0001829126-26-006123 | 10-K | XBRL Viewer

As of March 31, 2025, the Company has 1,285,392 shares of Common Stock held as treasury stock which were repurchased by the Company to pay tax withholding obligations on behalf of Mr. Khare, Mr. Webb and Mr. Nambiar, in connection with the vesting of RSUs. The Company records treasury stock using the cost method.

Employee Compensation and Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Retirement Benefits [Abstract]
Projected benefit obligation at the beginning of the year	$ 2,545	$ 1,906
Interest cost	259	158
Past service cost	703
Current service cost	504	544
Actuarial (gains) / loss	(114)	192
Liability Transferred In/ Acquisitions	1,089
Benefits paid directly by employers	(765)	(206)
Effect of exchange rate fluctuation	(243)	(49)
Projected employee benefit plan at the end of the year	3,978	2,545
Recorded in accrued compensation and related benefits, current	(599)	(371)
Recorded in other liabilities	(3,379)	(2,174)
Total project benefit obligation	$ (3,978)	$ (2,545)

Related Party Transactions (Tables)

12 Months Ended

Mar. 31, 2026

Schedule of related party transactions

Schedule of related party transactions
Name of the related party		Relationship
Aark II Pte Limited		Affiliate entity
Aeries Technology Products And Strategies Private Limited (“ATPSPL”)		Affiliate entity
Aeries Financial Technologies Private Limited		Affiliate entity
Bhanix Finance And Investment Limited		Affiliate entity
Ralak Consulting LLP		Affiliate entity
Sqrrl Fintech Private Limited (“Sqrrl”)		Affiliate entity
TSLC Pte Limited		Affiliate entity
Venu Raman Kumar		Chairman of ATI’s Board and controlling shareholder
Vaibhav Rao		Members of immediate families of Venu Raman Kumar
Sudhir Appukuttan Panikassery		Key managerial personnel (till February 9, 2025) Vice chairman of ATI’s Board (February 10, 2025 through September 18, 2025)
Bhisham (Ajay) Khare		Key managerial personnel

Schedule of significant transactions and balances due to and from related parties


	Year Ended March 31,
	2026		2025
Cost sharing arrangements
Aeries Financial Technologies Private Limited (b)		-		177
Bhanix Finance And Investment Limited (b)		103		120
Interest expense
Aeries Technology Products And Strategies Private Limited (d)		5		72
Mr. Vaibhav Rao (g)		94		83
Sqrrl Fintech Private Limited (k)		-		8
Interest income
Aeries Financial Technologies Private Limited (f), (h)		210		188
Aeries Technology Products And Strategies Private Limited (e), (h)		64		125
Legal and professional fees paid
Ralak Consulting LLP (c)		216		305
Management consultancy service
Aark II Pte Limited (a)		2,256		2,861
Office management and support services expense
Aeries Technology Products And Strategies Private Limited (i)		3		36

	March 31,
	2026		2025
Accounts payable
Ralak Consulting LLP (c)		53		-
Accounts receivable
Aark II Pte Limited (a)		407		439
Aeries Financial Technologies Private Limited (b)		-		102
Bhanix Finance And Investment Limited (b)		16		105
TSLC Pte Limited (a)		-		101
Prepaid expense and other current assets
Receivables from Mr. Bhisham (Ajay) Khare (j)		741		-
Remittance in transit – Inwards (l)		6		-
Interest payable (classified under other current liabilities)
Aeries Technology Products And Strategies Private Limited (d)		41		41
Interest receivable (classified under prepaid expenses and other current assets)
Aeries Technology Products And Strategies Private Limited (e)		28		14
Aeries Financial Technologies Private Limited (f)		-		1
Investment in 0.001% Series-A Redeemable preference share
Aeries Financial Technologies Private Limited (h)		1,110		1,008
Investment in 10% Cumulative redeemable preference shares
Aeries Technology Products And Strategies Private Limited (h)		786		822
Loan from Members of immediate families of Venu Raman Kumar
Mr. Vaibhav Rao (g)		734		812
Loans from affiliates
Aeries Technology Products and Strategies Private Limited (d)		-		111
Loans to affiliates (classified under other assets)
Aeries Financial Technologies Private Limited (f)		92		102
Aeries Technology Products And Strategies Private Limited (e)		148		129
Advance to Vendor
Aeries Technology Products And Strategies Private Limited (i)		2		-

