margin
4.07%
Gross Profit Margin
7.4%
Growth Momentum
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
40.78%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
91.72%
Asset Quality
Promoter Holding
59.18%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹127 Cr.
Equity
₹40.3 Cr.
Face Value
₹10
All Time Low / High
₹9.60 / 200.40

Commercial Syn Bags stock performance

Key Ratios
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Quality

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Valuation

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Price Trend

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Q.1 Is Commercial Syn Bags Ltd a good quality company?
Commercial Syn Bags Ltd is a average quality company, based on a somewhat consistent 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?
Q.1 Revenue growth of Commercial Syn Bags Ltd vs industry peers?
Commercial Syn Bags Ltd revenue CAGR is 12.34%, compared to the industry median CAGR of 4.71%, indicating faster growth and gaining its market share.
Q.1 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.
Q.1 Stock return of Commercial Syn Bags Ltd over the last decade?
Over the last 5 year(s), the stock has delivered a CAGR of 38.5% based on the current price.

10 Year X-Ray : Login to view analysis.

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 end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

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 performed well in some of the past ten years indicating its past ten year financial track record is somewhat good

Value Creation

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
ROCE % 21.8%16.7%15%20.6%16%13.3%16%8.2%8.2%11.4%-
Value Creation
Index
0.60.20.10.50.2-0.10.2-0.4-0.4-0.2-

Growth Parameters

Sales 117119161207191214322291286342384
Sales YoY Gr.-1.5%35.2%28.4%-7.6%12%50.4%-9.4%-2%19.6%-
Adj EPS 2.31.51.73.33.53.44.82.21.63.56.7
YoY Gr.--36.9%15.7%96.5%5.7%-5.1%43.6%-53.6%-28.7%119.5%-
BVPS (₹) 11.211.713.516.519.422.227.630.13235.641.4
Adj Net
Profit
65.2611.812.511.917.98.96.31427
Cash Flow from Ops. 9.32.37.21027.1-0.93.636.34.48-
Debt/CF from Ops. 2.711.45.55.41.9-85.819.81.821.811.5-

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%
BVPS13.8%12.9%8.9%11.3%
Share Price - 31.9% 27.1% 22.1%

Key Financial Parameters

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity %
23.314.813.522.219.616.119.47.95.110.217.4
Op. Profit
Mgn %
11.89.99.312.813.3129.37.37.68.811.7
Net Profit
Mgn %
5.14.43.85.76.65.65.63.12.24.17
Debt to
Equity
0.90.60.80.90.810.70.50.80.70.1
Working Cap
Days
10713212411813014313415616516680
Cash Conv.
Cycle
667264647992799010410623

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Sales117119161207191214322291286342
Operating Expenses + 103108146181167188292271264312
Manufacturing Costs13141522192325272937
Material Costs6967100123100110192170164187
Employee Cost 11161623323740414854
Other Costs 11111513171935322333
Operating Profit 14111526242630202130
Operating Profit Margin (%) 11.7%9.5%9.0%12.4%12.4%12.0%9.3%6.8%7.4%8.8%
Other Income + 1211205354
Exceptional Items 0000000000
Interest 3336446579
Depreciation 34467888108
Profit Before Tax 8891514152191018
Tax 2234333134
Profit After Tax 656111112188714
PAT Margin (%) 5.1%4.5%3.8%5.5%6.0%5.7%5.7%2.8%2.5%4.1%
Adjusted EPS (₹)2.31.51.73.23.23.44.92.01.83.5
Dividend Payout Ratio (%)0%0%0%0%15.50%19.60%14.30%0%0%11.50%

Valuation of Commercial Synbags - Standalone

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund + 294148596979103120128142
Share Capital 9121212121212404040
Reserves 203036475767908088102
Debt +22253750467064538484
Long Term Debt851521282724322920
Short Term Debt14192229184240205564
Minority Interest0000000000
Trade Payables79101461115141218
Others Liabilities 12192014202828273239
Total Liabilities 7094115137140187208215256283

Fixed Assets

Net Fixed Assets +31353159587771799083
Gross Block43515266719799115135136
Accumulated Depreciation1316206132028364653
CWIP 0116214001300
Investments 0000000-02222
Inventories16222019305556566780
Trade Receivables14152336182135284143
Cash Equivalents 2553465556
Others Assets 7161917152741353249
Total Assets 7094115137140187208215256283

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Cash Flow From Operating Activity + 9271027-143648
PBT 8891514142191018
Adjustment 56711101012121414
Changes in Working Capital -2-10-6-127-23-2617-18-21
Tax Paid -2-2-3-4-4-3-3-3-2-2
Cash Flow From Investing Activity + -3-9-15-18-17-17-3-30-291
Capex -4-9-16-19-17-13-5-29-6-1
Net Investments 00000-00-0-22-0
Others 10010-32-103
Cash Flow From Financing Activity + -67116-1019-3-725-8
Net Proceeds from Shares 0800008900
Net Proceeds from Borrowing -0-410661-38-4-9
Interest Paid -3-3-3-5-4-4-6-5-7-9
Dividend Paid 000-0-1-2-2-300
Others -3536-11241-163510
Net Cash Flow -002-2-02-2-101

Financial Ratio

PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Ratios
ROE (%)22.9315.1313.821.217.9116.3620.057.265.8410.28
ROCE (%)21.7716.6814.9720.5916.0313.3416.048.198.1811.4
Asset Turnover Ratio1.741.521.621.641.381.311.621.381.211.27
PAT to CFO Conversion(x)1.50.41.170.912.45-0.080.224.50.570.57
Working Capital Days
Receivable Days43.9043.8041.7052.1051.9033.903239.204445.10
Inventory Days44.9055.4045.9035.1047.3072.7062.9069.8078.4078.30
Payable Days33.5044.103435.1035.9027.602430.5029.3029.90

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

Commercial Syn Bags Ltd FAQs

The current trading price of Commercial Synbags on 04-Jun-2026 16:59 is ₹153.0.

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 03-Jun-2026 the market cap of Commercial Synbags stood at ₹617.2 Cr

The latest P/E ratio of Commercial Synbags as of 03-Jun-2026 is 22.89.

The latest P/B ratio of Commercial Synbags as of 03-Jun-2026 is 3.70.

The 52-week high of Commercial Synbags is ₹200.4 and the 52-week low is ₹119.1.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Commercial Synbags is ₹384 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that Commercial Syn Bags Ltd is a 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 Semi Strong which suggest that the price of Commercial Syn Bags Ltd is likely to Rise-somewhat 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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