Integrated Filing — IndAS



General information about company

Scrip Code 539986
NSE Symbol COMSYN
MSEI Symbol NOTLISTED
ISIN INE073V01015
Name of company COMMERCIAL SYN BAGS LIMITED
Type of company Main Board
Class of security Equity
Date of start of financial year 01-04-2025
Date of end of financial year 31-03-2026
Date of board meeting when results were approved 30-05-2026
Date on which prior intimation of the meeting for considering financial results was informed to the exchange 26-05-2026
Description of presentation currency INR
Level of rounding used in financial results Lakhs
Reporting Type Quarterly
Reporting Quarter Fourth quarter
Nature of report standalone or consolidated Consolidated
Whether results are audited or unaudited for the quarter ended Audited
Whether results are audited or unaudited for the Year to date for current period ended/year ended Audited
Segment Reporting Multi segment
Description of single segment
Start date and time of board meeting 30-05-2026   17:00:00
End date and time of board meeting 30-05-2026   17:50:00
Whether cash flow statement is applicable on company Yes
Type of cash flow statement Cash Flow Indirect
Declaration of unmodified opinion or statement on impact of audit qualification Declaration of unmodified opinion



Financial Results Ind-AS

Amount in (Lakhs)

Particulars 3 months/ 6 months ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
A Date of start of reporting period 01-01-2026 01-04-2025
B Date of end of reporting period 31-03-2026 31-03-2026
C Whether results are audited or unaudited Audited Audited
D Nature of report standalone or consolidated Consolidated Consolidated
1 Income
Revenue from operations 10,055.50 38,700.41
Other income 141.45 262.40
Total income 10,196.95 38,962.81
2 Expenses
(a) Cost of materials consumed 4,591.09 19,155.17
(b) Purchases of stock-in-trade 113.76 550.10
(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade 380.96 479.68
(d) Employee benefit expense 1,805.22 6,529.89
(e) Finance costs 243.21 912.19
(f) Depreciation, depletion and amortisation expense 274.92 1,086.62
(f) Other Expenses
1 Other Expenses 1,974.85 7,185.06
Total other expenses 1,974.85 7,185.06
Total expenses 9,384.01 35,898.71
3 Total profit before exceptional items and tax 812.94 3,064.10
4 Exceptional items 0.00 0.00
5 Total profit before tax 812.94 3,064.10
6 Tax expense
7 Current tax 161.94 596.64
8 Deferred tax 16.73 (164.75)
9 Total tax expenses 178.67 431.89
10 Net movement in regulatory deferral account balances related to profit or loss and the related deferred tax movement 0.00 0.00
11 Net Profit Loss for the period from continuing operations 634.27 2,632.21
12 Profit (loss) from discontinued operations before tax 0.00 0.00
13 Tax expense of discontinued operations 0.00 0.00
14 Net profit (loss) from discontinued operation after tax 0.00 0.00
15 Share of profit (loss) of associates and joint ventures accounted for using equity method 0.00 0.00
16 Total profit (loss) for period 634.27 2,632.21
17 Other comprehensive income net of taxes 64.64 64.64
18 Total Comprehensive Income for the period 698.91 2,696.85
19 Total profit or loss, attributable to
Profit or loss, attributable to owners of parent
Total profit or loss, attributable to non-controlling interests
20 Total Comprehensive income for the period attributable to
Comprehensive income for the period attributable to owners of parent
Total comprehensive income for the period attributable to owners of parent non-controlling interests
21 Details of equity share capital
Paid-up equity share capital 4,033.92 4,033.92
Face value of equity share capital 10 10
27 Details of debt securities
22 Reserves excluding revaluation reserve 13,716.88
23 Earnings per share
i Earnings per equity share for continuing operations
Basic earnings (loss) per share from continuing operations 1.59 6.59
Diluted earnings (loss) per share from continuing operations 1.51 6.27
ii Earnings per equity share for discontinued operations
Basic earnings (loss) per share from discontinued operations 0 0
Diluted earnings (loss) per share from discontinued operations 0 0
ii Earnings per equity share
Basic earnings (loss) per share from continuing and discontinued operations 1.59 6.59
Diluted earnings (loss) per share from continuing and discontinued operations 1.51 6.27
24 Debt equity ratio
25 Debt service coverage ratio
26 Interest service coverage ratio
27 Disclosure of notes on financial results Textual Information(1)