(a)	The Company provided management consulting services to Aark II Pte Ltd under an agreement dated June 21, 2021 and its amendments thereof and to TSLC Pte Ltd under an agreement dated July 12, 2021.
(b)	The Company was in a cost sharing arrangement with Aeries Financial Technologies Private Ltd and Bhanix Finance and Investment Ltd under separate agreements dated April 1, 2020. The cost sharing arrangement included costs in the areas of office management, IT and operations. The agreements are for a 36-month term with auto renewals after the original term.
(c)	The Company availed consulting services including implementation services in business restructuring, risk management, feasibility studies, mergers & acquisitions etc. from Ralak Consulting LLP via agreement dated April 1, 2022.
(d)	The Company incurred interest expense in relation to loans taken from ATPSPL, which were borrowed to meet working capital requirements. The loans were for a 3-year term and were issued at an interest rate of 12% per annum.
(e)	The Company received interest income in relation to loans given to affiliates to support their working capital requirements. The loans were for a 3-year term and issued at an interest rate of 12% per annum.
(f)	The Company received interest income in relation to loans given to affiliates to support their working capital requirements. The loans were for a 3-year term and issued at an interest rate of 15-17% per annum.
(g)	The Company obtained a loan at 12% per annum interest rate (w.e.f April 1, 2025; 10% per annum till March 31, 2025) from Mr. Vaibhav Rao for business purposes. The agreement shall remain valid until the principal amount along with interest is fully repaid. The loan amount was outstanding in entirety as of March 31, 2026.
(h)	This amount represents investments in affiliates. The Company earned interest income on its investments in affiliates.
(i)	The Company availed management consulting services from ATPSPL under agreements dated March 20, 2020 and April 1, 2021.
(j)	For the year ended March 31, 2026, ATI has issued 851,184 shares at a fair value of $0.87 per share to Mr. Bhisham (Ajay) Khare pursuant to the exchange agreement dated November 6, 2023 for his holding in ATGBA. As on March 31, 2026, Mr. Bhisham (Ajay) Khare is yet to transfer the shares to ATI and consequently a receivable of $741.00 has been recognized.
(k)	The Company incurred interest expense in relation to loans taken from Sqrrl, which were borrowed to meet working capital requirements. The loans were for a 3-month term and were issued at an interest rate of 17% per annum.
(l)	For the year ended March 31, 2026, Mr. Bhisham (Ajay) Khare has exercised 59,110 options under Aeries Management Stock Option Plan 2019 (“MSOP”) with exercise price of INR 10 (or approximately $0.11 at the exchange rate in effect on March 31, 2026). As on March 31, 2026, a remittance in transit of $6.24 has been recognized in respect of the exercise price of such options has been recognised.

Fair Value Measurements (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Derivative Liability	$ 4,708	$ 5,663
Fair Value, Inputs, Level 1 [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Derivative Liability	230	344
Fair Value, Inputs, Level 2 [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Derivative Liability
Fair Value, Inputs, Level 3 [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Derivative Liability	4,478	5,319
Forward Purchase Agreement put option liability [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Derivative Liability	4,287	5,034
Forward Purchase Agreement put option liability [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Derivative Liability
Forward Purchase Agreement put option liability [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Derivative Liability
Forward Purchase Agreement put option liability [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Derivative Liability	4,287	5,034
Public Warrants [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Derivative Liability	230	344
Public Warrants [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Derivative Liability	230	344
Public Warrants [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Derivative Liability
Public Warrants [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Derivative Liability
Private Placement Warrants [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Derivative Liability	191	285
Private Placement Warrants [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Derivative Liability
Private Placement Warrants [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Derivative Liability
Private Placement Warrants [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Derivative Liability	$ 191	$ 285

- Definition

Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities not subject to a master netting arrangement and not elected to be offset.

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+ Details

Leases (Details 2)	Mar. 31, 2026	Mar. 31, 2025
Leases
Operating lease	3 years 2 months 26 days	3 years 11 months 19 days
Finance lease	1 year 11 months 4 days	1 year 7 months 6 days
Operating lease	9.35%	10.81%
Finance lease	10.73%	13.54%

Insider Trading Arrangements	12 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Insider Trading Arrangements [Line Items]
Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false
Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false

