Crayons Advertising Limited - media and publishing in New Delhi, Delhi, India. FY 2026 financials & compliance.
CIN L52109DL1986PLC024711 Incorporated 03 July 1986 ROC Delhi HQ New Delhi, Delhi, India
Active Listed - NSE: CRAYONS Public Limited Company media and publishing
Data last updated
Market Cap
₹65.59 Cr
CRAYONS-SM · NSE
Share Price
₹26.85
0.00% today
Revenue
₹313 Cr
FY 2025-26 · +33.8% YoY
EBITDA
₹4.97 Cr
Margin 1.6%
Net Profit
₹3.76 Cr
FY 2025-26 · -64.5% YoY
P/E (TTM)
18.6x
P/B 0.5x
Authorised capital
₹25 Cr
Registered with MCA
Paid-up capital
₹24.43 Cr
Issued & subscribed

About Crayons Advertising Limited

Data last updated:

Crayons Advertising Limited is a public limited company based in New Delhi, Delhi, India. It operates in the advertising and media services segment of the media and publishing sector. It was incorporated on 03 July 1986 and has been in existence for over 40 years.

The company is registered with the Registrar of Companies (ROC), Delhi, under CIN L52109DL1986PLC024711. Its GSTIN is 07AAACC1063C1ZD (Delhi). The company holds 11 GST registrations, of which 7 are active. It is a listed company as per MCA records. Its shares are listed on NSE: CRAYONS.

The company has an authorised share capital of ₹25 Cr and a paid-up capital of ₹24.43 Cr. It was formerly known as Crayons Advertising Private Limited and Crayons.Advertising Ltd. It is led by directors including Kunal Lalani (Managing Director) and Ashraye Lalani (Whole-Time Director).

Its last annual general meeting (AGM) was held on 23 September 2025, and its latest financial statements are for the year ended 31 March 2026. The registered office is at Nsic Complex Maa Anandmayee Marg Okhla Industrial Estate Phase – III, New Delhi, Delhi, India – 110020.

As per the latest consolidated financials for FY 2025-26, the company reported a revenue of ₹313.05 Cr, a growth of 33.8% compared to the previous year. For the same year it recorded a net profit of ₹3.76 Cr (net margin 1.2%) and EBITDA of ₹4.97 Cr (EBITDA margin 1.6%). The net worth stands at ₹120.82 Cr (up 3.4% YoY). Total assets are valued at ₹141.16 Cr (up 12.5% YoY).

The company has about 112 employees on its provident fund (EPFO) records.

The company is associated with 1 brand: The Crayons Network. As per MCA filings, the company has open charges of ₹45.13 Cr and satisfied charges of ₹132.04 Cr on record. Court records list 55 cases involving the company, including 51 filed by the company and 4 filed against it; 4 cases are pending. The company has 3 deals on record (2 secondary share transfers, 1 ipo); the latest was in May 2023. Its 6 peer companies in the Media and Publishing industry (Advertising Agencies), with the same principal business activity (advertising and market research) are compared by revenue, 4 larger and 2 smaller; the largest is Mediacom Communications Private Limited with revenue of ₹256.18 Cr.

The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website thecrayonsnetwork.com.

Company details

CIN L52109DL1986PLC024711
Registration Number 024711
Incorporation Date 03 July 1986
ROC Delhi
Listing Status Listed (NSE: CRAYONS)
Company Status Active
Date of Last AGM 23 September 2025
Date of Balance Sheet 31 March 2026
Compliance Status Active Compliant

Name history

Crayons Advertising has undergone 3 name changes throughout its history. The company was previously known as Crayons Advertising Private Limited, Crayons.Advertising Ltd, and Crayons Advertising & Marketing Private Limited. The current legal name is Crayons Advertising Limited.

Company NameStatus
Crayons Advertising LimitedCurrent
Crayons Advertising Private LimitedPrevious
Crayons.Advertising LtdPrevious
Crayons Advertising & Marketing Private LimitedPrevious

CIN history

Crayons Advertising has 2 previous CINs, indicating changes in the company's corporate structure or registration details. The current CIN is L52109DL1986PLC024711, which is the unique identifier assigned by the Registrar of Companies.

