About Madison Communications Private Limited
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Madison Communications Private Limited is a private limited company based in Mumbai, Maharashtra, India. It operates in the advertising and media services segment of the media and publishing sector. It was incorporated on 25 September 1995 and has been in existence for over 31 years.
The company is registered with the Registrar of Companies (ROC), Mumbai, under CIN U74300MH1995PTC093050. Its GSTIN is 27AAACM5979P1ZL (Maharashtra). The company holds 6 GST registrations, all of them active.
The company has an authorised share capital of ₹1 Cr and a paid-up capital of ₹87.91 Lakh. It was formerly known as Madison Dmb & B Advertising Private Limited. It is led by directors including Sam Baman Balsara (Managing Director) and Lara Balsara Vajifdar (Whole-Time Director).
Its last annual general meeting (AGM) was held on 30 September 2025, and its latest financial statements are for the year ended 31 March 2024. The registered office is at 1st Floor 349 Business Point Western Express Highway Andheri(E), Mumbai, Maharashtra, India – 400069.
As per the financials filed for FY 2025, the company reported a revenue of ₹4,002.19 Cr, a growth of 13% compared to the previous year. For the same year it recorded a net profit of ₹23.62 Cr (net margin 0.6%) and EBITDA of ₹41.98 Cr (EBITDA margin 1%). Revenue has grown at a compounded annual rate (CAGR) of 202% over three years and 94% over five years.
The company has about 539 employees on its provident fund (EPFO) records. Its group structure includes 1 subsidiary.
The company is associated with 2 brands: mFunnel and Madison World. As per MCA filings, the company has satisfied charges of ₹5 Cr on record. Court records list 24 cases involving the company, including 14 filed by the company and 10 filed against it; 5 cases are pending. The company has 4 deals on record (3 secondary share transfers, 1 rights issue); the latest was in March 2024. The company has 24 MSME Form 1 returns on record between 2019 and 2024, listing 7,878 overdue payments to 131 micro and small suppliers.
The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website madisonindia.com.
Company details
Contact details
Madison Communications Private Limited's registered office is in Mumbai, Maharashtra. Its website is madisonindia.com. Its e-mail address and telephone number are in the company report.
- Email
- Telephone
- Website
- Social Media
- Registered Address1st Floor 349 Business Point Western Express Highway Andheri(E), Mumbai, Maharashtra, India – 400069
- IndustryMedia and Publishing, Advertising Agencies & Media Services
To see the full contact details of Madison Communications Private Limited, buy the company report.
- 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
Brands
Madison Communications operates two associated brands: mFunnel and Madison World. Each brand links to its own profile.
| Brand | Description | Website |
|---|---|---|
| Provides an AI-powered platform for efficient lead generation services. | mfunnel.ai | |
| Media planning, buying, and public relations services are provided. | madisonindia.com |
Business activity
The main business activity of Madison Communications is professional, scientific and technical. In detail, this covers advertising and market research.
| Main activity group code | Main activity | Business activity code | Business activity | Share of turnover |
|---|---|---|---|---|
| M | Professional, Scientific and Technical | M6 | Advertising and market research |
To see the full business activity and turnover split of Madison Communications Private Limited, buy the company report.
Financials of Madison Communications Private Limited
FY 2024 filings availableMadison Communications Private Limited reported revenue of ₹4,002.19 Cr (up 13% YoY) for FY 2025.
Compounded Annual Growth Rate (CAGR)
Revenue has grown at a compounded annual rate (CAGR) of 94% over five years, including 13% growth in the latest year. EBITDA fell 27% in the latest year. Three- and five-year figures are compounded annual growth rates (CAGR): the steady yearly rate that links the first and the last year. All are worked out from the filed statements.
Financial Statement Summary
| Metrics | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 |
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| EBITDA | ₹41.98 Cr | ||||
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| Net Profit (PAT) | ₹23.62 Cr | ||||
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Financial Ratios
| Metrics | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 |
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| EBITDA Margin | 1% | ||||
| Net Profit Margin | 0.6% | ||||
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To see the full financial statements and ratios of Madison Communications Private Limited, buy the company report.
Board of directors of Madison Communications Private Limited
Madison Communications has 4 current directors and 1 former director. Current directors are listed first, with their designation and appointment date.
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Vikram Sakhuja | Director | 22 Feb 2016 | 10 Years 8 Months | Current |
| Soli Bomanji Bulsara | Director | 25 Sep 1995 | 31 Years 0 Months | Current |
| Lara Balsara Vajifdar | Whole-Time Director | 01 Nov 2006 | 19 Years 11 Months | Current |
| Sam Baman Balsara | Managing Director | 25 Sep 1995 | 31 Years 0 Months | Current |
Auditor
Madison Communications Private Limited is audited by S R REGE & COMPANY for the financial year 2023.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| S R REGE & COMPANY | FY 2023 | 108813W |
Shareholding
The shareholding of Madison Communications Private Limited is on record for 5 financial years, the latest being FY 2023, split between promoters, domestic institutions, foreign institutions, public shareholders and others.
| Shareholder category | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|
| Promoters | |||||
| Domestic institutional investors (DII) | |||||
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| Public | |||||
| Others |
To see the full shareholding pattern of Madison Communications Private Limited, buy the company report.
Charges & borrowings
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 04 Jun 2008 | 10113800 | Standard Chartered Bank | ₹5 Cr | Satisfied |
To see the full charge records of Madison Communications Private Limited, buy the company report.
Total charge records: 1 View all charges
Deals & funding
Madison Communications Private Limited has 4 deals on record (3 secondary share transfers, 1 rights issue); the latest was in March 2024.
