v3.26.1
OTHER LIABILITIES
 12 Months Ended
Mar. 31, 2026
Other Liabilities Disclosure [Abstract]  
OTHER LIABILITIES OTHER LIABILITIES
As of March 31, 2026 and 2025, other liabilities of the Company included the following:
March 31, 2026March 31, 2025
Loans received$96,771 $24,860 
Financial liability measured at fair value66,662 32,087 
Vacation reserve21,333 11,698 
Salaries and other employee benefits20,787 17,326 
Payable to suppliers14,405 9,815 
Other advances received12,077 3,683 
Taxes payable other than income tax11,778 6,338 
Reserves for contingent liabilities10,000 — 
Deferred income tax liabilities6,552 62 
Outstanding settlements operations448 — 
Deferred distribution payments156 156 
Payable for acquisition— 2,672 
Other24,278 21,040 
Total other liabilities$285,247 $129,737 

Table below represents loans received by the Company as of March 31, 2026 and 2025:

LenderIssue dateAmountInterest rateMaturity dateDenominated currency
Development Bank of Kazakhstan JSC
September 202412,062 10.0 %April 2027KZT
JSC "Agrarian Credit Corporation"January 202613,733 1.5 %March 2027KZT
JSC "Agrarian Credit Corporation"December 202516,292 1.5 %December 2040KZT
“Damu” Entrepreneurship DevelopmentMay 202522,095 2.0 %May 2040KZT
“Damu” Entrepreneurship DevelopmentAugust 20259,444 2.0 %May 2040KZT
“Damu” Entrepreneurship DevelopmentMay 20251,044 3.5 %December 2031KZT
“Damu” Entrepreneurship DevelopmentOctober, 202511,784 2.0 %September 2035KZT
“Damu” Entrepreneurship DevelopmentNovember, 20259,103 2.0 %September 2035KZT
Other
October 2020
1,214 
20%, 38%
December 2028KZT, TRY
Total loans received$96,771 

LenderIssue dateAmountInterest rateMaturity dateDenominated currency
Development Bank of Kazakhstan JSC
September 2024$13,815 10.0 %April 2027KZT
JSC "Agrarian Credit Corporation"March 20256,938 1.5 %February 2026KZT
JSC "Agrarian Credit Corporation"December 20243,965 1.5 %February 2026KZT
Other142 
Total loans received$24,860 

As of March 31, 2026 and 2025, the Company was in compliance with all financial covenants under the loan from Development Bank of Kazakhstan JSC.
The JSC "Agrarian Credit Corporation", “Damu” Entrepreneurship Development and other loans do not impose any financial covenants.

As of March 31, 2026 and 2025, other liabilities included structured product financial liabilities issued by the Group’s wholly owned subsidiary,FSP, in the amount of $63,861 and $32,087 respectively.

The Group, through FSP, enters into bilateral over-the-counter structured product transactions with investors. These instruments are funded structured equity-linked products referencing single equities or baskets of equities. Depending on the product terms, the instruments may include participation features, protection features, coupon features, barrier conditions, autocall provisions and early termination rights. The instruments are cash-settled and do not provide investors with ownership of, or recourse to, the underlying reference assets. The Group elected the fair value option for these structured product financial liabilities at initial recognition. The election was made because the instruments contain embedded equity-linked derivative features and are managed and measured on a fair value basis. Accordingly, the Group measures the entire instruments at fair value in the consolidated balance sheets, with changes in fair value recognized in current earnings within Net gain/(loss) on derivatives in the consolidated statements of operations. No embedded derivative features are separately bifurcated.

The following table presents the fair value of derivative instruments as of March 31, 2026 and 2025:
March 31, 2026March 31, 2025
Structured product financial liabilities measured at fair value63,861 32,087 
Total$63,861 $32,087 

The following table presents the effect of structured product financial liabilities on the consolidated statements of operations:
Year ended
March 31, 2026
Year ended
March 31, 2025
Year ended
March 31, 2024
Net gain on structured product financial liabilities$13,976 $4,474 $103 
Total$13,976 $4,474 $103 

These amounts are included in Net gain on derivatives in the consolidated statements of operations.
The fair value of structured product financial liabilities is estimated using valuation techniques appropriate for the contractual features of the instruments, including simulation-based and option-pricing models, as applicable. Significant inputs may include quoted prices of underlying reference assets, market-implied or internally adjusted volatilities, correlations, dividend assumptions and interest rates.

Structured product financial liabilities are classified within Level 2 when fair value is determined using observable or market-corroborated inputs that are significant to the measurement. Structured product financial liabilities are classified within Level 3 when valuation incorporates one or more significant unobservable inputs. The Group classifies PHX products within Level 3 of the fair value hierarchy because the valuation of these instruments incorporates internally developed volatility adjustments to market-implied volatility that are significant to the fair value measurement. DGT and PTC products are classified within Level 2 because the significant inputs used in their valuation are observable or market-corroborated. As of March 31, 2026, structured product financial liabilities were classified within the fair value hierarchy in accordance with ASC 820 as follows: $39,953 within Level 3 and $23,908 within Level 2.

The following table provides a reconciliation of changes in Level 3 derivative liabilities:
Year ended
March 31, 2026
Year ended
March 31, 2025
Balance at beginning of period$26,892 $1,683 
Issuances (origination of contracts)59,770 35,305 
Settlements and terminations(32,453)(4,142)
Net (gains) on structured products recognized in earnings(14,256)(5,954)
Balance at end of period$39,953 $26,892 

Gains and losses related to Level 3 instruments are included in Net gain/(loss) on derivatives in the consolidated statements of operations.
The significant unobservable input used in the valuation of Level 3 PHX structured product financial liabilities is internally developed volatility. Changes in internally developed volatility assumptions could result in a significantly higher or lower fair value measurement depending on the contractual features of the instrument and changes in other valuation inputs.
Valuation techniqueSignificant unobservable inputRange / weighted average
PHX structured derivative liabilitiesSimulation-based and option-pricing modelsInternally developed volatility
1.4% to (44)% p.a./ 7.2%

The Group considered the effect of nonperformance risk, including own credit risk and funding valuation adjustment, on the fair value measurement of structured product financial liabilities and concluded that a separate own-credit or funding valuation adjustment was not material as of March 31, 2026. Accordingly, no amount attributable to changes in instrument-specific credit risk was separately recognized in accumulated other comprehensive income. Structured product financial liabilities expose the Group to market risk arising from changes in market prices of the underlying reference assets and related valuation inputs. These instruments are unsecured obligations of FSP and are not collateralized.