CINStatus
L52109DL1986PLC024711Current
U52109DL1986PLC024711Previous
U52109DL1986PTC024711Previous

Contact details

Crayons Advertising Limited's registered office is in New Delhi, Delhi. Its website is thecrayonsnetwork.com. Its e-mail address and telephone number are in the company report.

  • Email
  • Telephone
  • Social Media
  • Registered Address
    Nsic Complex Maa Anandmayee Marg Okhla Industrial Estate Phase – III, New Delhi, Delhi, India – 110020
  • Industry
    Media and Publishing, Advertising Agencies & Media Services

To see the full contact details of Crayons Advertising Limited, buy the company report.

Comprehensive company report
Crayons Advertising Limited - one report that includes everything
  • Company details, directors and signatories
  • Historical financials and ratios
  • Shareholding pattern and group structure
  • Charges with holder and property details
  • Legal cases, compliance and MCA filings
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Brands

Crayons Advertising operates one associated brand: The Crayons Network. Each brand links to its own profile.

BrandDescriptionWebsite
Communication and marketing strategy services are provided by the firm.thecrayonsnetwork.com

Business activity

The main business activity of Crayons Advertising is professional, scientific and technical. In detail, this covers advertising and market research.

Main activity group codeMain activityBusiness activity codeBusiness activityShare of turnover
MProfessional, Scientific and TechnicalM6Advertising and market research

To see the full business activity and turnover split of Crayons Advertising Limited, buy the company report.

Financials of Crayons Advertising Limited

FY 2025-26 filings available

Crayons Advertising Limited reported revenue of ₹313.05 Cr (up 33.8% YoY) for FY 2025-26.

Financial Highlights

FY 2025-26 · Consolidated
Revenue
₹313 Cr
+33.8% YoY
EBITDA
₹4.97 Cr
-37.4% YoY
Profit After Tax
₹3.76 Cr
-64.5% YoY
Net Worth
₹121 Cr
+3.4% YoY
Total Assets
₹141 Cr
+12.5% YoY
Total Debt
₹14.28 Cr
+163.0% YoY

Revenue vs Net Profit ₹ Cr

Margin trends

Financial summary ₹ Cr

MetricsFY 2025-26FY 2024-25FY 2023-24
Income statement
Revenue313234234
Revenue growth+33.8%+0.1%-
EBITDA4.977.9421.35
EBITDA margin+1.6%+3.4%+9.1%
Profit before tax6.2910.1623.41
Net profit3.7610.5918.06
Net profit margin+1.2%+4.5%+7.7%
EPS (₹)1.544.487.18
Balance sheet
Total assets141126115
Net worth121117107
Total debt14.285.434.87
Cash & bank17.5415.2315.74
Net working capital90.8686.3090.24
Cash flow
Cash from operations(4.68)5.32(22.23)
Cash from investing(3.34)(3.86)(14.05)
Cash from financing10.34(0.24)28.06
MetricsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Income statement
Revenue245192202276193105161
Revenue growth+27.3%-4.6%-26.9%+43.2%+83.4%-34.8%-
EBITDA3.977.0720.6119.083.081.173.11
EBITDA margin+1.6%+3.7%+10.2%+6.9%+1.6%+1.1%+1.9%
Profit before tax5.409.2422.7722.522.350.301.80
Net profit3.726.7317.4216.971.770.361.16
Net profit margin+1.5%+3.5%+8.6%+6.2%+0.9%+0.3%+0.7%
EPS (₹)1.522.766.929.227.170.585.18
Balance sheet
Total assets12712011366.6548.5152.6652.93
Net worth11711310653.8337.2435.6335.50
Total debt8.795.434.8711.059.6115.3315.28
Cash & bank7.1412.8713.6915.3617.853.075.87
Net working capital72.0483.8987.0340.5918.4117.7310.67
Cash flow
Cash from operations0.970.39(25.25)(1.25)9.88(1.92)(10.71)
Cash from investing(3.24)0.76(12.18)(2.07)11.641.206.85
Cash from financing2.36(0.24)28.060.65(6.84)(1.36)(1.67)
ParticularsMar 2023Dec 2022
Revenue76.6782.43
Other income0.733.15
Total expenses71.7876.67
EBITDA4.895.76
EBITDA margin+6.4%+7.0%
Depreciation0.320.31
Interest0.350.15
Profit before tax4.958.45
Tax1.022.33