Disclosure of notes on financial results

Textual Information(1) Notes to Audited Consolidated Financial Results for the quarter and year ended on 31st March, 2026: 1. The audited consolidated financial results of the Group comprises of results of parent Commercial Syn Bags Limited, its wholly owned subsidiary Comsyn India Private Limited and step down subsidiary Comsyn International Private Limited (formerly known as Erawat Vegcap Private Limited) and its associate Smartlift Bulk Packaging Limited in UK (along with its wholly owned subsidiary Smartlift Bulk Packaging (Ireland) Limited, Ireland) for the quarter and year ended on 31st March, 2026 have been prepared in accordance with the Indian Accounting Standard as prescribed under Section 133 of the Companies Act, 2013 read with the Companies (Indian Accounting Standards) Rules as amended from time to time. 2. The figures for the last quarter are the balancing figures between audited figures in respect of full financial year upto 31st March, 2026 and unaudited published year-to-date figures upto 31st December, 2025 being the date of end of the third quarter of financial year respectively which were subject to limited review. 3. The audited results of Commercial Syn Bags and Comsyn India Private Limited and Comsyn International Private Limited (formerly known as Erawat Vegcap Private Limited) and un audited results of Smartlift Bulk Packaging Limited and its wholly owned subsidiary for the quarter and year ended on 31st March, 2026 have been approved and recommended by the Audit Committee and thereafter approved by the Board of Directors at its meeting held on 30th May, 2026. 4. Statutory Auditors of the Company have carried out Audit of the books of Accounts for the Financial Year 2025-2026 and issued us an Audit Report with unmodified opinion. 5. The Company operates in three segments i.e. (a) Manufacture and sale of FIBC, Woven Sacks/Bags, Tarpaulin, Pond Liner, Liner and other plastic products (b) Trading of Granules (c) Solar Power generation. The segment for Manufacture and sale of FIBC, Woven Sacks/Bags, Tarpaulin, Pond Liner, Liner and other plastic products meets the quantitative thresholds and is considered as reportable segment. Financial information of other segments (b) and (c) have been shown in All other Segments as these do not fall within the criteria for segmental report as on 31st March, 2026. 6. Previous Year and Previous Quarter(s) figures have been regrouped / reclassified wherever necessary to confirm to this period classification. 7. The Company has solar power project of 1.0 MW for Captive Consumption of power. 8. Some balances of Trade Receivables and recoverable shown under Assets and Trade and Other Payables shown under Liabilities include balances subject to confirmation/reconciliation and consequential adjustments if any. However, reconciliations are carried out on ongoing basis. The management does not expect any material adjustment in the books of accounts as a result of the reconciliation. 9. The Company has received in principal approval for issuance of the warrants on preferential basis from NSE and BSE and the Board of Directors in their meeting held on 20th March 2025 allotted 20,00,000 convertible warrants of Rs. 72/- each to the promoters and promoter group. The Company has received 25% upfront money i.e. Rs. 360.00 Lakhs and utilized the same as per the object of the preferential issue as stated in the Notice of EGM. During the quarter ended 31st March, 2026, the Company has received necessary amount for the conversion of 3,87,000 warrants into equity shares by one of the proposed allottee from promoter group and the Company in its board meeting on 30th March, 2026 has approved the allotment of 3,87,000 shares. There is no deviation and the amount received has been utilized for the object of issue. The Company has also received the listing and trading approval from both exchanges. 10. The Government of India notified the provisions of the four new Labour Codes (Labour Codes) on 21st November 2025, thereby consolidating twenty-nine existing labour laws into a comprehensive and unified framework. Among other changes, the Labour Codes provide a unified definition of wages to be applied across various employee benefit computations. The Ministry of Labour & Employment published draft Central Rules and FAQs to enable assessment of the financial impact due to changes in regulations. The incremental impact of these changes, assessed by the Company, on the basis of the information available, consistent with the guidance provided by the Institute of Chartered Accountants of India, is not material and has been recognized in the standalone and consolidated financial results of the Company for the year ended 31st March, 2026. The Company continues to monitor the finalization of Central/State Rules and clarification from the Government on other aspects of the Labour Code and would provide appropriate accounting effect on the basis of such developments as needed. 11. Comsyn India Private Limited has taken a land from MPIDC RO Indore on 99 years lease. The lease period of this land is from 12th January, 2022 to 11th January, 2121. The construction on this leasehold land is already started and subsequently Central Government on 24th June, 2024 had issued a notification u/s 3A of the National Highways Act, 1956 for acquisition of this land for the development projects of NHAI. After this notification, we are forced to stop our construction work. We have raised our objection against this acquisition before the Competent Authority (Sub Divisional Magistrate) and file a writ petition before the Honble High Court bench at Indore. The part of our leasehold land is subject matter of acquisition and exact area to be acquired from our leasehold land is yet to be demarcated. We have prayed for the following relief in our writ petition - to set aside the impugned notification related to acquisition, or - in the alternative, order an appropriate compensation The matter is yet to be decided by the Honble Court and the court as an interim relief has issued the order that the Company shall not be disposed from the land. Central Government has also issue notification u/s 3D of National Highway Act, 1956 on 10th June, 2025. As the company is in possession of the land so it will continue the lease liabilities and right of use assets in respect of lease hold land in the financial statement till the final order by Hon'ble High Court. 13. The construction for setting up of factory of Comsyn International Private Limited (formerly known as Erawat Vegcap Private Limited) and the expansion of SEZ and Techtex units is currently in progress. Capital expenditure incurred on the expansion up to the reporting date has been capitalized and carried under Capital Work in Progess in Balance Sheet. The Company will intimate the commencement of operations of the expanded capacity in due course. 14. The EPS has been calculated on the basis of Weighted Average Number of shares outstanding in the given year.