Award Timing Disclosure	12 Months Ended
Award Timing Disclosure	Mar. 31, 2026
Award Timing Disclosures [Line Items]
Award Timing MNPI Disclosure [Text Block]	The Board of Directors and the Compensation Committee typically grant equity awards during regularly scheduled meetings. The timing of this approval would be dependent on the events of regular appraisal cycle, mid-year promotions, new- hires and / or any extraordinary circumstances. The Board of Directors and the Compensation Committee do not take material nonpublic information into account when determining the timing and terms of equity awards. The Company has not timed the disclosure of material nonpublic information for the purpose of affecting the value of executive compensation. For the fiscal year ending March 31, 2026, no RSU were awarded to Messrs. Khare, Webb and Nambiar. For additional information regarding the equity awards held by our named executive officers as of March 31, 2026, please see the section below entitled “—Outstanding Equity Awards at Fiscal Year-End.” *Other Compensation and Employee Benefits* For fiscal year 2026, the U.S.-based NEOs participated in our medical insurance plan, on the same basis as all of our other U.S.-based employees. We generally do not provide perquisites or personal benefits to the named executive officers. Aeries maintains a 401(k) plan that provides eligible U.S. employees, including Messrs. Khare and Nambiar, with an opportunity to save for retirement on a tax advantaged basis. Eligible employees are able to defer eligible compensation up to certain Internal Revenue Code limits, which are updated annually. Aeries has the ability to make matching and discretionary contributions to the 401(k) plan. Currently, Aeries makes a 4% safe harbor contribution on behalf of its employees to the 401(k) plan. For fiscal year 2026, only Messrs. Khare and Webb participated in our 401(k) plan. Outstanding Equity Awards at Fiscal Year-End No named executive officers held outstanding equity awards as of March 31, 2026.
Award Timing Method [Text Block]	The timing of this approval would be dependent on the events of regular appraisal cycle, mid-year promotions, new- hires and / or any extraordinary circumstances.
Award Timing, How MNPI Considered [Text Block]	The Board of Directors and the Compensation Committee do not take material nonpublic information into account when determining the timing and terms of equity awards. The Company has not timed the disclosure of material nonpublic information for the purpose of affecting the value of executive compensation.
Award Timing Predetermined [Flag]	true
Award Timing MNPI Considered [Flag]	false
MNPI Disclosure Timed for Compensation Value [Flag]	false

Income Taxes (Details 4) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Deferred tax assets:
Valuation Allowance	$ (122)	$ (2,871)
INDIA
Deferred tax assets:
Property and equipment	530	541
Gratuity	936	605
Trade Payables
Compensated absences	742	612
Expenses allowed on payment basis / upon deposit of withholding taxes under section 43B / 40(a)(ia) of Indian Income Tax Act, 1961	72	83
Net operating losses	765	1,245
Finance lease
Intangible assets under development		(5)
Provision for expenses	337	906
Operating lease liabilities	2,273	2,413
Others	2	2
Deferred tax asset before valuation allowance	5,657	6,402
Valuation Allowance
Deferred tax asset, net of valuation allowance	5,657	6,402
Deferred tax liabilities:
Investments	(232)	(192)
Property and equipment
Operating right-of-use assets	(2,161)	(2,306)
Unbilled Revenue
Others	(28)	(32)
Deferred tax liability	(2,421)	(2,530)
Net deferred tax asset (liability)	3,236	3,872
SINGAPORE
Deferred tax assets:
Property and equipment
Gratuity
Trade Payables		178
Compensated absences
Expenses allowed on payment basis / upon deposit of withholding taxes under section 43B / 40(a)(ia) of Indian Income Tax Act, 1961
Net operating losses	2,749	2,597
Finance lease
Intangible assets under development
Provision for expenses
Operating lease liabilities
Others
Deferred tax asset before valuation allowance	2,749	2,775
Valuation Allowance	(2,749)	(2,775)
Deferred tax asset, net of valuation allowance
Deferred tax liabilities:
Investments
Property and equipment
Operating right-of-use assets
Unbilled Revenue
Others
Deferred tax liability
Net deferred tax asset (liability)
UNITED STATES
Deferred tax assets:
Property and equipment
Gratuity
Trade Payables
Compensated absences
Expenses allowed on payment basis / upon deposit of withholding taxes under section 43B / 40(a)(ia) of Indian Income Tax Act, 1961
Net operating losses
Finance lease
Intangible assets under development
Provision for expenses	172	58
Operating lease liabilities
Others
Deferred tax asset before valuation allowance	172	58
Valuation Allowance
Deferred tax asset, net of valuation allowance	172	58
Deferred tax liabilities:
Investments
Property and equipment	(1)	(1)
Operating right-of-use assets
Unbilled Revenue
Others
Deferred tax liability	(1)	(1)
Net deferred tax asset (liability)	171	57
UNITED ARAB EMIRATES
Deferred tax assets:
Property and equipment
Gratuity
Trade Payables
Compensated absences
Expenses allowed on payment basis / upon deposit of withholding taxes under section 43B / 40(a)(ia) of Indian Income Tax Act, 1961
Net operating losses		96
Finance lease
Intangible assets under development
Provision for expenses
Operating lease liabilities
Others
Deferred tax asset before valuation allowance		96
Valuation Allowance		(96)
Deferred tax asset, net of valuation allowance
Deferred tax liabilities:
Investments
Property and equipment
Operating right-of-use assets
Unbilled Revenue
Others
Deferred tax liability
Net deferred tax asset (liability)
MEXICO
Deferred tax assets:
Property and equipment
Gratuity
Trade Payables
Compensated absences
Expenses allowed on payment basis / upon deposit of withholding taxes under section 43B / 40(a)(ia) of Indian Income Tax Act, 1961
Net operating losses
Finance lease
Intangible assets under development
Provision for expenses	97	90
Operating lease liabilities
Others
Deferred tax asset before valuation allowance	97	90
Valuation Allowance
Deferred tax asset, net of valuation allowance	97	90
Deferred tax liabilities:
Investments
Property and equipment	(12)	(3)
Operating right-of-use assets
Unbilled Revenue		(91)
Deferred tax liability	(12)	(94)
Net deferred tax asset (liability)	$ 85	$ (4)