Financial Statements

Figures in ₹ Cr; negatives in brackets. Updated 28 Oct 2026
ParticularsFY 2025-26FY 2024-25FY 2023-24
Revenue313234234
Revenue growth+33.8%+0.1%-
Other income6.975.564.42
Total expenses308226213
Employee cost0.0016.0114.92
EBITDA4.977.9421.35
EBITDA margin+1.6%+3.4%+9.1%
Depreciation4.642.461.41
Interest1.010.880.95
Profit before tax6.2910.1623.41
Tax2.162.716.22
Net profit3.7610.5918.06
Net profit margin+1.2%+4.5%+7.7%
EPS (₹)1.544.487.18
ParticularsFY 2025-26FY 2024-25FY 2023-24
Equity & liabilities
Share capital24.4324.4324.43
Reserves & surplus96.3990.4780.18
Shareholders' funds (net worth)121117107
Minority interest4.321.451.31
Secured loans8.855.434.87
Unsecured loans5.430.000.00
Total debt14.285.434.87
Total liabilities141126115
Assets
Gross block26.1520.6817.88
Net block13.467.045.89
Capital work in progress0.004.151.02
Investments14.6213.537.98
Inventories0.000.000.00
Sundry debtors11211896.51
Cash & bank balances17.5415.2315.74
Loans & advances55.4134.7458.21
Total current assets185168170
Total current liabilities94.2782.0680.22
Net working capital90.8686.3090.24
Total assets141126115
ParticularsFY 2025-26FY 2024-25FY 2023-24
Opening cash8.967.7415.96
Net cash from operating activities(4.68)5.32(22.23)
Net cash from investing activities(3.34)(3.86)(14.05)
Net cash from financing activities10.34(0.24)28.06
Net change in cash2.321.22(8.22)
Closing cash17.5415.2315.74
ParticularsFY 2025-26FY 2024-25FY 2023-24
Growth
Sales growth+33.8%+0.1%-
EBITDA growth-37.4%-62.8%-
PBT growth-38.1%-56.6%+9997.0%
Net income growth-64.5%-41.4%-
Profitability & leverage
Net income margin+1.3%+3.2%+7.4%
Return on capital employed-+9.3%+21.5%
Return on net worth-+6.7%+16.1%
Debt / equity-0.050.05
Long-term debt / equity-0.040.05
Interest cover306.0616.064.76
Efficiency & per share
Fixed asset turnover-12.1413.08
Inventory turnover-0.000.00
Debtors turnover-2.342.42
EPS (₹)1.544.487.18
Dividend per share (₹)0.000.000.00
Book value per share (₹)0.0047.0342.82
ParticularsMar 2023Dec 2022
Revenue76.6782.43
Other income0.733.15
Total expenses71.7876.67
EBITDA4.895.76
EBITDA margin+6.4%+7.0%
Depreciation0.320.31
Interest0.350.15
Profit before tax4.958.45
Tax1.022.33
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Revenue245192202276193105161
Revenue growth+27.3%-4.6%-26.9%+43.2%+83.4%-34.8%-
Other income7.045.494.505.461.521.652.68
Total expenses241185181257189104158
Employee cost0.0015.0114.0511.497.516.618.65
EBITDA3.977.0720.6119.083.081.173.11
EBITDA margin+1.6%+3.7%+10.2%+6.9%+1.6%+1.1%+1.9%
Depreciation4.612.441.391.100.931.141.42
Interest1.000.880.950.921.321.382.57