Remarks

Debt equity ratio
Debt service coverage ratio
Interest service coverage ratio


Statement of Asset and Liabilities

Amount in (Lakhs)

Particulars Year ended (dd-mm-yyyy)
Date of start of reporting period 01-04-2025
Date of end of reporting period 31-03-2026
Whether results are audited or unaudited Audited
Nature of report standalone or consolidated Consolidated
Assets
1 Non-current assets
Property, plant and equipment 10,425.30
Capital work-in-progress 2,607.75
Investment property 0.00
Goodwill 200.63
Other intangible assets 4.66
Intangible assets under development 0.00
Biological assets other than bearer plants 0.00
Investments accounted for using equity method 0.00
Non-current financial assets
Non-current investments 2,369.24
Trade receivables, non-current 0.00
Loans, non-current 1,609.41
Other non-current financial assets
1 Other financial assets 623.92
Total of other non-current financial assets 623.92
Total non-current financial assets 4,602.57
Deferred tax assets (net) 0.00
Other non-current assets
1 Other non-current assets 159.00
Total of other non-current assets 159.00
Total non-current assets 17,999.91
2 Current assets
Inventories 8,253.97
Current financial asset
Current investments 0.00
Trade receivables, current 6,538.19
Cash and cash equivalents 47.15
Bank balance other than cash and cash equivalents 519.65
Loans, current 27.43
Other current financial assets
Total of other current financial assets 15.21
Total current financial assets 7,147.63
Current tax assets (net) 0.00
Other current assets
1 Other current assets 2,432.04
Total of other current assets 2,432.04
Total current assets 17,833.64
3 Non-current assets classified as held for sale 0.00
4 Regulatory deferral account debit balances and related deferred tax Assets 0.00
Total assets 35,833.55
Equity and liabilities
1 Equity
Equity attributable to owners of parent
Equity share capital 4,033.92
Other equity 13,716.88
Total equity attributable to owners of parent 17,750.80
Non controlling interest
Total equity 17,750.80
2 Liabilities
Non-current liabilities
Non-current financial liabilities
Borrowings, non-current 2,671.06
Trade payables, non-current
(A) Total outstanding dues of micro enterprises and small enterprises 0.00
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises 0.00
Total Trade payable 0.00
Other non-current financial liabilities
1 Lease Lianilities 780.87
2 Other Financial libilities 0.00
Total of other non-current financial liabilities 780.87
Total non-current financial liabilities 3,451.93
Provisions, non-current 443.86
Deferred tax liabilities (net) 191.57
Deferred government grants, Non-current 0.00
Other non-current liabilities
1 Other non-current liabilities 0.00
Total of other non-current liabilities 0.00
Total non-current liabilities 4,087.36
Current liabilities
Current financial liabilities
Borrowings, current 9,341.91
Trade payables, current
(A) Total outstanding dues of micro enterprises and small enterprises 437.54
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises 1,752.67
Total Trade payable 2,190.21
Other current financial liabilities
1 Lease liabities 57.79
2 Other financial liability 567.00
Total of other current financial liabilities 624.79
Total current financial liabilities 12,156.91
Other current liabilities 1,695.08
1 Other current liabilities 1,695.08
Total of other current liabilities 1,695.08
Provisions, current 77.81
Current tax liabilities (Net) 65.59
Deferred government grants, Current 0.00
Total current liabilities 13,995.39
3 Liabilities directly associated with assets in disposal group classified as held for sale 0.00
4 Regulatory deferral account credit balances and related deferred tax liability 0.00
Total liabilities 18,082.75
Total equity and liabilites 35,833.55
Disclosure of notes on assets and liabilities