Net income / (loss) per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Earnings Per Share [Abstract]
Net (Loss) / Income attributable to controlling interest for the period for Basic and Dilutive Earning per share (A)	$ 2,554	$ (19,714)
Weighted average shares outstanding of Class A ordinary shares, basic	48,329,709	43,080,693
Weighted average shares outstanding of Class A ordinary shares, diluted	48,329,709	43,080,693
Basic	$ 0.05	$ (0.46)
Diluted	$ 0.05	$ (0.46)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

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-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
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-Publisher FASB
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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

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+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

Long-Term Investments (Details Narrative) - USD ($)	12 Months Ended
Long-Term Investments (Details Narrative) - USD ($)	Mar. 31, 2026	Mar. 31, 2025
Held-to-maturity investments, amortized cost basis	$ 777,000	$ 840,000
Common Stock [Member]
Asset Impairment Charges	7,000
Investments	$ 0	0
Common Stock [Member] \| Boston Systems Private Limited [Member]
Stock held	6,927
Cumulative Redeemable Preference Securities [Member]
Held-to-maturity investments, amortized cost basis	$ 786,000	822,000
Cumulative Redeemable Preference Securities [Member] \| Aeries Technology Products and Strategies Private Ltd [Member]
Stock held	4,500,000
Series A Redeemable Preference Securities [Member]
Held-to-maturity investments, amortized cost basis	$ 1,110,000	$ 1,008,000
Series A Redeemable Preference Securities [Member] \| Aeries Financial Technologies Private Ltd [Member]
Stock held	349,173

Other Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Other Liabilities Disclosure [Abstract]
Accrued compensation and related benefits	$ 5,703	$ 4,086
Finance lease obligations, non-current	81	75
Other	232	9
Other liabilities	$ 6,016	$ 4,170

Related Party Transactions (Details)	12 Months Ended
Related Party Transactions (Details)	Mar. 31, 2026
Aark II Pte Limited [Member]
Related Party Transaction [Line Items]
Name of the related party	Aark II Pte Limited
Relationship	Affiliate entity
Aeries Technology Products And Strategies Private Limited [Member]
Related Party Transaction [Line Items]
Name of the related party	Aeries Technology Products And Strategies Private Limited (“ATPSPL”)
Relationship	Affiliate entity
Aeries Financial Technologies Private Limited [Member]
Related Party Transaction [Line Items]
Name of the related party	Aeries Financial Technologies Private Limited
Relationship	Affiliate entity
Bhanix Finance And Investment Limited [Member]
Related Party Transaction [Line Items]
Name of the related party	Bhanix Finance And Investment Limited
Relationship	Affiliate entity
Ralak Consulting LLP [Member]
Related Party Transaction [Line Items]
Name of the related party	Ralak Consulting LLP
Relationship	Affiliate entity
Sqrrl Fintech Private Limited [Member]
Related Party Transaction [Line Items]
Name of the related party	Sqrrl Fintech Private Limited (“Sqrrl”)
Relationship	Affiliate entity
TSLC Pte Limited [Member]
Related Party Transaction [Line Items]
Name of the related party	TSLC Pte Limited
Relationship	Affiliate entity
Venu Raman Kumar [Member]
Related Party Transaction [Line Items]
Name of the related party	Venu Raman Kumar
Relationship	Chairman of ATI’s Board and controlling shareholder
Vaibhav Rao [Member]
Related Party Transaction [Line Items]
Name of the related party	Vaibhav Rao
Relationship	Members of immediate families of Venu Raman Kumar
Sudhir Appukuttan Panikassery [Member]
Related Party Transaction [Line Items]
Name of the related party	Sudhir Appukuttan Panikassery
Relationship	Key managerial personnel (till February 9, 2025) Vice chairman of ATI’s Board (February 10, 2025 through September 18, 2025)
Bhisham Ajay Khare [Member]
Related Party Transaction [Line Items]
Name of the related party	Bhisham (Ajay) Khare
Relationship	Key managerial personnel

Employee Compensation and Benefits (Details 3) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Retirement Benefits [Abstract]
Current Service costs	$ 504	$ 544
Past service cost	62
Interest costs	259	158
Settlements	20
Amortization of net actuarial loss	79	72
Net defined benefit plan costs	$ 924	$ 774