Deals on record (4 of 4)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Mar 2024 | Secondary share transfer | Undisclosed | Seller: an individual |
| Nov 2021 | Secondary share transfer | Undisclosed | Seller: an individual |
| Mar 2020 | Secondary share transfer | Undisclosed | Buyer: an individual Seller: an individual |
| Mar 2016 | Rights issue | ₹6 Lakh | Investors: an individual |
Deal records are compiled from filings and public sources; amounts are shown only where the source reported them.
Legal cases
Madison Communications Private Limited has 24 court cases on record: 14 filed by Madison Communications, 10 filed against it. 5 cases are pending and 19 are disposed.
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| High courts | 18 | 9 | 5 |
| District courts | 5 | 1 | 0 |
| NCLT | 1 | 0 | 0 |
Cases on record (5 of 24)
| Court | Type of case | Party | Status |
|---|---|---|---|
| Bombay High Court | Court case (CARAP) | Filed by the company against 3Rdflix Visual Effects Pvt Ltd and 1 other | Pending |
| NCLT, Bengaluru | Insolvency matter | Filed by the company against Multi-Verse Technologies Private Limited | Disposed |
| High Court of Delhi | Court case (CS(OS)) | Filed by the company against Mother Dairy Fruit & Vegetable Pvt Ltd | Disposed |
| High Court of Delhi | Writ petition | Filed by the company against Competition Commission of India Through Its Secretary Mr Inder Pal Singh Bindra & Anr. | Pending |
| Bombay High Court | Tax appeal | Filed against the company by The Commissioner of Income Tax, Tds-1, Mumbai | Pending |
To see the full case history of Madison Communications Private Limited, buy the company report.
Case records are compiled from court listings and may lag the court's own records. A case filed against a company is not a finding against it.
MSME payment delays
Madison Communications Private Limited has 24 MSME Form 1 returns on record between 2019 and 2024, listing 7,878 overdue payments to 131 micro and small suppliers. Companies must report dues to micro and small suppliers that stay unpaid for more than 45 days in a half-yearly MSME Form 1 return.
Suppliers with reported dues (5 of 131)
To see the full MSME payment records of Madison Communications Private Limited, buy the company report.
Individuals and sole proprietors among the suppliers are not named.
Group structure & subsidiaries
Madison Communications has 1 subsidiary company. This group structure data is as of FY 2023. The table lists each entity with its relationship and holding.
| Company Name | CIN | Shares held |
|---|---|---|
| Hiveminds Innovative Market Solutions Private Limited | U74130MH2010PTC326971 |
To see the full group structure of Madison Communications Private Limited, buy the company report.
Employees & EPFO
Madison Communications Private Limited has a workforce of 539 employees on its EPFO records as of Mar 28, 2024, across 1 active EPFO establishment.
GST
Madison Communications has 6 GST registrations: 6 active. The first 4 active GSTINs are listed below.
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 27AAACM5979P1ZL | Maharashtra | Active | 01 Jul 2017 |
| 27AAACM5979P2ZK | Maharashtra | Active | 31 May 2024 |
| 07AAACM5979P1ZN | Delhi | Active | 01 Jul 2017 |
| 19AAACM5979P1ZI | West Bengal | Active | 01 Jul 2017 |
To see the full GST registrations and return filing status of Madison Communications Private Limited, buy the company report.
Recent activity
Madison Communications Private Limited has 5 board changes on record since 1995: 4 appointments and 1 cessation. The latest: Vikram Sakhuja ceased to be Director on 30 Nov 2025.
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Frequently asked questions
Madison Communications is an active private limited company based in Mumbai, Maharashtra, India. The company works in advertising agencies and media services, within the media and publishing industry. It was incorporated on 25 September 1995 (31+ years old) and is registered under CIN U74300MH1995PTC093050.
Madison Communications has 4 current directors:
- Sam Baman Balsara - Managing Director
- Lara Balsara Vajifdar - Whole-Time Director
- Vikram Sakhuja - Director
- Soli Bomanji Bulsara - Director
The latest financial statements of Madison Communications on record with the MCA are for the year ended 31 March 2024. Its last annual general meeting was held on 30 September 2025. Year-wise statements from 2015 are in the company report.
The GSTIN of Madison Communications is 27AAACM5979P1ZL, registered in Maharashtra. The company has 6 GST registrations in all, of which 6 are active. Other active GSTINs include 27AAACM5979P2ZK (Maharashtra), 07AAACM5979P1ZN (Delhi), 19AAACM5979P1ZI (West Bengal).
The CIN (Corporate Identification Number) of Madison Communications is U74300MH1995PTC093050. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Madison Communications has 24 court cases on record: 14 filed by the company and 10 filed against it. 5 are pending. Most are in the high courts.
Madison Communications was incorporated on 25 September 1995, making it 31+ years old. It is registered with the Registrar of Companies, Mumbai.
Madison Communications has 4 deals on record (3 secondary share transfers, 1 rights issue); the latest was in March 2024.
Vikram Sakhuja ceased to be Director on 30 Nov 2025. Vikram Sakhuja was appointed as Director on 22 Feb 2016. Lara Balsara Vajifdar was appointed as Whole-Time Director on 01 Nov 2006. Madison Communications has 5 board changes on record in total.
Madison Communications has 24 MSME Form 1 returns on record between 2019 and 2024, listing 7,878 overdue payments to 131 micro and small suppliers. The latest return was filed on 30 Apr 2024.
Madison Communications can be reached through the website madisonindia.com. Its registered office is in Mumbai, Maharashtra, India.