Commercial Syn Bags Ltd(COMSYN)

NSE: COMSYNBSE: 539986

₹ 209.45-9.21%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 879 crWebsite: www.comsyn.comUpdated: 24 Oct 2026

About

Commercial Syn Bags Ltd (COMSYN) manufactures and exports FIBC (Flexible Intermediate Bulk Containers), HDPE/PP bags and fabric, tarpaulins, geotextiles, technical textiles and a range of polymer-based packaging and agri products. The company reported FY26 revenue of Rs. 387 Cr, with manufacturing contributing 99.3% of segment revenue. India, where COMSYN participates, holds 75% of the European FIBC market and 72% of the US FIBC market.^[1][2][3]

Business segments

Manufacturing segment contributed Rs. 384.26 Cr, or 99.3% of total segment revenue, in FY26, with an EBIT of Rs. 47.38 Cr and an EBIT margin of 12.3%.^[2]
Trading (Granules) is the only other reported segment; it contributed Rs. 2.72 Cr to revenue in FY25, the most recent period with a segment breakdown.^[3]

Products

The company manufactures and exports FIBC, HDPE/PP Bags, HDPE/PP Fabric, Tarpaulin, Ground Cover, Pond Liners, Mulch Films, Laminates, Vermi Beds, Flexible Pipes, Geotextiles, Nets and other technical textiles.^[4]

Capacity and operations

Total installed capacity on a consolidated basis was 27,630 MTPA as of FY25.^[3]
The company operates a dedicated Techtex Unit, which was expected to reach optimum capacity utilisation in FY26 and contribute meaningfully to group profits.^[3]

Customers and distribution

Exports account for approximately 70% of manufacturing segment sales as of FY25.^[3]
India captures 75% of the European FIBC market and 72% of the US FIBC market; COMSYN targets Japan and South Korea as the next phase of geographic expansion.^[3]
The company has supplied FIBC and industrial packaging material to Smartlift Bulk Packaging Limited (UK) since 2007, which represents a key long-term export relationship.^[4]

Subsidiaries

COMSYN holds a 50% stake in Smartlift Bulk Packaging Limited (UK), which trades FIBC bags and industrial packaging in the UK and has a wholly owned subsidiary in Ireland.^[4][3]
Subsidiary Comsyn India Private Limited acquired 100% equity of Erawat Vegcap Private Limited for Rs. 551 Lakhs via a Share Purchase Agreement dated 12th April, 2025.^[3]

Expansion and capex

The company plans to raise up to Rs. 9.1975 Crore via a preferential issue of 3,25,000 warrants at Rs. 283 each to promoters/promoter group, convertible within 18 months of allotment.^[4]
Of the warrant proceeds, Rs. 149.01 Lakhs is earmarked for capex, Rs. 300 Lakhs for working capital, Rs. 100 Lakhs for term loan repayment, Rs. 150 Lakhs for subsidiary loans/investments, and Rs. 220.74 Lakhs for general corporate purposes.^[4]
The board has proposed increasing the Section 186 limit for investments, loans and guarantees from Rs. 100 Crore to Rs. 200 Crore, subject to shareholder approval.^[4]

Recent developments

As of FY26, 16,13,000 warrants issued on 20th March 2025 remain outstanding and are due for conversion on or before 19th September 2026.^[4]
Related-party transaction approval sought for dealings with Smartlift Bulk Packaging Limited (UK) of up to Rs. 7,500 Lakhs in FY2026-27 (purchases Rs. 6,500 Lakhs, sales Rs. 1,000 Lakhs).^[4]
In FY25, COMSYN acquired an additional 1% stake in Smartlift Bulk Packaging Limited (UK) for GBP 43,500, bringing its holding to 50%.^[3]

Market Cap

₹879 Cr

High / Low

₹314 / 137

Stock P/E

33.7

Price / Book

5.7

Book Value

₹44

EPS

₹6.5

No. of Shares

4.03 Cr

ROCE

14.0%

ROE

16.1%

OPM

10.2%

Debt / Equity

0.68

Sales

₹387 Cr

Net Profit

₹26 Cr

Promoter holding

60.8%

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Commercial Syn Bags Ltd(COMSYN)

About

Business segments

Products

Capacity and operations

Customers and distribution

Subsidiaries

Expansion and capex

Recent developments

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