Profit before tax5.409.2422.7722.522.350.301.80
Tax1.682.485.865.920.740.170.64
Net profit3.726.7317.4216.971.770.361.16
Net profit margin+1.5%+3.5%+8.6%+6.2%+0.9%+0.3%+0.7%
EPS (₹)1.522.766.929.227.170.585.18
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Equity & liabilities
Share capital24.4324.4324.4318.002.252.252.25
Reserves & surplus92.1486.2979.5335.8334.9933.3833.25
Shareholders' funds (net worth)11711310653.8337.2435.6335.50
Secured loans8.795.434.8711.059.6115.3314.28
Unsecured loans0.000.000.000.000.000.001.00
Total debt8.795.434.8711.059.6115.3315.28
Total liabilities12712011366.6548.5152.6652.93
Assets
Gross block26.0320.6117.8215.8425.8533.2937.21
Net block13.407.005.855.1911.2918.8423.55
Capital work in progress0.004.151.020.000.000.000.00
Investments18.0911.099.937.025.976.272.89
Inventories0.000.000.000.000.000.000.00
Sundry debtors90.6211290.4362.8759.0260.1175.55
Cash & bank balances7.1412.8713.6915.3617.853.075.87
Loans & advances48.1533.3955.7825.8420.288.548.50
Total current assets14615816010497.1571.7289.92
Total current liabilities73.8774.4072.8763.4878.7453.9979.25
Net working capital72.0483.8987.0340.5918.4117.7310.67
Total assets12712011366.6548.5152.6652.93
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Opening cash6.605.6915.0617.733.055.1210.66
Net cash from operating activities0.970.39(25.25)(1.25)9.88(1.92)(10.71)
Net cash from investing activities(3.24)0.76(12.18)(2.07)11.641.206.85
Net cash from financing activities2.36(0.24)28.060.65(6.84)(1.36)(1.67)
Net change in cash0.090.91(9.37)(2.67)14.68(2.08)(5.53)
Closing cash7.1412.8713.6915.3617.853.075.87
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Growth
Sales growth+27.3%-4.6%-26.9%+43.2%+83.4%-34.8%-
EBITDA growth-43.9%-65.7%+8.0%+519.5%+163.3%-62.4%-
PBT growth-41.6%-59.4%+1.1%+858.3%+683.3%-83.3%-35.5%
Net income growth-44.7%-61.4%+2.7%+858.8%+391.7%-69.0%-
Revenue CAGR (3Y)-3.9%-0.1%+24.3%+19.6%+1.5%-14.8%-
EBITDA CAGR (3Y)-40.7%+31.9%+160.2%+83.1%+0.7%-26.5%-
Profitability & leverage
Net income margin+1.5%+3.5%+8.4%+6.0%+0.8%+0.1%+0.7%
Return on capital employed-+8.7%+26.5%+40.7%+7.7%+4.2%+8.4%
Return on net worth-+6.2%+21.2%+36.4%+4.9%+1.0%+3.4%
Debt / equity-0.050.100.230.340.430.43
Long-term debt / equity-0.030.050.090.210.360.41
Interest cover-156.2519.014.945.1261.404,600.00152.07
Efficiency & per share
Fixed asset turnover-10.0111.9813.236.512.985.57
Inventory turnover-0.000.000.000.000.000.00
Debtors turnover-2.052.634.523.231.552.17
EPS (₹)1.522.766.929.227.170.585.18
Dividend per share (₹)0.000.000.000.000.000.000.00
Book value per share (₹)0.0045.3242.5629.91165.51158.34157.76

