Contract Assets and Liabilities

12 Months Ended

Mar. 31, 2026

Contract Assets and Liabilities [Abstract]

11. CONTRACT ASSETS AND LIABILITIES

	As of
	March 31, 2026			March 31, 2025
	US$’000			US$’000
Contract assets		19,489			24,969
Less: Allowance for expected credit losses		(790	)		-
		18,699			24,969

Contract liabilities		283			630

The contract assets represent the Group’s right to consideration in exchange for services that the Group has transferred to a customer, which have not been billed to the customers. As of March 31, 2026, the Group recognized allowance for expected credit losses on contract assets of approximately US$790,000 (March 31, 2025: Nil).

The aging analysis of contract assets, net of allowance for credit losses, based on duration of assets recognized is as follows:

	As of
	March 31, 2026		March 31, 2025
	US$’000		US$’000
Within 90 days		14,709		18,969
91 to 180 days		-		-
181 to 365 days		237		5,612
Over 1 year		3,753		388
Total		18,699		24,969

Reconciliation of the allowance for credit losses of contract assets:

	US$’000
As of April 1, 2024		-
Allowance for credit loss on contract assets for the year		-
Exchange realignment		-
As of March 31, 2025		-
Allowance for credit loss on contract assets for the year		(790	)
Exchange realignment		-
As of March 31, 2026		(790	)

The contract liabilities represent the Group’s obligation to transfer services to a customer to which the Group has received consideration (or an amount of consideration is due) from the customer.

Transaction price allocated to performance obligations unsatisfied at end of the year and expected to be recognized as the revenue:

	As of
	March 31, 2026		March 31, 2025
	US$’000		US$’000
Within 1 year after the reporting date		21,231		31,563
Between 1 year and 2 years after the reporting date		5,622		29,765
Between 2 years and 3 years after the reporting date		-		3,137
Transaction price allocated to performance obligations unsatisfied		26,853		64,465