About Madison Communications Private Limited
Data last updated:
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 23 cases involving the company, including 13 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. Its 10 peer companies in the Media and Publishing industry (Advertising Agencies, Communications) are compared by revenue, 5 larger and 5 smaller; the largest is Tata Communications Limited with revenue of ₹21,049 Cr. 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.
- EmailLocked
- TelephoneLocked
- 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
- 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
- One PDF report, delivered after checkout
Business Activity of Madison Communications Private Limited
The main business activity of Madison Communications is professional, scientific and technical. In detail, this covers advertising and market research.
| Main Activity Group Code | Description of Main Activity | Business Activity Code | Description of Business Activity | Turnover Percentage |
|---|---|---|---|---|
| M | Professional, Scientific and Technical | M6 | Advertising and market research | Locked |
Business activity turnover details
Turnover share and past changes in activity are in the company report.
- Turnover contribution
- Historical classifications
- Filing-level activity changes
Verified entity values are shown only after access is granted.
Financials of Madison Communications Private Limited FY 2024 filings available
Madison Communications Private Limited reported revenue of ₹4,002.19 Cr (up 13% YoY) for FY 2025.
Compounded Annual Growth Rate (CAGR) of Madison Communications Private Limited
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 of Madison Communications Private Limited
| Metrics | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 |
|---|---|---|---|---|---|
| Profit and Loss Statement | |||||
| Revenue from Operations | •••• | •••• | •••• | •••• | •••• |
| Other Income | •••• | •••• | •••• | •••• | •••• |
| Total Revenue | •••• | •••• | •••• | •••• | •••• |
| Cost of Materials Consumed | •••• | •••• | •••• | •••• | •••• |
| Employee Benefit Expense | •••• | •••• | •••• | •••• | •••• |
| Finance Costs | •••• | •••• | •••• | •••• | •••• |
| Depreciation and Amortisation | •••• | •••• | •••• | •••• | •••• |
| Other Expenses | •••• | •••• | •••• | •••• | •••• |
| Total Expenses | •••• | •••• | •••• | •••• | •••• |
| EBITDA | ₹41.98 Cr | •••• | •••• | •••• | •••• |
| Profit Before Tax | •••• | •••• | •••• | •••• | •••• |
| Tax Expense | •••• | •••• | •••• | •••• | •••• |
| Net Profit (PAT) | ₹23.62 Cr | •••• | •••• | •••• | •••• |
| Balance Sheet | |||||
| Share Capital | •••• | •••• | •••• | •••• | •••• |
| Reserves and Surplus | •••• | •••• | •••• | •••• | •••• |
| Net Worth (Total Equity) | •••• | •••• | •••• | •••• | •••• |
| Long-term Borrowings | •••• | •••• | •••• | •••• | •••• |
| Short-term Borrowings | •••• | •••• | •••• | •••• | •••• |
| Trade Payables | •••• | •••• | •••• | •••• | •••• |
| Total Liabilities | •••• | •••• | •••• | •••• | •••• |
| Fixed Assets | •••• | •••• | •••• | •••• | •••• |
| Investments | •••• | •••• | •••• | •••• | •••• |
| Inventories | •••• | •••• | •••• | •••• | •••• |
| Trade Receivables | •••• | •••• | •••• | •••• | •••• |
| Cash and Bank Balance | •••• | •••• | •••• | •••• | •••• |
| Total Assets | •••• | •••• | •••• | •••• | •••• |
Financial Ratios of Madison Communications Private Limited
| Metrics | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 |
|---|---|---|---|---|---|
| Profitability | |||||
| EBITDA Margin | 1% | •••• | •••• | •••• | •••• |
| Net Profit Margin | 0.6% | •••• | •••• | •••• | •••• |
| Return on Equity (ROE) | •••• | •••• | •••• | •••• | •••• |
| Return on Capital Employed (ROCE) | •••• | •••• | •••• | •••• | •••• |
| Return on Assets (ROA) | •••• | •••• | •••• | •••• | •••• |
| Liquidity and Debt | |||||
| Current Ratio | •••• | •••• | •••• | •••• | •••• |
| Quick Ratio | •••• | •••• | •••• | •••• | •••• |
| Debt-to-Equity Ratio | •••• | •••• | •••• | •••• | •••• |
| Interest Coverage Ratio | •••• | •••• | •••• | •••• | •••• |
| Efficiency and Growth | |||||
| Asset Turnover | •••• | •••• | •••• | •••• | •••• |
| Receivable Days | •••• | •••• | •••• | •••• | •••• |
| Payable Days | •••• | •••• | •••• | •••• | •••• |
| Inventory Days | •••• | •••• | •••• | •••• | •••• |
| Revenue Growth | •••• | •••• | •••• | •••• | •••• |
| Net Profit Growth | •••• | •••• | •••• | •••• | •••• |
Paid data: the figures shown as dots are available after purchase of the company report. Figures as filed with the MCA in Form AOC-4. The full year-wise statements and ratios of Madison Communications are in the company report.