To see the full year-wise statements and ratios of Crayons Advertising Limited, buy the company report.

Board of directors of Crayons Advertising Limited

Crayons Advertising has 5 current directors and 12 former directors. Current directors are listed first, with their designation and appointment date.

Current Directors
NameDesignationAppointment DateTenureStatus
Vimi LalaniDirector01 Jan 200224 Years 9 MonthsCurrent
Kunal LalaniManaging Director01 Aug 198640 Years 2 MonthsCurrent
Navratan BaidDirector24 Mar 20260 Years 7 MonthsCurrent
Surendra PagariaDirector21 Jan 20233 Years 9 MonthsCurrent
Ashraye LalaniWhole-Time Director27 Aug 20251 Years 2 MonthsCurrent

Peer comparison

Crayons Advertising Limited is compared with the 6 companies closest to it by revenue in the Media and Publishing industry (Advertising Agencies), with the same principal business activity (advertising and market research), from the latest filed financials of each company.

CompanyRevenueNet profitMarginGrowth (1 yr)EmployeesLocation
Crayons Advertising Limitedthis company₹313.05 Cr (FY 2026)₹3.76 Cr1.2%33.8%112New Delhi, Delhi, India
Mediacom Communications Private Limited₹256.18 Cr (FY 2025)-1.0%Mumbai, Maharashtra, India
Criteo India Private Limited₹255.7 Cr (FY 2025)51.0%New Delhi, Delhi, India
Mccann-Erickson India Private Limited₹254.81 Cr (FY 2025)-10.0%New Delhi, Delhi, India
Schbang Digital Solutions Private Limited₹248.5 Cr (FY 2025)16.0%Mumbai, Maharashtra, India
Auburn Digital Solutions Private Limited₹237.76 Cr (FY 2025)8.0%Mumbai, Maharashtra, India
Taboola India Private Limited₹230.63 Cr (FY 2025)12.0%New Delhi, Delhi, India

To see the full peer comparison of Crayons Advertising Limited, buy the company report.

Auditor

Crayons Advertising Limited is audited by S.S. Kothari Mehta & Company for the financial year 2024.

Auditor firmFinancial yearFirm registration number
S.S. Kothari Mehta & CompanyFY 2024000756N

Shareholding

Shareholding for the quarter ended Sep 2026: promoters hold 73.50%, foreign institutional investors hold 0.00%, domestic institutional investors hold 0.00% and retail and other public shareholders hold 26.50%.

Promoters: 73.50%Retail & Others: 26.50%
Sep 2026
QUARTER
73.50% Promoters
26.50% Retail & Others
Promoter holding - history
Now 73.50% · Sep 2026High 73.50% · Dec 2025Low 73.50% · Dec 2025
72%72.8%73.5%74.3%75%Dec 2025Mar 2026Jun 2026Sep 2026Dec 2025: 73.50%Mar 2026: 73.50%Jun 2026: 73.50%Sep 2026: 73.50%73.50%73.50%
Shareholding trend - last 6 quarters
Sep 2026Jun 2026Mar 2026Dec 2025
Promoters73.50%73.50%73.50%73.50%
Public26.50%26.50%26.50%26.50%

Charges & borrowings

Open charges
₹45.13 Cr
Satisfied charges
₹132.04 Cr
Breakdown by lending institutions
Others₹42.29 Cr
Axis Bank Limited₹2.84 Cr
Latest charge details
DateCharge IDLenderAmountStatusModified or satisfied on
10 Jun 2026101321209Others₹2.51 CrOpen
27 Dec 2024101034217Others₹2 CrOpen
27 Dec 2024101034216Others₹32.78 CrOpen
01 Nov 2023100820218Axis Bank Limited₹1.78 CrOpen
02 Sep 2023100786629Others₹5 CrOpen

To see the full charge records of Crayons Advertising Limited, buy the company report.

Total charge records: 49 View all charges

Deals & funding

Crayons Advertising Limited has 3 deals on record (2 secondary share transfers, 1 ipo); the latest was in May 2023.

Total deals
3
Secondary share transfers
2
IPO
1

Deals on record (3 of 3)

WhenDealAmountParties
May 2023IPO₹41.8 CrInvestors: IPO Shareholders - Crayons Advertising Limited, Societe Generale, Vikasa Global Fund PCC- Eubilia Capital Parnters Fund I
Apr 2023Secondary share transferUndisclosedBuyer: Unizon Fintech Private Limited
Seller: Sahyog Properties Private Limited
Mar 2023Secondary share transferUndisclosedBuyer: Vimi Investments and Finance Private Limited
Seller: Sahyog Properties Private Limited

Deal records are compiled from filings and public sources; amounts are shown only where the source reported them.

MSME payment delays

No delayed payments to MSME suppliers are on our record for Crayons Advertising Limited; the supplier-wise MSME Form 1 check is in the company report Buy the company report.

Group structure & subsidiaries

Crayons Advertising has 1 associated company. This group structure data is as of FY 2024. The table lists each entity with its relationship and holding.

1
Associated companies

Employees & EPFO

Crayons Advertising Limited has a workforce of 112 employees on its EPFO records as of Jan 24, 2025, across 1 active EPFO establishment.