Format for Reporting Segment wise Revenue, Results and Capital Employed along with the company results

Amount in (Lakhs)

Particulars 3 months/ 6 month ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
Date of start of reporting period 01-01-2026 01-04-2025
Date of end of reporting period 31-03-2026 31-03-2026
Whether results are audited or unaudited Audited Audited
Nature of report standalone or consolidated Consolidated Consolidated
1 Segment Revenue (Income)
(net sale/income from each segment should be disclosed)
1 Segment -A Manufacturing 10,006.04 38,425.76
2 Segment-B other Segment 0.0004946 0.0027465
Total Segment Revenue 10,055.50 38,700.41
Less: Inter segment revenue 0.00 0.00
Revenue from operations 10,055.50 38,700.41
2 Segment Result
Profit (+) / Loss (-) before tax and interest from each segment
1 Segment -A Manufacturing 1,223.59 4,737.94
2 Segment-B other Segment 107.48 324.97
Total Profit before tax 1,331.07 5,062.91
i. Finance cost 243.21 912.19
ii. Other Unallocable Expenditure net off Unallocable income 274.92 1,086.62
Profit before tax 812.94 3,064.10
3 (Segment Asset - Segment Liabilities)
Segment Asset
1 Segment -A Manufacturing 33,162.28 33,162.28
2 Segment-B other Segment 2,671.27 2,671.27
Total Segment Asset 35,833.55 35,833.55
Un-allocable Assets 0.00 0.00
Net Segment Asset 35,833.55 35,833.55
4 Segment Liabilities
Segment Liabilities
1 Segment -A Manufacturing 16,464.95 16,464.95
2 Segment-B other Segment 1,617.80 1,617.80
Total Segment Liabilities 18,082.75 18,082.75
Un-allocable Liabilities 17,750.80 17,750.80
Net Segment Liabilities 35,833.55 35,833.55
Disclosure of notes on segments



Other Comprehensive Income

Amount in (Lakhs)

Particulars 3 months/ 6 months ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
A Date of start of reporting period 01-01-2026 01-04-2025
B Date of end of reporting period 31-03-2026 31-03-2026
C Whether results are audited or unaudited Audited Audited
D Nature of report standalone or consolidated Consolidated Consolidated
Other comprehensive income [Abstract]
1 Amount of items that will not be reclassified to profit and loss
1 Item that will not be classified to Profit and loss 77.71 77.71
Total Amount of items that will not be reclassified to profit and loss 77.71 77.71
2 Income tax relating to items that will not be reclassified to profit or loss 13.07 13.07
3 Amount of items that will be reclassified to profit and loss
Total Amount of items that will be reclassified to profit and loss
4 Income tax relating to items that will be reclassified to profit or loss 0.00 0.00
5 Total Other comprehensive income 64.64 64.64



Cash flow statement, indirect

Amount in (Lakhs)