Financial statements from 2015
Earlier years and trend charts are in the company report.
- Income statements
- Balance sheets
- Cash-flow statements
- Ratios and benchmarks
Verified entity values are shown only after access is granted.
Peer Comparison of Madison Communications Private Limited
Madison Communications Private Limited is compared with the companies closest to it by revenue in the Media and Publishing industry (Advertising Agencies, Communications). Net profit, margin and employee counts of each company are in the company report.
| Company | Revenue | Net profit | Margin | Growth (1 yr) | Employees | Location |
|---|---|---|---|---|---|---|
| Tata Communications Limited Listed | ₹21,049 Cr (FY 2024) | •••• | •••• | 16.0% | •••• | Mumbai, Maharashtra, India |
| One 97 Communications Limited Listed | ₹7,624.9 Cr (FY 2025) | •••• | •••• | -28.0% | •••• | New Delhi, Delhi, India |
| Brightcom Group Limited Listed | ₹7,390.31 Cr (FY 2023) | •••• | •••• | 47.0% | •••• | Hyderabad, Telangana, India |
| TLG India Private Limited | ₹5,735.98 Cr (FY 2025) | •••• | •••• | 15.0% | •••• | Mumbai, Maharashtra, India |
| Telenor (India) Communications Private Limited | ₹4,794.6 Cr (FY 2017) | •••• | •••• | 5.0% | •••• | New Delhi, Delhi, India |
| Madison Communications Private Limited this company | ₹4,002.19 Cr (FY 2025) | •••• | •••• | 13.0% | •••• | Mumbai, Maharashtra, India |
| Wingtech Mobile Communications (India) Private Limited | ₹2,878.16 Cr (FY 2024) | •••• | •••• | 17.0% | •••• | Yerpedu, Andhra Pradesh, India |
| Reliance Brands Limited | ₹2,415.8 Cr (FY 2025) | •••• | •••• | 5.0% | •••• | Mumbai, Maharashtra, India |
| Karix Mobile Private Limited | ₹2,382.45 Cr (FY 2025) | •••• | •••• | 10.0% | •••• | Hyderabad, Telangana, India |
| Affle 3I Limited Listed | ₹2,360.07 Cr (FY 2025) | •••• | •••• | 24.0% | •••• | New Delhi, Delhi, India |
| Manipal Technologies Limited | ₹2,336.35 Cr (FY 2024) | •••• | •••• | 26.0% | •••• | Udupi, Karnataka, India |
Peers are the five companies nearest above and the five nearest below Madison Communications by revenue in the Media and Publishing industry (Advertising Agencies, Communications), from the latest filed financials of each company. Net profit, margin and employee counts of each peer are in the company report.
Auditor Details of Madison Communications Private Limited
Madison Communications Private Limited is audited by S R REGE & COMPANY for the financial year 2023.
| Name | Status | Appointment Date | Cessation Date |
|---|---|---|---|
| S R REGE & COMPANY | Locked | Locked | Locked |
Complete auditor history
Appointment and cessation dates and past auditor changes are in the company report.
- Appointment status
- Appointment dates
- Cessation dates
- Auditor changes
Verified entity values are shown only after access is granted.
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 7 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 |
Ownership and Shareholding of Madison Communications Private Limited
Shareholding and ownership data
Promoter, institutional, public and beneficial ownership figures are in the company report.
- Ownership categories
- Historical changes
- Group structure
- FII and DII holdings
Verified entity values are shown only after access is granted.
Charges & Borrowings of Madison Communications Private Limited
| Date | Lender | Amount | Status |
|---|---|---|---|
| 04 Jun 2008 | Standard Chartered Bank | ₹5 Cr | Satisfied |
Total charge records: 1 View all charges
Deals & Funding of Madison Communications Private Limited
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 |
Full deal history
All 4 deals with amounts, valuations, instruments and every party are in the company report.
- Every funding round and share transfer
- Amounts and valuations
- Investors, buyers and sellers
- Instruments and deal dates
Verified entity values are shown only after access is granted.
Deal records are compiled from filings and public sources; amounts are shown only where the source reported them.
Legal Cases of Madison Communications Private Limited
Madison Communications Private Limited has 23 court cases on record: 13 filed by Madison Communications, 10 filed against it. 5 cases are pending and 18 are disposed. Status as checked between 28 Sep 2026 and 04 Oct 2026.