Redeemable Noncontrolling Interest and Shareholders’ Equity / (Deficit) (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands					1 Months Ended							12 Months Ended
	Apr. 08, 2024	Apr. 05, 2024	Nov. 02, 2023	Jun. 14, 2023	Mar. 31, 2026	Feb. 25, 2026	Sep. 30, 2025	Sep. 22, 2025	Mar. 27, 2025	Sep. 30, 2024	May 24, 2024	Mar. 31, 2026	Mar. 31, 2025	Sep. 25, 2025	Jul. 10, 2024	Mar. 31, 2024	Nov. 06, 2023	Apr. 02, 2023	Apr. 02, 2022
Class of Stock [Line Items]
Preferred stock, shares authorized					5,000,000							5,000,000	5,000,000
Preferred stock, par or stated value per share					$ 0.0001							$ 0.0001	$ 0.0001
Preferred stock, shares issued					0							0	0
Preferred stock, shares outstanding					0							0	0
Common stock, shares issued																		10,000	10,000
Common stock, shares outstanding					48,497,154							48,497,154	47,152,626			15,619,004
Stock held as treasury stock												2,997,954
Shares repurchsed, amount						$ 5,000						$ 580
Shares repurchsed, shares												1,712,562
Number of shares of common stock outstanding after stock split				10,000
Number of shares issued												3,057,090	32,819,014
Shares issued			9,031,027					851,184	11,928,287
Shares at a fair value								$ 0.87
Receivable recognized					$ 741
AARK [Member]
Class of Stock [Line Items]
Ownership percentage					3.09%							3.09%					38.24%
ATGBA [Member]
Class of Stock [Line Items]
Ownership percentage					17.08%							17.08%
FPA Holders [Member]
Class of Stock [Line Items]
Shares issued							1,355,906
Subscription Agreement [Member]
Class of Stock [Line Items]
Ordinary shares	2,261,778
Customary representations, warranties and covenants of the parties	The Subscription Agreement contains customary representations, warranties and covenants of the parties, and the closing was subject to customary closing conditions. The Company used the net proceeds of approximately $4,675 from the Private Placement, following a deduction of a 6.5% commission paid to a placement agent, for general corporate and working capital purposes.
Subscription Agreement [Member] \| AARK [Member]
Class of Stock [Line Items]
Exchange agreement description		the prior investor of AARK has exchanged 9,500 ordinary shares of AARK for 21,337,000 Class A ordinary shares of the Company (i.e. 2,246 Class A ordinary shares of the Company for 1 ordinary share of AARK).
Subscription Agreement [Member] \| Vendors [Member]
Class of Stock [Line Items]
Number of shares issued											54,074
Subscription Agreement [Member] \| Investor [Member]
Class of Stock [Line Items]
Gross proceeds	$ 5,000
Purchase price	$ 2.21
Common Class A [Member]
Class of Stock [Line Items]
Common stock, shares authorized					500,000,000							500,000,000	500,000,000
Common stock, par or stated value per share					$ 0.0001							$ 0.0001	$ 0.0001
Common stock, shares issued					48,497,154							48,497,154	47,152,626
Common stock, shares outstanding					48,497,154							48,497,154	47,152,626
Temporary equity, shares outstanding					1,812,063							1,812,063
Class A Ordinary Shares [Member] \| Vendors [Member]
Class of Stock [Line Items]
Shares issued							300,000			78,947
Class A Ordinary Shares [Member] \| Subscription Agreement [Member]
Class of Stock [Line Items]
Common stock, shares issued														50,000	270,820
Purchase price	$ 2.21
Number of shares issued	1,940,958
Stock reserved	320,820
Class A Ordinary Shares [Member] \| Subscription Agreement [Member] \| AARK [Member]
Class of Stock [Line Items]
Share exchanged	2,246
Class V Ordinary Shares [Member] \| Vendors [Member]
Class of Stock [Line Items]
Shares issued										48,618

Stock-Based Compensation (Tables)

12 Months Ended

Mar. 31, 2026

Schedule of restricted stock units activity


	RSUs
	Number of Shares			Grant Date Fair Value
Unvested as of April 1, 2025		-			-
Granted		500,000		$	293
Vested		(500,000	)	$	293
Forfeited / Canceled		-			-
Unvested as of March 31, 2026		-			-

The following table summarizes the activities for vested RSUs for the year ending March 31, 2025:

	RSUs
	Number of Shares			Grant Date Fair Value
Unvested as of April 1, 2024		-			-
Granted		3,880,022		$	5,432
Vested		(3,880,022	)	$	5,432
Forfeited / Canceled		-			-
Unvested as of March 31, 2025		-			-

Schedule of ESOP stock option activity

Shares

Weighted average
exercise price

Weighted-average
remaining
contractual term
(in years)

Aggregate
intrinsic value

Options outstanding at April 1, 2025 

59,900

Options granted

Options exercised

Options canceled, forfeited or expired

Options outstanding at March 31, 2026

59,900

0.11

2.32

635

Vested and exercisable at March 31, 2026

59,900

0.11

2.32

635

Schedule of stock option activity

Schedule of stock option activity
	Shares			Weighted average exercise price		Weighted-average remaining contractual term (in years)		Aggregate intrinsic value
Options outstanding at April 1, 2025		295,565		$	-		-	$	-
Options granted		-			-		-		-
Options exercised		(59,110	)		-		-		-
Options cancelled, forfeited or expired		(236,455	)		-		-		-
Options outstanding at March 31, 2026		-		$	-		-	$	-

