v3.26.1
SEGMENT REPORTING
 12 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
SEGMENT REPORTING SEGMENT REPORTING
The following tables summarize the Group's Statement of Operations by its reportable segments. There are no revenues from transactions between the segments and intercompany balances have been eliminated for separate disclosure:
Year ended March 31, 2026
STATEMENTS OF OPERATIONS
BrokerageBankingInsuranceOtherTotal
Fee and commission income$514,305 $(72,696)$— $48,156 $489,765 
Net gain on trading securities13,969 125,217 12,894 6,744 158,824 
Interest income298,929 499,501 75,592 8,456 882,478 
Net insurance revenue — — 402,396 — 402,396 
Net (loss)/gain on foreign exchange operations(9,340)68,376 1,203 7,441 67,680 
Net gain on derivative11,706 41,359 — 13,707 66,772 
Sales of goods and services— — — 97,446 97,446 
Other income/(expense)1,939 27,445 5,699 (9,153)25,930 
TOTAL REVENUE, NET831,508 689,202 497,784 172,797 2,191,291 
Fee and commission expense60,809 24,155 123,348 10,253 218,565 
Interest expense43,109 348,603 6,863 90,461 489,036 
Insurance claims and policyholder benefits, net of reinsurance— — 259,309 — 259,309 
Payroll and bonuses156,437 91,064 37,922 141,048 426,471 
Professional services8,263 1,544 3,061 33,390 46,258 
Stock compensation expense20,725 11,265 13,660 22,397 68,047 
Advertising and sponsorship expense
37,874 4,688 1,118 59,624 103,304 
General and administrative expense49,455 66,281 8,804 97,799 222,339 
(Recoveries)/allowance for expected credit losses(1,403)39,616 13,674 478 52,365 
Cost of sales— — — 79,632 79,632 
TOTAL EXPENSE375,269 587,216 467,759 535,082 1,965,326 
INCOME/(LOSS) BEFORE INCOME TAX $456,239 $101,986 $30,025 $(362,285)$225,965 
Income tax (expense)/benefit(84,323)(17,983)(7,374)37,043 (72,637)
NET INCOME/(LOSS) $371,916 $84,003 $22,651 $(325,242)$153,328 
Year ended March 31, 2025
STATEMENTS OF OPERATIONS
BrokerageBankingInsuranceOtherTotal
Fee and commission income$441,839 $14,689 $— $48,498 $505,026 
Net gain/(loss) on trading securities10,487 (66,426)1,843 (3,714)(57,810)
Interest income254,340 544,221 60,550 5,342 864,453 
Net insurance revenue — — 571,224 — 571,224 
Net gain on foreign exchange operations7,021 8,750 2,621 33,292 51,684 
Net gain on derivative734 5,284 — 6,386 12,404 
Sales of goods and services— — — 40,102 40,102 
Other income/(expense)2,928 (370)416 14,098 17,072 
TOTAL REVENUE, NET717,349 506,148 636,654 144,004 2,004,155 
Fee and commission expense29,280 14,562 285,008 17,652 346,502 
Interest expense84,543 400,905 12,331 38,116 535,895 
Insurance claims and policyholder benefits, net of reinsurance— — 260,488 — 260,488 
Payroll and bonuses98,352 62,876 31,565 94,554 287,347 
Professional services6,213 837 1,602 20,272 28,924 
Stock compensation expense27,584 12,617 10,792 8,599 59,592 
Advertising and sponsorship expense
50,933 6,747 1,403 65,544 124,627 
General and administrative expense37,592 47,589 17,685 59,608 162,474 
Allowance for expected credit losses/(recoveries)6,224 54,759 2,031 (569)62,445 
Cost of sales— — — 31,278 31,278 
TOTAL EXPENSE340,721 600,892 622,905 335,054 1,899,572 
INCOME/(LOSS) BEFORE INCOME TAX $376,628 $(94,744)$13,749 $(191,050)$104,583 
Income tax (expense)/benefit(61,122)8,252 (3,427)27,872 (28,425)
INCOME/(LOSS) $315,506 $(86,492)$10,322 $(163,178)$76,158 
Year ended March 31, 2024
STATEMENTS OF OPERATIONS
BrokerageBankingInsuranceOtherTotal
Fee and commission income$352,481 $26,236 $296 $61,320 $440,333 
Net gain/(loss) on trading securities33,483 87,459 14,114 (1,202)133,854 
Interest income233,858 524,596 63,676 6,094 828,224 
Net insurance revenue — — 245,122 — 245,122 
Net (loss)/gain on foreign exchange operations(852)78,174 (1,306)(3,771)72,245 
Net (loss)/gain on derivative(2,019)(101,805)— 30 (103,794)
Sales of goods and services— — — 21,576 21,576 
Other income/(expense)5,003 1,210 3,603 (120)9,696 
TOTAL REVENUE, NET621,954 615,870 325,505 83,927 1,647,256 
Fee and commission expense24,740 13,219 103,711 13,046 154,716 
Interest expense89,732 368,286 29,965 13,128 501,111 
Insurance claims and policyholder benefits, net of reinsurance— — 117,273 — 117,273 
Payroll and bonuses71,077 48,953 18,056 42,197 180,283 
Professional services6,977 527 561 26,173 34,238 
Stock compensation expense11,352 6,124 2,755 2,488 22,719 
Advertising and sponsorship expense
25,353 4,828 789 7,357 38,327 
General and administrative expense40,847 30,804 5,413 43,824 120,888 
Allowance for expected credit losses2,962 16,399 942 922 21,225 
Cost of sales— — — 17,538 17,538 
TOTAL EXPENSE273,040 489,140 279,465 166,673 1,208,318 
INCOME/(LOSS) BEFORE INCOME TAX $348,914 $126,730 $46,040 $(82,746)$438,938 
Income tax (expense)/benefit(51,158)(15,857)(8,662)15,258 (60,419)
INCOME/(LOSS) $297,756 $110,873 $37,378 $(67,488)$378,519 
The following tables summarize the Company's total assets and total liabilities by its business segments. Intercompany balances have been eliminated for separate disclosure:
March 31, 2026
BrokerageBankingInsuranceOtherTotal
Total assets$6,136,241 $5,359,812 $892,186 $767,000 $13,155,239 
Total liabilities4,763,038 4,727,241 680,071 1,495,610 11,665,960 
Net assets$1,373,203 $632,571 $212,115 $(728,610)$1,489,279 
March 31, 2025
BrokerageBankingInsuranceOtherTotal
Total assets$4,344,555 $4,441,315 $713,452 $415,795 $9,915,117 
Total liabilities3,588,781 3,936,900 562,229 602,643 8,690,553 
Net assets$755,774 $504,415 $151,223 $(186,848)$1,224,564 

