About Madison Resource Foundation
Data last updated:
Madison Resource Foundation is a public not for profit company based in Mumbai, Maharashtra, India. It operates in the k-12 and higher education institutions segment of the education sector. It was incorporated on 14 January 2003 and has been in existence for over 23 years.
The company is registered with the Registrar of Companies (ROC), Mumbai, under CIN U91110MH2003NPL138672.
It was formerly known as Subhas Ghosal Foundation. It is led by directors including Homai Sam Balsara and Kaizad Khurshed Vajifdar.
Its last annual general meeting (AGM) was held on 29 September 2025, and its latest financial statements are for the year ended 31 March 2025. The registered office is at 1st Floor 349 Business Point Western Express Highway Andheri East, Mumbai, Maharashtra, India – 400069.
As per the financials filed for FY 2025, the company reported a revenue of ₹1.04 Cr, a decline of 16% compared to the previous year. For the same year it recorded a net profit of ₹11.23 Lakh (net margin 10.8%) and EBITDA of ₹13.31 Lakh (EBITDA margin 12.8%). Revenue has grown at a compounded annual rate (CAGR) of 61% over three years and 57% over five years.
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
CIN history
Madison Resource Foundation has one previous CIN (Corporate Identification Number): U91110MH2003GAP138672. The current CIN is U91110MH2003NPL138672, which is the unique identifier assigned by the Registrar of Companies.
| CIN | Status |
|---|---|
| U91110MH2003NPL138672 | Current |
| U91110MH2003GAP138672 | Previous |
Contact details
Madison Resource Foundation's registered office is in Mumbai, Maharashtra. Its website is madisonindia.com. Its e-mail address is in the company report.
- Email
- Website
- Social Media
- Registered Address1st Floor 349 Business Point Western Express Highway Andheri East, Mumbai, Maharashtra, India – 400069
- IndustryEducation, K-12 & Higher Education Institutions
To see the full contact details of Madison Resource Foundation, 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
Financials of Madison Resource Foundation
FY 2025 filings availableMadison Resource Foundation reported revenue of ₹1.04 Cr (down 16% YoY) for FY 2025.
Compounded Annual Growth Rate (CAGR)
Revenue fell 16% in the latest year, but over five years it has grown at a compounded annual rate (CAGR) of 57%. EBITDA rose 379% 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 | ₹13.31 Lakh | ||||
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| Net Profit (PAT) | ₹11.23 Lakh | ||||
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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 | 12.8% | ||||
| Net Profit Margin | 10.8% | ||||
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To see the full financial statements and ratios of Madison Resource Foundation, buy the company report.
Board of directors of Madison Resource Foundation
Madison Resource Foundation has 6 current directors and 9 former directors. Current directors are listed first, with their designation and appointment date.
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Homai Sam Balsara | Director | 09 Nov 2016 | 9 Years 11 Months | Current |
| Kaizad Khurshed Vajifdar | Director | 09 Nov 2016 | 9 Years 11 Months | Current |
| Soli Bomanji Bulsara | Director | 09 Nov 2016 | 9 Years 11 Months | Current |
| Lara Balsara Vajifdar | Director | 09 Nov 2016 | 9 Years 11 Months | Current |
| Sam Baman Balsara | Director | 24 Mar 2005 | 21 Years 6 Months | Current |
| Tanya Sam Balsara Also directs: Madison Specialist Communications LLP, Kaika Solutions LLP | Director | 09 Nov 2016 | 9 Years 11 Months | Current |
Peer comparison
Madison Resource Foundation is compared with the 10 companies closest to it by revenue in the Education industry (K12 and Higher Education), from the latest filed financials of each company.
