Leases

12 Months Ended

Mar. 31, 2026

10	Leases

The Company’s leases primarily include vehicles and corporate offices which have been classified as finance leases and operating leases, respectively. The lease term of operating and finance leases varies between 3 to 7 years. The lease agreements do not contain any covenants to impose any restrictions except for market-standard practice for similar lease arrangements. In assessment of the lease term, the Company considers the extension option as part of its lease term for those lease arrangements where the Company is reasonably certain of availing the extension option.

The components of lease expense were as follows:

(In USD)	March 31,		March 31,
Period ended	2026		2025
Interest on finance lease liabilities	$	281,808	$	550,903
Operating lease cost		327,517		363,435
Short term lease cost		104,764		486,289
Total lease cost	$	714,089	$	1,400,627

Supplemental cash flow information related to leases was as follows:

(In USD)	March 31,			March 31,
Period ended	2026			2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows for operating leases	$	(326,005	)	$	(338,626	)
Financing cash outflows for finance leases	$	(291,326	)	$	(2,103,219	)

Supplemental balance sheet information related to leases was as follows:

(In USD)	March 31,		March 31,
As at	2026		2025
Operating Leases
Operating lease right-of-use assets	$	739,652	$	1,021,898

Current operating lease liabilities	$	225,655	$	316,756
Non-current operating lease liabilities		601,759		801,981
Total operating lease liabilities	$	827,414	$	1,118,737

Finance Leases
Current finance lease liabilities	$	2,058,281	$	3,966,962
Total finance lease liabilities	$	2,058,281	$	3,966,962

In prior years, the Company had impaired property and equipment acquired under finance leases.

Weighted Average Remaining Lease Term
Operating leases	36 months		48 months
Finance leases	6 months		18 months
Weighted Average Discount Rate
Operating leases	13.00	%	13.00	%
Finance leases	9.00	%	9.00	%

The Company determines the incremental borrowing rate by adjusting the benchmark reference rates, with appropriate financing spreads applicable to the respective geographies where the leases were entered and lease specific adjustments for the effects of collateral.

	Year ended March 31, 2026
	Operating Leases		Finance Leases
Maturities of lease liabilities are as follows:
2027	$	320,092	$	2,084,656
2028		335,673		-
2029		352,034		-
Total Lease Payments	$	1,007,799	$	2,084,656
Less : Imputed Interest		180,385		26,375
Total Lease Liabilities	$	827,414	$	2,058,281

As at March 31, 2026, the Company continues to default on equated monthly installments (EMI) payments owed to Ayvens India Private Limited (formerly Leaseplan India Private Limited) (Lender). In adherence to the agreement, the Company has accumulated penal interest at a simple interest rate of 1% per month on the overdue EMIs for first 2 months of default and an additional simple interest of 1.5% per month is levied on the overdue amount as it is continues to be unpaid after 60 days from date of default, amounting to $284,404 for the year ended 31 March 2026 ($225,142 for the year ended 31 March 2025). During the year ended March 31, 2026, a previously granted conditional waiver of $1,131,835 was withdrawn upon the occurrence of a contractual default under the restructuring agreement. Accordingly, the Company recognized $1,131,835 as Loss on withdrawal of Lease Waiver. The unpaid lease installments and penal interest totaling to $2,983,165 has been included under Accounts Payable.