The following table presents revenues for the years ended March 31, 2026, 2025, and 2024 and long-lived assets as of March 31, 2026 and March 31, 2025, classified by the major geographic areas based on subsidiaries' location.
Year ended March 31, 2026
RevenueBrokerageBankingInsuranceOtherTotal
Kazakhstan$511,821 $688,789 $497,784 $140,130 $1,838,524 
Armenia181,726 — — — 181,726 
Cyprus126,859 — — 27,301 154,160 
US2,530 — — 398 2,928 
Other8,572 413 — 4,968 13,953 
TOTAL REVENUE, NET$831,508 $689,202 $497,784 $172,797 $2,191,291 
Year ended March 31, 2025
RevenueBrokerageBankingInsuranceOtherTotal
Kazakhstan$466,168 $506,075 $636,654 $94,822 $1,703,719 
Armenia181,698 — — — 181,698 
Cyprus63,179 — — 6,311 69,490 
US3,431 — — 40,520 43,951 
Other2,873 73 — 2,351 5,297 
TOTAL REVENUE, NET$717,349 $506,148 $636,654 $144,004 $2,004,155 
Year ended March 31, 2024
RevenueBrokerageBankingInsuranceOtherTotal
Kazakhstan$450,058 $615,870 $325,505 $79,814 $1,471,247 
Cyprus115,878 — — 2,454 118,332 
Armenia43,132 — — — 43,132 
US11,372 — — 1,470 12,842 
Other1,514 — — 189 1,703 
TOTAL REVENUE, NET$621,954 $615,870 $325,505 $83,927 $1,647,256 
March 31, 2026
Long-lived assetsBrokerageBankingInsuranceOtherTotal
Fixed assets, net$23,049 $89,083 $7,040 $239,224 $358,396 
Right-of-use assets21,065 7,986 1,934 16,594 47,579 
TOTAL LONG-LIVED ASSETS$44,114 $97,069 $8,974 $255,818 $405,975 
Kazakhstan15,124 95,288 8,974 219,533 338,919 
Cyprus12,371 — — 27,541 39,912 
USA3,640 — — 5,782 9,422 
Armenia5,571 — — — 5,571 
Other7,408 1,781 — 2,962 12,151 
TOTAL LONG-LIVED ASSETS$44,114 $97,069 $8,974 $255,818 $405,975 

March 31, 2025
Long-lived assetsBrokerageBankingInsuranceOtherTotal
Fixed assets, net$20,713 $53,716 $2,461 $114,213 $191,103 
Right-of-use assets21,101 7,684 2,532 8,511 39,828 
TOTAL LONG-LIVED ASSETS$41,814 $61,400 $4,993 $122,724 $230,931 
Kazakhstan15,241 60,863 4,993 97,608 178,705 
Cyprus15,178 — — 21,791 36,969 
USA4,220 — — 2,389 6,609 
Armenia6,082 — — — 6,082 
Other1,093 537 — 936 2,566 
TOTAL LONG-LIVED ASSETS$41,814 $61,400 $4,993 $122,724 $230,931 
Brokerage
Companies in the Brokerage segment offer securities brokerage, securities dealing for customers and for our own account, market making activities, investment research, investment counseling, underwriting and market-making services to a global customer base of corporations, investors, financial institutions, merchants, government and municipal entities. Companies in the Brokerage segment also conduct proprietary securities trading.
The Group's services in this segment include providing customers with access to the world's largest stock exchanges and a gateway to global investment opportunities. Additionally, the Group's offerings in this segment include professional securities analytics, empowering customers with valuable insights and market intelligence to make informed investment decisions. To ensure a seamless experience, the Group provides user-friendly trading applications that offer convenience and flexibility.
Banking
Companies in the Banking segment generate banking service fee and interest income by providing services that include lending, deposit services, payment card services, money transfers, correspondent accounts, supporting both individual and corporate customers with innovative digital financial solutions. To ensure a seamless experience, the Banking segment it
provides user-friendly trading applications that offer convenience and flexibility. Companies in the Banking segment also conduct proprietary securities trading activities.
Insurance
Companies in the Insurance segment offer products including life insurance, obligatory insurance, tourist medical health insurance and auto insurance. These insurance products are designed to offer comprehensive coverage and tailored solutions to protect individuals, property, auto and businesses in the event of unforeseen events or risks. Companies in the Insurance segment also conduct proprietary securities trading activities.
Other

Activities of companies in the Other segment include provision of payment processing services, financial educational center services, financial intermediary center services, financial consulting services, administrative management services, telecommunication services information processing services, entertainment ticketing sales, online air and railway ticket purchase aggregation and an online retail trade and e-commerce application. The Other segment also includes transactions conducted by the Company in connection with repurchase agreements.