OTHER LIABILITIES (Tables)
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12 Months Ended |
Mar. 31, 2026 |
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| Other Liabilities Disclosure [Abstract] |
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| Schedule of other liabilities |
As of March 31, 2026 and 2025, other liabilities of the Company included the following:
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March 31, 2026 |
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March 31, 2025 |
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| Loans received |
$ |
96,771 |
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$ |
24,860 |
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| Financial liability measured at fair value |
66,662 |
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|
32,087 |
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| Vacation reserve |
21,333 |
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11,698 |
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| Salaries and other employee benefits |
20,787 |
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17,326 |
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| Payable to suppliers |
14,405 |
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9,815 |
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| Other advances received |
12,077 |
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3,683 |
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| Taxes payable other than income tax |
11,778 |
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6,338 |
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| Reserves for contingent liabilities |
10,000 |
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— |
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| Deferred income tax liabilities |
6,552 |
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62 |
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| Outstanding settlements operations |
448 |
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— |
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| Deferred distribution payments |
156 |
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|
156 |
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| Payable for acquisition |
— |
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2,672 |
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| Other |
24,278 |
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|
21,040 |
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| Total other liabilities |
$ |
285,247
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$ |
129,737
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| Schedule of outstanding debt securities of company |
As of March 31, 2026 and 2025, outstanding debt securities of the Group included the following:
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Debt securities issued by: |
Principal Amount as of March 31, 2026 |
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Principal Amount as of March 31, 2025 |
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Interest rate |
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Issue date |
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Maturity date |
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Denominated Currency |
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| Freedom SPC bonds due 2028 |
$ |
269,722 |
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$ |
— |
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9.5% |
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October, 2025 |
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October, 2028 |
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USD |
| Freedom SPC bonds due 2028 |
200,170 |
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200,305 |
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1-2 years: 12%
3-5years: 10.39%
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December, 2023 |
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December, 2028 |
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USD |
| Freedom SPC bonds due 2026 |
199,344 |
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201,311 |
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10.5% |
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September, 2024 |
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September, 2026 |
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USD |
| Freedom SPC bonds due 2027 |
198,492 |
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— |
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10.0% |
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May, 2025 |
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May, 2027 |
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USD |
| Freedom SPC bonds due 2029 |
186,502 |
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— |
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9.0% |
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March, 2026 |
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March, 2029 |
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USD |
| Freedom SPC bonds due 2027 |
98,982 |
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— |
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8.0% |
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May, 2025 |
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May, 2027 |
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EUR |
| Freedom SPC bonds due 2026 |
65,057 |
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64,801 |
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5.5% |
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October, 2021 |
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October, 2026 |
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USD |
| Freedom SPC bonds due 2027 |
30,676 |
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— |
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9.0% |
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May, 2025 |
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May, 2027 |
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CNY |
| Accrued interest |
12,175 |
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3,134 |
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| Total debt securities issued |
$ |
1,261,120
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$ |
469,551
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Table below represents loans received by the Company as of March 31, 2026 and 2025:
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| Lender |
Issue date |
Amount |
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Interest rate |
Maturity date |
Denominated currency |
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Development Bank of Kazakhstan JSC |
September 2024 |
12,062 |
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|
10.0 |
% |
April 2027 |
KZT |
| JSC "Agrarian Credit Corporation" |
January 2026 |
13,733 |
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|
1.5 |
% |
March 2027 |
KZT |
| JSC "Agrarian Credit Corporation" |
December 2025 |
16,292 |
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1.5 |
% |
December 2040 |
KZT |
| “Damu” Entrepreneurship Development |
May 2025 |
22,095 |
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2.0 |
% |
May 2040 |
KZT |
| “Damu” Entrepreneurship Development |
August 2025 |
9,444 |
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2.0 |
% |
May 2040 |
KZT |
| “Damu” Entrepreneurship Development |
May 2025 |
1,044 |
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3.5 |
% |
December 2031 |
KZT |
| “Damu” Entrepreneurship Development |
October, 2025 |
11,784 |
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2.0 |
% |
September 2035 |
KZT |
| “Damu” Entrepreneurship Development |
November, 2025 |
9,103 |
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2.0 |
% |
September 2035 |
KZT |
| Other |
October 2020 |
1,214 |
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20%, 38% |
December 2028 |
KZT, TRY |
| Total loans received |
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$ |
96,771
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| Lender |
Issue date |
Amount |
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Interest rate |
Maturity date |
Denominated currency |
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Development Bank of Kazakhstan JSC |
September 2024 |
$ |
13,815 |
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10.0 |
% |
April 2027 |
KZT |
| JSC "Agrarian Credit Corporation" |
March 2025 |
6,938 |
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1.5 |
% |
February 2026 |
KZT |
| JSC "Agrarian Credit Corporation" |
December 2024 |
3,965 |
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1.5 |
% |
February 2026 |
KZT |
| Other |
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142 |
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| Total loans received |
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$ |
24,860
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| Schedule of derivative instruments |
The following table presents the fair value of derivative instruments as of March 31, 2026 and 2025:
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March 31, 2026 |
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March 31, 2025 |
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| Structured product financial liabilities measured at fair value |
63,861 |
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|
32,087 |
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| Total |
$ |
63,861
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$ |
32,087
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The following table presents the effect of structured product financial liabilities on the consolidated statements of operations:
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Year ended
March 31, 2026
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Year ended
March 31, 2025
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Year ended
March 31, 2024
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| Net gain on structured product financial liabilities |
$ |
13,976 |
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$ |
4,474 |
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$ |
103 |
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| Total |
$ |
13,976
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$ |
4,474
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$ |
103
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| Schedule of reconciliation of changes in Level 3 derivative liabilities |
The following table provides a reconciliation of changes in Level 3 derivative liabilities:
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Year ended
March 31, 2026
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Year ended
March 31, 2025
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| Balance at beginning of period |
$ |
26,892 |
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$ |
1,683 |
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| Issuances (origination of contracts) |
59,770 |
|
35,305 |
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| Settlements and terminations |
(32,453) |
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(4,142) |
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| Net (gains) on structured products recognized in earnings |
(14,256) |
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(5,954) |
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| Balance at end of period |
$ |
39,953
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$ |
26,892
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| Schedule of fair value measurement inputs and valuation techniques |
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Valuation technique |
Significant unobservable input |
Range / weighted average |
| PHX structured derivative liabilities |
Simulation-based and option-pricing models |
Internally developed volatility |
1.4% to (44)% p.a./ 7.2% |
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