During the years ended March 31, 2024, 2025 and 2026, the Company did not recognize deferred tax assets on tax losses carried forward and other temporary differences related to some entities of the Group, because it is not probable that future taxable profits will be available against which these items can be utilized. However, deferred tax assets have been recognised only to the extent of deferred tax liabilities in such cases. The above tax losses (including unabsorbed depreciation) as at March 31, 2026 will expire at various dates ranging from 2026 to 2043 except for the tax losses and unabsorbed depreciation amounting to USD 5,541 (March 31, 2025: USD 4,233), which can be carried forward for an indefinite period.

As at March 31, 2026, no deferred tax liability was recognised on temporary difference of USD 3,276 (March 31, 2025: USD 2,909) related to investment in subsidiaries, as the Company controls the dividend policy of its subsidiary i.e. the Company controls the timing of reversal of the related taxable temporary differences and management is satisfied that they will not reverse in the foreseeable future.

Deferred tax assets and liabilities are attributable to the following:


	As at March 31
	2025			2026			2025			2026			2025			2026
Particulars	Assets						Liabilities						Net
Property, plant and equipment		1,406			1,547			(2,701	)		(1,921	)		(1,295	)		(374	)
Intangible assets, excluding goodwill		—			—			(4,406	)		(2,132	)		(4,406	)		(2,132	)
Trade and other receivables		974			904			—			—			974			904
Other current assets		2,965			2,688			—			—			2,965			2,688
Convertible notes		—			—			(2,367	)		(46,297	)		(2,367	)		(46,297	)
Employee benefits		3,428			3,999			—			—			3,428			3,999
Other current liabilities		1,666			1,853			—			—			1,666			1,853
Lease liabilities		3,465			2,565			—			—			3,465			2,565
Trade and other payables		859			792			—			—			859			792
Contract liabilities and related payables		513			615			—			—			513			615
Share based payments		24,534			25,377			—			—			24,534			25,377
Tax losses carry forwards		73,626			33,408			—			—			73,626			33,408
Others		—			—			(57	)		(37	)		(57	)		(37	)
Deferred tax assets/ (liabilities) before set off		113,436			73,748			(9,531	)		(50,387	)		103,905			23,361
Set off		(7,005	)		(3,245	)		7,005			3,245			—			—
Net deferred tax assets/(liabilities)		106,431			70,503			(2,526	)		(47,142	)		103,905			23,361

Movement in recognised deferred tax assets/(liabilities) during the year


Particulars	Balance as at April 1, 2024			Recognised in profit or loss			Recognised in other comprehensive income		Effects of movement in foreign exchange rates			Balance as at March 31, 2025
Property, plant and equipment		(1,813	)		479			—		39			(1,295	)
Intangible assets, excluding goodwill		(7,239	)		2,681			—		152			(4,406	)
Trade and other receivables		870			127			—		(23	)		974
Other current assets		3,037			4			—		(76	)		2,965
Convertible notes		(4,314	)		1,947			—		—			(2,367	)
Employee benefits		2,704			603			197		(76	)		3,428
Other current liabilities		1,949			(237	)		—		(46	)		1,666
Lease liabilities		3,767			(211	)		—		(91	)		3,465
Trade and other payables		1,825			(930	)		—		(36	)		859
Contract liabilities and related payables		240			282			—		(9	)		513
Share based payments		23,627			1,510			—		(603	)		24,534
Tax losses carry forwards		99,953			(24,099	)		—		(2,228	)		73,626
Others		(43	)		(16	)		—		2			(57	)
Total		124,563			(17,860	)		197		(2,995	)		103,905

Movement in recognised deferred tax assets/(liabilities) during the year


Particulars	Balance as at April 1, 2025			Acquired in business combination			Recognised directly in equity			Recognised in profit or loss			Recognised in other comprehensive income		Effects of movement in foreign exchange rates			Balance as at March 31, 2026
Property, plant and equipment		(1,295	)		71			—			783			—		67			(374	)
Intangible assets, excluding goodwill		(4,406	)		(1,059	)		—			3,087			—		246			(2,132	)
Trade and other receivables		974			—			—			18			—		(88	)		904
Other current assets		2,965			—			—			(12	)		—		(265	)		2,688
Convertible notes		(2,367	)		—			(54,049	)		10,119			—		—			(46,297	)
Employee benefits		3,428			—			—			785			148		(362	)		3,999
Other current liabilities		1,666			177			—			175			—		(165	)		1,853
Lease liabilities		3,465			—			—			(626	)		—		(274	)		2,565
Trade and other payables		859			—			—			11			—		(78	)		792
Contract liabilities and related payables		513			—			—			158			—		(56	)		615
Share based payments		24,534			—			—			3,229			—		(2,386	)		25,377
Tax losses carry forwards		73,626			—			—			(35,721	)		—		(4,497	)		33,408
Others		(57	)		—			—			16			—		4			(37	)
Total		103,905			(811	)		(54,049	)		(17,978	)		148		(7,854	)		23,361