v3.26.1
INCOME TAXES (Tables)
 12 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Schedule of deferred tax assets and liabilities
As of March 31, 2026 and March 31, 2025, deferred tax assets and liabilities of the Company were comprised of the following:
Year ended March 31, 2026
Year ended March 31, 2025
Deferred tax assets:
Provisions for contingent liabilities$2,100 $— 
Tax losses carryforward21,479 4,871 
Deferred acquisition costs and insurance reserves27,204 6,669 
Provision for impairment losses19,510 12,181 
Valuation allowance on unrecognized deferred tax assets(27,575)— 
Deferred tax assets$42,718 $23,721 
Deferred tax liabilities:
Revaluation on trading securities$5,107 $874 
Fixed and Intangible Assets7,980 4,425 
Other liabilities— 1,038 
Deferred tax liabilities$13,087 $6,337 
Net deferred tax assets$36,183 $17,446 
Net deferred tax liabilities$6,552 $62 
Schedule of federal income taxes The reconciliation of the amount computed by multiplying income before provision for income taxes at the 21% income tax rate compared to the Company's income tax expense as reported is as follows:
 Year ended March 31, 2026Year ended March 31, 2025Year ended March 31, 2024
 
Income before income tax at 21%$47,453 $23,719 $91,428 
Effect of cross-border tax laws
Global Intangible Low Taxed Income103,741 65,308 60,323 
Subpart F Income4,164 4,750 6,887 
Foreign tax effects
Kazakhstan
Nontaxable gains and interest(31,787)(16,154)(108,025)
Commission income(28,639)(27,592)(20,980)
Foreign tax rate differential(1,394)165 (3,460)
Additional 10% tax20,901 — — 
Cyprus
Foreign tax rate differential(21,952)(19,239)(14,492)
Nontaxable gains and interest(1,326)(42)(108)
Top-up tax10,226 3,743 — 
Other foreign jurisdictions
Foreign tax rate differential681 129 287 
Nontaxable or nondeductible items
Stock based compensation13,445 10,597 4,601 
Other permanent differences24,282 4,159 58,873 
Valuation Allowance(27,575)— — 
Tax Credits
Foreign tax credit(39,583)(21,118)(14,915)
Income tax expense$72,637 $28,425 $60,419 
The details are presented in the table below:
Tax effect at Kazakhstani subsidiaries
20,901 
Foreign tax credit used for GILTI and Subpart F Income taxes
(4,690)
Foreign tax credit used for Pillar II
(12,649)
Income tax expense effect, net of foreign tax credits
3,562 
Income before income tax expenses for the year ended March 31, 2026225,965 
Effect on the consolidated effective tax rate
1.58 %
Schedule of income tax expenses
As of March 31, 2026 and 2023, income tax expense was comprised of the following:
 Year ended March 31, 2026Year ended March 31, 2025Year ended March 31, 2024
Current income tax charge
Federal922 4,054 34,623 
Foreign84,093 44,341 24,573 
85,015 48,395 59,196 
Deferred income tax charge
Federal(17,268)(12,715)3,695 
Foreign4,890 (7,255)(2,472)
(12,378)(19,970)1,223 
Income tax expense$72,637 $28,425 $60,419 
Schedule of Income before Income Tax, Domestic and Foreign
Income before income taxes includes the following components:
 Year ended March 31, 2026Year ended March 31, 2025Year ended March 31, 2024
United States$(134,094)$(61,060)$(66,053)
Foreign360,059 165,643 504,991 
Net income before income tax$225,965 $104,583 $438,938 
Schedule of Cash Flow, Supplemental Disclosures
Income taxes paid disaggregated by federal and foreign for the years ended March 31, 2026, March 31, 2025 and March 31, 2024 were as follows:
 Year ended March 31, 2026Year ended March 31, 2025Year ended March 31, 2024
US Federal$2,110 $24,996 $15,022 
Foreign79,190 28,926 15,297 
Income taxes paid:$81,300 $53,922 $30,319 
Income taxes paid disaggregated by individual jurisdiction for the years ended March 31, 2026, March 31, 2025 and March 31, 2024, were as follows:
 Year ended March 31, 2026Year ended March 31, 2025Year ended March 31, 2024
United states$2,110 $24,996 $15,022 
Kazakhstan29,560 2,937 — 
Cyprus37,414 24,785 15,297 
Armenia12,216 1,204 — 
Income taxes paid:$81,300 $53,922 $30,319