FAIR VALUE OF FINANCIAL INSTRUMENTS

9 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

FAIR VALUE OF FINANCIAL INSTRUMENTS

FAIR VALUE OF FINANCIAL INSTRUMENTS

The carrying value of finance lease receivables approximates fair value due to the interest rate implicit in the instruments approximating current market rates. The carrying value of cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued liabilities and short-term bank debt approximates their fair values due to the short period to maturity of these instruments. The fair value of the loans to external parties included in other non-current assets is determined using unobservable market data (Level 3 inputs), that represent management’s estimate of current interest rates that a commercial lender would charge borrowers. The fair value of the Company’s debt is based on observable relevant market information and future cash flows discounted at current rates, which are Level 2 measurements. The Prepayment Derivative within the RMB Facilities is classified as a Level 3 in the fair value hierarchy due to the use of at least one significant unobservable input which is the credit spread volatility (see Note 12). There were no transfers between Level 1 or Level 2, or transfers in or out of Level 3, of the fair value hierarchy during the year ended March 31, 2025 and the three and nine months ended December 31, 2025.

	As of December 31, 2025
	Fair Value
	Carrying Amount		Total Fair Value		Level 1		Level 2		Level 3
Loans to external parties	$	215	$	215	$	—	$	—	$	215
Debt	$	277,452	$	280,320	$	—	$	280,320	$	—
Prepayment derivative	$	4,784	$	4,784	$	—	$	—	$	4,784

	As of March 31, 2025
	Fair Value
	Carrying Amount		Total Fair Value		Level 1		Level 2		Level 3
Loans to external parties	$	194	$	194	$	—	$	—	$	194
Debt	$	273,792	$	275,179	$	—	$	275,179	$	—
Prepayment derivative	$	2,730	$	2,730	$	—	$	—	$	2,730