Employee count
112
Active EPFO establishments
1
Employee growth
128.57%

GST

Crayons Advertising has 11 GST registrations: 7 active and 4 cancelled or inactive. The first 4 active GSTINs are listed below.

Total GSTINs
11
Active
7
Cancelled / inactive
4
GSTINStateStatusRegistered on
07AAACC1063C1ZDDelhiActive01 Jul 2017
08AAACC1063C1ZBRajasthanActive01 Jul 2017
09AAACC1063C1Z9Uttar PradeshActive01 Jul 2017
19AAACC1063C1Z8West BengalActive01 Jul 2017

To see the full GST registrations and return filing status of Crayons Advertising Limited, buy the company report.

Recent activity

Crayons Advertising Limited has 27 board changes on record since 1986: 16 appointments and 11 cessations. The latest: Navratan Baid was appointed as Director on 24 Mar 2026.

Charges
A charge with Others of Rs. 32.78 Cr registered on 27 Dec 2024 with Charge ID 101034216 was modified on 30 Jun 2026.
Charges
A charge with Others amounted to Rs. 2.51 Cr with Charge ID 101321209 was registered on 10 Jun 2026.
Filing
Crayons Advertising Limited has filed its annual Financial statements for the year ended 31 Mar 2026 with Roc Delhi I.
Appointed
Navratan Baid was appointed as Director.
AGM
Crayons Advertising Limited last Annual general meeting of members was held on 23 Sep 2025 as per latest MCA records.
Appointed
Ashraye Lalani was appointed as Whole-Time Director.
Charges
A charge registered on 07 Nov 2022 via Charge ID 100658382 with Others was fully satisfied on 01 Aug 2025.
Ceased
Atul Jeevandharkumar Hegde ceased to be Director.
Charges
A charge with Others amounted to Rs. 2.00 Cr with Charge ID 101034217 was registered on 27 Dec 2024.
Charges
A charge with Others amounted to Rs. 32.78 Cr with Charge ID 101034216 was registered on 27 Dec 2024.
Ceased
Rajat Singhal ceased to be CFO.
Charges
A charge registered on 26 Mar 2013 via Charge ID 10424682 with Deutsche Bank Ag was fully satisfied on 12 Dec 2023.

121 earlier events are in the company report.

Frequently asked questions

Crayons Advertising is an active public limited company based in New Delhi, Delhi, India. The company works in advertising agencies and media services, within the media and publishing industry. It was incorporated on 03 July 1986 (40+ years old) and is registered under CIN L52109DL1986PLC024711. Listed on NSE: CRAYONS.

Crayons Advertising reported revenue of ₹313.05 Cr for FY 2025-26 (up 33.8% YoY) based on consolidated financials.

Crayons Advertising has 5 current directors:

The latest financial statements of Crayons Advertising on record with the MCA are for the year ended 31 March 2026. Its last annual general meeting was held on 23 September 2025. Year-wise statements from 2015 are in the company report.

The GSTIN of Crayons Advertising is 07AAACC1063C1ZD, registered in Delhi. The company has 11 GST registrations in all, of which 7 are active and 4 are cancelled or inactive. Other active GSTINs include 08AAACC1063C1ZB (Rajasthan), 09AAACC1063C1Z9 (Uttar Pradesh), 19AAACC1063C1Z8 (West Bengal).

The CIN (Corporate Identification Number) of Crayons Advertising is L52109DL1986PLC024711. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.

Yes. Crayons Advertising is a listed company as per MCA records. Its shares are listed on NSE (symbol: CRAYONS).

Crayons Advertising has 55 court cases on record: 51 filed by the company and 4 filed against it. 4 are pending. Most are in the high courts.

Crayons Advertising was incorporated on 03 July 1986, making it 40+ years old. It is registered with the Registrar of Companies, Delhi.

Crayons Advertising has 3 deals on record (2 secondary share transfers, 1 ipo); the latest was in May 2023.

The peers of Crayons Advertising by revenue are Mediacom Communications Private Limited, Criteo India Private Limited, Mccann-Erickson India Private Limited, Schbang Digital Solutions Private Limited, Auburn Digital Solutions Private Limited and 1 more, all in the Media and Publishing industry (Advertising Agencies), with the same principal business activity (advertising and market research).