Particulars Year ended (dd-mm-yyyy)
A Date of start of reporting period 01-04-2025
B Date of end of reporting period 31-03-2026
C Whether results are audited or unaudited Audited
D Nature of report standalone or consolidated Consolidated
Statement of cash flows
Cash flows from used in operating activities
Profit before tax 3,064.10
Adjustments for reconcile profit (loss)
Adjustments for finance costs 912.20
Adjustments for decrease (increase) in inventories (182.19)
Adjustments for decrease (increase) in trade receivables, current (2,249.97)
Adjustments for decrease (increase) in trade receivables, non-current 0.00
Adjustments for decrease (increase) in other current assets (580.55)
Adjustments for decrease (increase) in other non-current assets (109.41)
Adjustments for other financial assets, non-current (26.22)
Adjustments for other financial assets, current 1,215.13
Adjustments for other bank balances (78.29)
Adjustments for increase (decrease) in trade payables, current 335.46
Adjustments for increase (decrease) in trade payables, non-current 0.00
Adjustments for increase (decrease) in other current liabilities 380.15
Adjustments for increase (decrease) in other non-current liabilities 0.00
Adjustments for depreciation and amortisation expense 1,086.62
Adjustments for impairment loss reversal of impairment loss recognised in profit or loss 329.46
Adjustments for provisions, current 77.81
Adjustments for provisions, non-current 9.39
Adjustments for other financial liabilities, current 512.13
Adjustments for other financial liabilities, non-current 0.00
Adjustments for unrealised foreign exchange losses gains 0.00
Adjustments for dividend income 0.00
Adjustments for interest income 283.11
Adjustments for share-based payments 0.00
Adjustments for fair value losses (gains) 0.00
Adjustments for undistributed profits of associates (7.68)
Other adjustments for which cash effects are investing or financing cash flow 14.29
Other adjustments to reconcile profit (loss) 0.00
Other adjustments for non-cash items 77.71
Share of profit and loss from partnership firm or association of persons or limited liability partnerships 0.00
Total adjustments for reconcile profit (loss) 1,448.29
Net cash flows from (used in) operations 4,512.39
Dividends received 0.00
Interest paid 0.00
Interest received 0.00
Income taxes paid (refund) 619.49
Other inflows (outflows) of cash 0.00
Net cash flows from (used in) operating activities 3,892.90
Cash flows from used in investing activities
Cash flows from losing control of subsidiaries or other businesses 0.00
Cash flows used in obtaining control of subsidiaries or other businesses 48.88
Other cash receipts from sales of equity or debt instruments of other entities 0.00
Other cash payments to acquire equity or debt instruments of other entities 0.00
Other cash receipts from sales of interests in joint ventures 0.00
Other cash payments to acquire interests in joint ventures 583.59
Cash receipts from share of profits of partnership firm or association of persons or limited liability partnerships 0.00
Cash payment for investment in partnership firm or association of persons or limited liability partnerships 0.00
Proceeds from sales of property, plant and equipment 28.34
Purchase of property, plant and equipment 4,016.93
Proceeds from sales of investment property 0.00
Purchase of investment property 0.00
Proceeds from sales of intangible assets 0.00
Purchase of intangible assets 0.00
Proceeds from sales of intangible assets under development 0.00
Purchase of intangible assets under development 0.00
Proceeds from sales of goodwill 0.00
Purchase of goodwill 200.63
Proceeds from biological assets other than bearer plants 0.00
Purchase of biological assets other than bearer plants 0.00
Proceeds from government grants 0.00
Proceeds from sales of other long-term assets 0.00
Purchase of other long-term assets 0.00
Cash advances and loans made to other parties 0.00
Cash receipts from repayment of advances and loans made to other parties 0.00
Cash payments for future contracts, forward contracts, option contracts and swap contracts 0.00
Cash receipts from future contracts, forward contracts, option contracts and swap contracts 0.00
Dividends received 0.00
Interest received 283.11
Income taxes paid (refund) 0.00
Other inflows (outflows) of cash 7.67
Net cash flows from (used in) investing activities (4,530.91)
Cash flows from used in financing activities
Proceeds from changes in ownership interests in subsidiaries 0.00
Payments from changes in ownership interests in subsidiaries 0.00
Proceeds from issuing shares 208.98
Proceeds from issuing other equity instruments 0.00
Payments to acquire or redeem entity's shares 0.00
Payments of other equity instruments 0.00
Proceeds from exercise of stock options 0.00
Proceeds from issuing debentures notes bonds etc 0.00
Proceeds from borrowings 656.91
Repayments of borrowings (670.24)
Payments of lease liabilities 4.01
Dividends paid 159.82
Interest paid 851.99
Income taxes paid (refund) 0.00
Other inflows (outflows) of cash 0.00
Net cash flows from (used in) financing activities 520.31
Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes (117.70)
Effect of exchange rate changes on cash and cash equivalents
Effect of exchange rate changes on cash and cash equivalents 0.00
Net increase (decrease) in cash and cash equivalents (117.70)
Cash and cash equivalents cash flow statement at beginning of period 164.86
Cash and cash equivalents cash flow statement at end of period 47.16





Details of Impact of Audit Qualification

Amount in (Lakhs)

Whether results are audited or unaudited Audited
Declaration of unmodified opinion or statement on impact of audit qualification Declaration of unmodified opinion
Auditor's opinion
Declaration pursuant to Regulation 33 (3) (d) of SEBI (LODR) Regulation, 2015: The company declares that its Statutory Auditor/s have issued an Audit Report with unmodified opinion for the period on Standalone results Yes
Sr No. Audit firm's name Whether the firm holds a valid peer review certificate issued by Peer Review Board of ICAI Certificate valid upto
1 Ashok Kumar Agrawal and Associates Yes 31-07-2027