Commercial Syn Bags Limited, incorporated on December 10, 1984, in Indore, Madhya Pradesh, has established itself as a prominent player in the packaging and container manufacturing sector. Based in Indore, the company is a leading manufacturer and exporter of packaging solutions, including Flexible Intermediate Bulk Containers (FIBCs), tarpaulins, woven sacks, and BOPP bags.
The company operates through a comprehensive business model, divided into two segments: Manufacturing and Trading. It manufactures, produces, processes, imports, exports, buys, and sells FIBC, BOPP, Bulk Bags, Poly Tarpaulin, Woven Sacks/Bags, Box Bags, PP/HDPE Fabric, Liner, Technical Textiles, and Flexible Packaging from its various plants located at Pithampur, District Dhar, Madhya Pradesh.
Commercial Syn Bags offers an extensive product portfolio catering to diverse industrial packaging needs. Its offerings include FIBC, HDPE/PP Tarpaulin, HDPE/PP Bags, Ground Cover Pond Liners, Mulch Film, HDPE/PP Fabric Laminates, and Vermi Beds. Additionally, the company manufactures tarpaulin under the brand name Tiger Tarpaulin, flexible pipes under the brand name Comsyn Swajal, and flexible packaging for export and domestic markets.
The company has strategically expanded its manufacturing capabilities over the years. Commercial production at its SEZ Unit in Indore Special Economic Zone commenced on April 22, 2018. With a revised estimated total cost of Rs 3,460 lakhs, this expansion added a capacity of 3,900 MT per annum. It established complete manufacturing facilities by installing Tape Lines and Looms with cleanroom facilities for the production of Food Grade FIBC Bags.
Commercial Syn Bags has diversified its operations beyond traditional packaging solutions. The company acts as a Delcredere Agent cum Consignment Stockiest for ONGC Petro additions Limited (OPaL). In line with sustainable business practices, it operates a Solar Power Plant at Sitamau, District Mandsaur, Madhya Pradesh, for captive consumption.
The company has also ventured into flexible packaging materials, introducing printed laminates for flexible packaging and installing flexible packaging machines in 2016. These printed pouches or rolls are used as packaging materials across various industries.
As of June 24, 2025, the market capitalization of Commercial Syn Bags Ltd stands at ₹546.27 crores. The company has demonstrated strong financial performance in recent quarters:
- Q4 FY25 Performance: Revenue of ₹97.79 crores, Net Profit of ₹8.07 crores.
- Full Year FY25 Performance: Revenue of ₹348 crores, Profit of ₹17.1 crores.
The company shows robust quarter-over-quarter growth momentum. Revenue increased from ₹86.63 crores to ₹100.04 crores in the last two quarters, representing an average increase of 13.4% per quarter. Net profit surged from ₹3.52 crores to ₹8.07 crores, with an average increase of 56.4% per quarter.
Commercial Syn Bags Ltd was listed on stock exchanges on January 23, 2024, making it a relatively recent addition to the public markets. The stock trades under the symbol COMSYN on both NSE and BSE exchanges. The stock's 52-week high is ₹138.8 and its 52-week low is ₹52.98, indicating significant price volatility and growth potential.
Key valuation metrics as of June 24, 2025:
- PE Ratio: 31.85
- PB Ratio: 3.64
- Book Value: ₹37.6
- ROCE: 12.3%
- ROE: 12.3%
The company maintains a strong promoter presence with promoter holding at 58.8%. Anil Choudhary serves as the Chairman, while Sandeep Patel holds the position of Company Secretary and Compliance Officer. Commercial Syn Bags Ltd is part of the Choudhary Group, a diversified business conglomerate with a legacy of over 50 years.
With over three decades of industry experience, Commercial Syn Bags has established a strong global customer base spanning all six continents. This extensive international presence demonstrates the company's capability to compete in global markets and adapt to diverse regional requirements for packaging solutions.
The company's strategic positioning in the growing packaging industry, combined with its diversified product portfolio, manufacturing capabilities, and strong financial performance, positions it as a notable player in the industrial packaging sector. Recent acquisitions, including its subsidiary Comsyn India signing a Share Purchase Agreement to acquire 9,50,000 equity shares of Erawat Vegcap for Rs 4.99 crore (completion expected by May 15, 2025), indicate continued expansion and growth initiatives.