Vested and exercisable at March 31, 2026		-		$	-		-	$	-

Schedule of weighted average assumptions


	2022 Grants
Expected term		3.5 years
Expected volatility		40.80	%
Risk free interest rate		3.01	%
Annual dividend yield		0.00	%

Prepaids Expenses and Other Current Assets

12 Months Ended

Mar. 31, 2026

Prepaids Expenses And Other Current Assets

Prepaids Expenses and Other Current Assets

Note 3 - Prepaids Expenses and Other Current Assets

Prepaids and other current assets consists of the following:


	As of March 31,
	2026		2025
Advance non-income taxes^[1]	$	2,904	$	3,680
Prepaid expenses		866		1,196
Advance to vendors		390		838
Security deposits		357		114
Other		1,653		1,753
Prepaid Expense and Other Assets	$	6,170	$	7,581

^[1]

Advance non-income taxes consist of tax credits owed to the Company that were levied by taxing authorities.

Stock-Based Compensation

12 Months Ended

Mar. 31, 2026

Stock-Based Compensation

Note 14 - Stock-Based Compensation

Aeries Technology, Inc. 2023 Equity Incentive Plan

The board of directors of WWAC approved the Aeries Technology, Inc. 2023 Equity Incentive Plan (the “Plan”) on March 11, 2023, subject to approval by WWAC’s shareholders. The Plan was approved by WWAC’s shareholders on November 2, 2023 and the Plan became effective upon the consummation of the Business Combination. The number of Class A ordinary shares authorized for issuance under the Plan is 9,031,027, subject to certain adjustments set forth in the Plan.

On March 27, 2025, at the Company’s annual meeting of the shareholders, the Company’s shareholders approved Amendment No. 1 (the “Plan Amendment”) to the Plan. The Plan Amendment provided for (i) increasing the total number of Class A ordinary shares authorized under the Plan to 11,928,287 shares (the “New Share Reserve”), (ii) amending the “evergreen” provision in the Plan to automatically increase the New Share Reserve by 5% on an annual basis or by such lesser amount that the compensation committee of the board of directors may determine (“Evergreen Increase”), and (iii) removing the annual limits on issuing awards to a single individual under Sections 5(d) and 5(e) of the Plan.

On December 26, 2025, the Company’s board of directors approved 2,227,899 additional shares to be available for issuance under the Plan pursuant to the Evergreen Increase provision.

Restricted Share Unit Award

Compensation cost for stock awards, which include restricted stock units (“RSUs”), is measured at the fair value on the grant date and recognized as expense, net of estimated forfeitures. The fair value of stock awards is based on the quoted price of our Class A ordinary shares on the grant date. We measure the fair value of RSUs using fair value of our quoted stock due to grant date and vesting date being same. Compensation cost for RSUs is recognized on a straight line over vesting period.

The Company’s board of directors approved the below grant of restricted stock unit awards (“RSUs”) under the Plan on September 9, 2025.

Non-Employee Director Equity Compensation

Pursuant to the Plan, the Company granted the non-employee directors, Ms. Nina B. Shapiro, Mr. Biswajit Dasgupta and Mr. Alok Kochhar, 125,000 RSUs each on September 9, 2025, which were fully vested on the grant date.

Consultant Equity Compensation

Pursuant to the Plan, the Company granted Ramesh Venkataraman, a consultant to the Company, 125,000 RSUs on September 9, 2025, which were fully vested on the grant date.

The following table summarizes the activities for vested RSUs for the year ending March 31, 2026:


	RSUs
	Number of Shares			Grant Date Fair Value
Unvested as of April 1, 2025		-			-
Granted		500,000		$	293
Vested		(500,000	)	$	293
Forfeited / Canceled		-			-
Unvested as of March 31, 2026		-			-

The following table summarizes the activities for vested RSUs for the year ending March 31, 2025:

	RSUs
	Number of Shares			Grant Date Fair Value
Unvested as of April 1, 2024		-			-
Granted		3,880,022		$	5,432
Vested		(3,880,022	)	$	5,432
Forfeited / Canceled		-			-
Unvested as of March 31, 2025		-			-

Aeries Employees Stock Option Plan, 2020

On August 1, 2020, ATGBA’s board of directors approved and executed the Aeries Employees Stock Option Plan (“ESOP”), which was subsequently amended on July 22, 2022. Under ESOP, the company is authorized to grant up to 59,900 options to eligible employees in one or more tranches. The company granted 59,900 options to eligible employees during the year ended March 31, 2023.

