v3.26.1
OTHER LIABILITIES (Tables)
12 Months Ended
Mar. 31, 2026
Other Liabilities Disclosure [Abstract]  
Schedule of 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 
Schedule of outstanding debt securities of company
As of March 31, 2026 and 2025, outstanding debt securities of the Group included the following:
Debt securities issued by:
Principal Amount as of March 31, 2026
Principal Amount as of March 31, 2025
Interest rateIssue dateMaturity dateDenominated Currency
Freedom SPC bonds due 2028$269,722 $— 
9.5%
October, 2025October, 2028
USD
Freedom SPC bonds due 2028200,170 200,305 
1-2 years: 12%
3-5years: 10.39%
December, 2023December, 2028
USD
Freedom SPC bonds due 2026199,344 201,311 
10.5%
September, 2024September, 2026
USD
Freedom SPC bonds due 2027198,492 — 
10.0%
May, 2025May, 2027
USD
Freedom SPC bonds due 2029186,502 — 
9.0%
March, 2026March, 2029
USD
Freedom SPC bonds due 202798,982 — 
8.0%
May, 2025May, 2027
EUR
Freedom SPC bonds due 202665,057 64,801 
 5.5%
October, 2021October, 2026
USD
Freedom SPC bonds due 202730,676 — 
9.0%
May, 2025May, 2027
CNY
Accrued interest12,175 3,134 
Total debt securities issued$1,261,120 $469,551 
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 

Schedule of derivative instruments
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 
Schedule of reconciliation of changes in Level 3 derivative liabilities
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 
Schedule of fair value measurement inputs and valuation techniques
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%