| Company | Revenue | Net profit | Margin | Growth (1 yr) | Employees | Location |
|---|---|---|---|---|---|---|
| Develearn Technologies Private Limited | ₹1.08 Cr (FY 2025) | -18.0% | Mumbai, Maharashtra, India | |||
| I2global Virtual Learning Private Limited | ₹1.07 Cr (FY 2024) | 78.0% | Chennai, Tamil Nadu, India | |||
| Samcara Educational Services Private Limited | ₹1.07 Cr (FY 2024) | 130.0% | Noida, Uttar Pradesh, India | |||
| Gita Ram Academy Private Limited | ₹1.06 Cr (FY 2024) | 69.0% | Berhampore, West Bengal, India | |||
| Tasa Global Education Private Limited | ₹1.05 Cr (FY 2025) | 32.0% | Pune, Maharashtra, India | |||
| Madison Resource Foundationthis company | ₹1.04 Cr (FY 2025) | ₹11.23 Lakh | 10.8% | -16.0% | Mumbai, Maharashtra, India | |
| Gaumi Education and Research Foundation | ₹1.03 Cr (FY 2024) | 4.0% | Porsa, Madhya Pradesh, India | |||
| Makersloft Private Limited | ₹1.02 Cr (FY 2025) | 25.0% | Kolkata, West Bengal, India | |||
| Qversity Education Services Private Limited | ₹1.02 Cr (FY 2020) | Gurgaon, Haryana, India | ||||
| Marck Dwellers | ₹1.02 Cr (FY 2025) | -1.0% | Delhi, India | |||
| Chate Learning Solutions Private Limited | ₹1.02 Cr (FY 2025) | 4.0% | Aurangabad, Maharashtra, India |
To see the full peer comparison of Madison Resource Foundation, buy the company report.
Auditor
Madison Resource Foundation is audited by LATHI & CO for the financial year 2020.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| LATHI & CO | FY 2020 | 114697W |
Shareholding
The shareholding of Madison Resource Foundation is on record for 4 financial years, the latest being FY 2020, split between promoters, domestic institutions and public shareholders.
| Shareholder category | FY 2020 | FY 2019 | FY 2017 | FY 2016 |
|---|---|---|---|---|
| Promoters | ||||
| Domestic institutional investors (DII) | ||||
| Public |
To see the full shareholding pattern of Madison Resource Foundation, buy the company report.
Legal cases
No court or tribunal cases involving Madison Resource Foundation are on our record; a case search with case numbers, parties and status is in the company report Buy the company report.
MSME payment delays
No delayed payments to MSME suppliers are on our record for Madison Resource Foundation; the supplier-wise MSME Form 1 check is in the company report Buy the company report.
GST
No GST registration is on our record for Madison Resource Foundation; the GSTIN and return-filing check is in the company report Buy the company report.
Recent activity
Madison Resource Foundation has 15 board changes on record since 2005: 6 appointments and 9 cessations. The latest: Ivan Noel Arthur ceased to be Director on 02 Dec 2016.
6 earlier events are in the company report.
News
Frequently asked questions
Madison Resource Foundation is an active public not for profit company based in Mumbai, Maharashtra, India. The company works in k-12 and higher education institutions, within the education industry. It was incorporated on 14 January 2003 (23+ years old) and is registered under CIN U91110MH2003NPL138672.
Madison Resource Foundation has 6 current directors:
- Homai Sam Balsara - Director
- Kaizad Khurshed Vajifdar - Director
- Soli Bomanji Bulsara - Director
- Lara Balsara Vajifdar - Director
- Sam Baman Balsara - Director
- Tanya Sam Balsara - Director
The latest financial statements of Madison Resource Foundation on record with the MCA are for the year ended 31 March 2025. Its last annual general meeting was held on 29 September 2025. Year-wise statements from 2015 are in the company report.
The CIN (Corporate Identification Number) of Madison Resource Foundation is U91110MH2003NPL138672. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Madison Resource Foundation was incorporated on 14 January 2003, making it 23+ years old. It is registered with the Registrar of Companies, Mumbai.
The peers of Madison Resource Foundation by revenue are Develearn Technologies Private Limited, I2global Virtual Learning Private Limited, Samcara Educational Services Private Limited, Gita Ram Academy Private Limited, Tasa Global Education Private Limited and 5 more, all in the Education industry (K12 and Higher Education).
Ivan Noel Arthur ceased to be Director on 02 Dec 2016. Kawal Ahluwalia Mohan Singh ceased to be Director on 02 Dec 2016. Piyush Indernarayan Pandey ceased to be Director on 02 Dec 2016. Madison Resource Foundation has 15 board changes on record in total.
Madison Resource Foundation can be reached through the website madisonindia.com. Its registered office is in Mumbai, Maharashtra, India.
The registered office of Madison Resource Foundation is at 1st Floor 349 Business Point Western Express Highway Andheri East, Mumbai, Maharashtra, India – 400069.
Madison Resource Foundation operates in the education industry, in the k-12 and higher education institutions segment.
The compliance status of Madison Resource Foundation is compliant as of 10 July 2026. The company is actively filing with the Registrar of Companies.