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| High courts | 18 | 9 | 5 |
| District courts | 5 | 1 | 0 |
Cases on record (5 of 23)
| Court | Type of case | Party | Status |
|---|---|---|---|
| Bombay High Court | Court case (CARAP) | Filed by the company against 3Rdflix Visual Effects Private Limited | Pending |
| High Court of Delhi | Court case (CS(OS)) | Filed by the company against Mother Dairy Fruit and Vegetable Private Limited | Disposed |
| High Court of Delhi | Writ petition | Filed by the company against Competition Commission of India | Pending |
| Bombay High Court | Tax appeal | Filed against the company by Commissioner of Income Tax, Tds-1, Mumbai | Pending |
| Bombay High Court | Tax appeal | Filed against the company by Commissioner of Income Tax-Tds-1 | Pending |
Full case history
All 23 cases with case numbers, court, year-wise trend, opposite parties and decision dates are in the company report.
- Every case with its case number
- Year-wise trend
- Opposite parties
- Decision dates and orders
Verified entity values are shown only after access is granted.
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 by Madison Communications Private Limited
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)
| Supplier | Amount due | Due since | Reported on |
|---|---|---|---|
| Creative Channel Advertising and Marketing Private Limited | •••• | •••• | •••• |
| Insight Media City (India) Private Limited | •••• | •••• | •••• |
| Pride East Entertainments Private Limited | •••• | •••• | •••• |
| TV Vision Limited | •••• | •••• | •••• |
| Qyou Media India Private Limited | •••• | •••• | •••• |
Full MSME payment history
Every supplier, amount and due date from all 24 MSME Form 1 returns is in the company report.
- Every reported supplier due
- Amounts and due dates
- Reasons given in each return
- Period-by-period history
Verified entity values are shown only after access is granted.
Individuals and sole proprietors among the suppliers are not named. Amounts, due dates and filing dates are in the company report.
Associated Brands with Madison Communications Private Limited
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 |
Employees and EPFO Compliance at Madison Communications Private Limited
Madison Communications Private Limited has a workforce of 539 employees as of Mar 28, 2024.
Employee and EPFO history
Monthly headcount, contribution history and filing status are in the company report.
- Monthly headcount
- PF contributions
- ECR filing status
- Establishment history
Verified entity values are shown only after access is granted.
Group Structure of Madison Communications Private Limited
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 | Locked |
Showing major subsidiaries. Total: 1.
News related to Madison Communications Private Limited
Recent Activity on Madison Communications Private Limited
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.
Credit Ratings, Litigation & Regulatory Alerts for Madison Communications Private Limited
Credit ratings, litigation, and regulatory alerts
Credit ratings, court records and regulatory alerts are in the company report.
- Rating history
- Court and tribunal cases
- Regulatory alerts
- Director-linked violations
Verified entity values are shown only after access is granted.
Subsidiaries & Group Companies of Madison Communications Private Limited
Corporate group structure
Parent, subsidiary, associate and joint venture records with holdings are in the company report.
- Parent company
- Subsidiaries and ownership
- Associates and joint ventures
- Entity investments
Verified entity values are shown only after access is granted.
GST Compliance of Madison Communications Private Limited
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 |
GST registrations and filing compliance
State-wise GST registrations, return filing status and HSN or SAC codes are in the company report.
- GSTIN registrations
- State-wise filing status
- HSN and SAC details
- Tax jurisdiction records
Verified entity values are shown only after access is granted.
MCA Filings & Documents of Madison Communications Private Limited
MCA filings and documents
Filed forms, annual returns, financial statements and charge filings with their dates are in the company report.
- Incorporation documents
- Annual returns and statements
- Charge filings
- Complete filing index
Verified entity values are shown only after access is granted.
Frequently Asked Questions about Madison Communications Private Limited
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 reported revenue of ₹4,002.19 Cr for FY 2025 (up 13% YoY).
Madison Communications has 4 current directors:
- Sam Baman Balsara - Managing Director
- Lara Balsara Vajifdar - Whole-Time Director
- Vikram Sakhuja - Director
- Soli Bomanji Bulsara - Director
Madison Communications reported a net profit of ₹23.62 Cr (net margin 0.6%) and EBITDA of ₹41.98 Cr (EBITDA margin 1%) for FY 2025, as per its filed financial statements.
The compounded annual growth rate (CAGR) of the revenue of Madison Communications is 202% over three years and 94% over five years. In the latest year (FY 2025) revenue rose 13%. CAGR is the steady yearly rate that links the first and the last year.
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 23 court cases on record: 13 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.
The peers of Madison Communications by revenue are Tata Communications Limited, One 97 Communications Limited, Brightcom Group Limited, TLG India Private Limited, Telenor (India) Communications Private Limited and 5 more, all in the Media and Publishing industry (Advertising Agencies, Communications).
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.