The options issued under the ESOP generally are subject to service conditions. The service condition is typically one year. The stock-based compensation expense is recognized in the consolidated statements of comprehensive income using the straight-line attribution method over the requisite service period.

The following table summarizes the ESOP stock option activity for the year ended March 31, 2026:

Shares

Weighted average
exercise price

Weighted-average
remaining
contractual term
(in years)

Aggregate
intrinsic value

Options outstanding at April 1, 2025 

59,900

Options granted

Options exercised

Options canceled, forfeited or expired

Options outstanding at March 31, 2026

59,900

0.11

2.32

635

Vested and exercisable at March 31, 2026

59,900

0.11

2.32

635

Aeries Management Stock Option Plan, 2019

On September 23, 2019, ATGBA’s board of directors approved and executed the Aeries Management Stock Option Plan 2019 (“MSOP”), which was subsequently amended on September 30, 2022. Under MSOP, ATGBA has authorized to grant up to 295,565 options to eligible employees in one or more tranches.

The options issued under the MSOP generally are subject to both service and performance conditions. The service condition is typically one year, and the performance conditions are based on the consolidated revenue and adjusted profit before tax of ATGBA. The stock-based compensation expense is recognized in the consolidated statements of comprehensive income using the straight-line attribution method over the requisite service period if it is probable that the performance target will be achieved.

During the year ended March 31, 2026, 236,455 options under MSOP, that were fully vested expired unexercised upon reaching the end of their term. As these options were vested, no reversal of previously recognized share-based compensation expense was recorded upon expiration in the condensed consolidated statement of operations for the year ended March 31, 2026. The excess of previously recognized compensation expense related to these options has been reclassified from stock option reserve classified under additional paid-in capital to additional paid-in capital – other reserve.

Further, tor the year ended March 31, 2026, the balance 59,110 options under MSOP were exercised by Mr. Bhisham (Ajay) Khare with exercise price of INR 10 (or approximately $0.11 at the exchange rate in effect on March 31, 2026). As on March 31, 2026, a remittance in transit of $6.24 has been recognized in respect of the exercise price of such options.

The following table summarizes the MSOP stock option activity for the year ended March 31, 2026:

Schedule of stock option activity
	Shares			Weighted average exercise price		Weighted-average remaining contractual term (in years)		Aggregate intrinsic value
Options outstanding at April 1, 2025		295,565		$	-		-	$	-
Options granted		-			-		-		-
Options exercised		(59,110	)		-		-		-
Options cancelled, forfeited or expired		(236,455	)		-		-		-
Options outstanding at March 31, 2026		-		$	-		-	$	-

Vested and exercisable at March 31, 2026		-		$	-		-	$	-

The Company uses the BSM option-pricing model to determine the grant-date fair value of stock options. The determination of the fair value of stock options on the grant date is affected by the estimated underlying share price, as well as assumptions regarding a number of complex and subjective variables. These variables include expected stock price volatility over the term of the awards, actual and projected employee stock option exercise behaviors, risk-free interest rates, and expected dividends. The grant date fair value of the Company’s stock options granted to employees were estimated using the Black-Scholes option-pricing model with the following weighted average assumptions:


	2022 Grants
Expected term		3.5 years
Expected volatility		40.80	%
Risk free interest rate		3.01	%
Annual dividend yield		0.00	%

During the year ended March 31, 2026, and 2025, the Company recorded stock-based compensation expense of $293 and $12,746 within “Selling, general & administrative expenses” in the consolidated statements of operations, respectively.

As of March 31, 2026 and 2025, there was no unrecognized stock-based compensation cost.

Non-renewal of Customer Contract and Buyout Notice from Significant Customer

12 Months Ended

Mar. 31, 2026

Non-renewal Of Customer Contract And Buyout Notice From Significant Customer

Non-renewal of Customer Contract and Buyout Notice from Significant Customer

Note 19 - Non-renewal of Customer Contract and Buyout Notice from Significant Customer

The Company received a notice, dated April 29, 2025, of non-renewal and buyout from one of its significant customers effective September 26, 2025. This notice also serves as a buyout notice, with a buyout price determined according to the terms and conditions of the contract.

The non-renewal is expected to reduce annual revenues by approximately $4,000. The buy-out resulted in one-time revenue of approximately $1,650.

