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    Consumer Cyclical

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    Packaging & Containers
Commercial Syn Bags Limited

Commercial Syn Bags Limited

COMSYN.NS
Commercial Syn Bags LimitedIN flagNational Stock Exchange of India
167.18
INR
+8.31
- -
6.74BMarket Cap
Commercial Syn Bags Limited
COMSYN.NS
(National Stock Exchange of India)

Recent

price

167.18

P/E

ratio

- -

div

yld

- -

ROIC.AI

2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
TTM
FRC
12.85
15.42
19.09
26.76
43.76
45.3
36.31
45.41
58.3
53.87
60.25
272.8
74.55
72.2
87.15
- -
96.88
Revenue per Share
0.18
0.55
0.61
1.11
2.05
2.29
1.62
1.74
3.19
3.22
3.38
15.48
2.08
1.97
4.29
- -
6.59
Basic EPS, GAAP
-0.17
0.04
-2.51
-0.58
0.02
2.12
-2.15
-2.55
-2.62
2.63
-7.77
-10.25
-1.34
-1.6
-2.1
- -
- -
Free Cash Flow per Basic Share
- -
- -
- -
- -
- -
- -
- -
- -
0.13
0.32
0.5
2
0.72
- -
- -
- -
- -
Dividend per Share
1.05
1.65
2.3
3.43
6.8
10.65
11
12.32
15.38
18.28
21
77.19
28.14
29.45
33.92
- -
10.1
Book Value per Share
1.54
2.45
3.45
4.67
8.92
11.15
12.64
13.52
16.54
19.44
22.2
89.38
30.99
32.22
37.6
- -
43.92
Tangible Book Value per Share
35
35
35
35
26
26
33
35
35
35
35
12
39
40
40
- -
40
Basic Weighted Avg Shares
455
547
677
949
1,122
1,172
1,190
1,610
2,067
1,910
2,136
3,226
2,900
2,884
3,478
3,870
3,870
Sales/Revenue/Turnover
4.94
7.33
7.89
8.6
9.37
9.24
8.37
6.92
9.82
9.86
8.13
7.8
5.18
4.98
7.69
9.6
9.6
Operating Margin (%)
7
11
15
22
26
31
36
40
62
69
77
94
96
109
88
109
109
Depreciation Expense
6
20
22
39
53
59
53
62
113
114
120
183
81
79
171
263
263
Net Income, GAAP
36.34
31.52
32.64
25.25
28.81
27.14
29.93
31.39
24.77
20.89
17.41
13.61
14.5
26.81
20.05
14.1
14.1
Effective Tax Rate (%)
1.4
3.58
3.21
4.15
4.68
5.06
4.47
3.83
5.46
5.98
5.61
5.68
2.79
2.72
4.92
6.8
6.8
Profit Margin (%)
6
20
12
33
17
69
125
120
187
229
264
427
399
265
443
384
384
Working Capital
64
65
108
100
77
77
54
152
211
276
367
345
410
382
279
345
345
LT Debt
54
87
122
166
229
288
414
479
586
689
787
1,057
1,205
1,287
1,500
1,775
1,775
Total Equity
- -
14.89
13.31
15.8
16.06
15.31
11.48
9.71
15.05
12.71
10.05
12.26
6.65
4.85
8.48
11.12
11.12
Return on Invested Capital (%)
- -
17.41
15.61
18.08
17.7
16.45
11.34
10.3
14.92
12.87
10.92
13.93
7.2
6.63
10.33
16.31
16.31
Return on Capital (%)
- -
40.96
30.98
38.75
35.5
26.37
16.72
15.46
23
19.15
17.21
22.1
8.06
6.92
13.53
29.96
29.96
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Sep'26
Dec'26
Mar'26
ST Debt
848
- -
940
LT Borrowings
161
- -
267
LT Finance Leases
81
- -
78
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
40
- -
40
Market Capitalization
6,151
5,772
6,112

Working Capital

FRC

•

in mil. unless spec.
Sep'26
Dec'26
Mar'26
Total Current Assets
1,644
- -
1,783
Cash, Cash Equivalents & STI
54
- -
58
Accounts Receivable, Net
647
- -
654
Inventories
776
- -
825
Total Current Liabilities
1,222
- -
1,400
Payables & Accruals
- -
- -
- -
ST Debt
848
- -
940
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
20.34%
18%
18.3%
Free Cash Flow
-91.4%
-24.11%
-61.27%
Net Income, GAAP
26.06%
33.15%
53.74%
Sales/Revenue/Turnover
14.17%
14.45%
11.27%
Total Cash Common Dividend
- -
- -
-42.85%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
795
683
711
696
2,884
2025
769
867
865
978
3,478
2026
905
985
975
1,006
3,870

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.64
0.58
-0.06
- -
1.97
2025
0.48
0.9
0.88
2.02
4.29
2026
1.39
2.11
1.5
1.59
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
- -
2025
- -
- -
- -
- -
- -
2026
- -
- -
- -
- -
- -
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Business
Commercial Syn Bags Limited manufactures and exports flexible intermediate bulk containers, tarpaulins, woven sacks, BOPP bags and a range of technical textiles and packaging solutions from its headquarters in Indore, India. Incorporated in 1984, the company produces FIBCs including builder bags, U-panel and circular bags, baffle or Q-bags, tunnel bags, single and double loop bags, UN-certified bags, asbestos bags, PP container bags, bags with formfit or bottle-shaped liners, tabbed, glued and box bags; polypropylene woven sacks and bags; HDPE/PP fabrics; pond liners; mulch films; poly tarpaulins under the TIGER TARPAULIN brand; vermi beds and flexible pipes under the COMSYN SWAJAL brand; bulk bags, courier parcel large delivery bags, container bags, planter bags, waste and heavy-duty waste bags, shopping bags; BOPP bags; laminates; geotextiles; ground covers and nets; flexible packaging; conductive bags and liners; baffle liners; and trades in granules, master batches and PVC resins, serving sectors such as construction, agriculture, mining, chemicals, food products, fertilizers and recycling primarily in India with exports to the European Union, United Kingdom, United States and Latin America through its manufacturing and trading segments and wholly owned subsidiary Comsyn India Private Limited. Recent developments include Comsyn India entering a share purchase agreement in April 2025 to acquire 100% of Erawat Vegcap for Rs 50 million to expand into plastic products, packaging and pharmaceutical sectors with completion by May 2025; acquiring 49% of Smartlift Bulk Packaging in March 2024 and an additional 1% stake to reach 50% as reported in the FY25 annual report; proposing a Rs 0.40 per share final dividend and issuance of 2 million warrants at its 41st annual general meeting on September 29, 2025; and appointing a new secretarial auditor for five years while approving related party transactions up to Rs 100 crore.