A novel study on conducting polymers based composites involving hybrid carbon nanostructure assemblage of graphene, amine functionalized multiwalled carbon nanotubes and poly(aniline-co-pyrrole) has been done. The composites were synthesized by oxidative polymerization of 1:1 mixture of aniline and pyrrole monomer with ammonium per sulphate and ferric chloride oxidants. UV-vis Spectroscopy, Fourier Transform Infrared Spectroscopy (FTIR) and Raman Spectroscopy were used to identify the chemical structure of the obtained composites. Thermal studies indicate that the composites are stable in comparison to poly (aniline-co-pyrrole) alone showing that the hybrid carbon assemblage contributes towards thermal stability in the composites. Crystalline properties of the composites were investigated by X-ray diffraction (XRD). Scanning electron microscopy (SEM) was used to characterize the surface morphology of the composites. The specific capacitance of the composites was characterized by cyclic voltammogram (CV). The capacitive studies reveal that the composite has synergistic effect and highest specific capacitance of 337.35F/g at scan rate of 10mV/sec and 193.06F/g at scan rate of 50 mV/sec was obtained for the composite having thinnest layer of co-polymer over hybrid carbon assemblage i.e., 02-PANI-co-PPY-C.