Other Liabilities (Tables)

12 Months Ended

Mar. 31, 2026

Other Liabilities Disclosure [Abstract]

Schedule of other liabilities

Schedule of other liabilities
	As of March 31,
	2026		2025
Accrued compensation and related benefits	$	5,703	$	4,086
Finance lease obligations, non-current		81		75
Other		232		9
	$	6,016	$	4,170

Nature of Operations (Tables)

12 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of consummation of business combination


Public Shareholders (Redeemable Class A ordinary shares), including Bonus Shares⁽¹⁾⁽⁷⁾			3,157,228
Shares held by Worldwide Webb Acquisition Sponsor, LLC (the “Sponsor”) and other initial holders⁽²⁾⁽³⁾			2,750,000
Shares held by Innovo Consultancy DMCC⁽⁴⁾			5,638,530
Shares held by FPA (as defined below) Holders⁽⁵⁾			3,711,667
Total⁽⁶⁾			15,257,425

(1)

Includes 87,133 Bonus Shares issued to the Company’s public shareholders and 1,024,335 “Extension Shares” issued to certain holders of Class A ordinary shares (the “Holders”) in accordance with the Non-Redemption Agreement entered into between WWAC, the Sponsor, and the Holders of Class A ordinary shares. Also includes 288,333 shares purchased by the Forward Purchase Agreement (“FPA”) holders in the open market or via redemption reversals prior to the consummation of the Business Combination.

(2)	Includes 1,500,000 Class A ordinary shares issued to the Sponsor and 1,250,000 Class A ordinary shares issued to certain anchor investors upon conversion of Class B ordinary shares concurrently with the consummation of the Business Combination. 3,000,000 Class B ordinary shares were forfeited by the Sponsor upon the consummation of the Business Combination.
(3)	Does not include (i) 1,500,000 Class B ordinary shares forfeited upon the consummation of the Business Combination, or (ii) 1,500,000 Class B ordinary shares forfeited pursuant to a Support Agreement with the Sponsor.
(4)	Includes (i) 3,000,000 Class A ordinary shares reissued against 3,000,000 Class B ordinary shares forfeited by the Sponsor upon consummation of the Business Combination as per (2) above, and (ii) 2,638,530 remaining Bonus Shares issued to Innovo.
(5)	Represents a new issuance of Class A ordinary shares to the Forward Purchase Agreement holders in accordance with the Forward Purchase Agreement.
(6)	Does not include 10,000 AARK ordinary shares and 655,788 Aeries Technology Group Business Accelerators Private Limited’s ordinary shares that represent noncontrolling interest in AARK. These shares will be exchangeable (together with the proportionate reduction in the voting power of the Class V ordinary share, and in the case of the exchange of all AARK ordinary shares, the forfeiture and cancellation of the Class V ordinary share) into shares in Aeries Technology, Inc. in connection with the Exchange Agreements, which is further discussed in Note 16.
(7)	Reversal of excess bonus shares issued to Cowen and Company, LLC, which was mistakenly credited with 1,209 bonus shares instead of 968. This error has now been rectified. Refer to the Consolidated Statements of Changes in Redeemable Noncontrolling Interest and Shareholders’ Equity (Deficit) for the year ended March 31, 2025.

Short-term borrowings (Tables)

12 Months Ended

Mar. 31, 2026

Short-term Borrowings

Schedule of short-term borrowings

Schedule of short-term borrowings
	As of March 31,
	2026		2025
Short-term borrowings	$	4,344	$	6,480
Current portion of vehicle loan		92		24
	$	4,436	$	6,504

Prepaids Expenses and Other Current Assets (Tables)

12 Months Ended

Mar. 31, 2026

Prepaids Expenses And Other Current Assets

Schedule of prepaid and other current assets


	As of March 31,
	2026		2025
Advance non-income taxes^[1]	$	2,904	$	3,680
Prepaid expenses		866		1,196
Advance to vendors		390		838
Security deposits		357		114
Other		1,653		1,753
Prepaid Expense and Other Assets	$	6,170	$	7,581

^[1]

Advance non-income taxes consist of tax credits owed to the Company that were levied by taxing authorities.

Fair Value Measurements (Details 1) - Forward Purchase Agreement put option liability [Member] - $ / shares	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Class of Warrant or Right [Line Items]
Expected Term (Years)	1 year 11 months 1 day	9 months
Risk-free interest rate	3.70%	4.00%
Volatility	80.00%	80.00%
Reference Price for one share of Class A common stock	$ 0.3	$ 0.6

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Schedule of concentration of credit risk


	Year Ended March 31,
	2026			2025
Customer 1		16	%		21	%
Customer 2		12	%		12	%
Customer 3		11	%		n/a

Schedule of allowance for credit losses

Schedule of allowance for credit losses
	Year Ended March 31,
	2026			2025
Opening balance as of April 1	$	3,574		$	1,263
(Reversals) / Additions charged to cost and expense		(379	)		11,790
Write-off charged against the allowance		(1,860	)		(9,479	)
Closing balance as of March 31	$	1,335		$	3,574

Schedule of allowance for credit losses

Schedule of allowance for credit losses
	Year Ended March 31,
	2026			2025
Opening balance as of April 1	$	76		$	126
Change in provision for credit losses		(24	)		(50	)
Closing balance as of March 31	$	52		$	76

Schedule of estimated useful lives

Schedule of estimated useful lives
Software and computer equipment		3-6 years
Office equipment		5 years
Furniture and fixtures		10 years
Vehicle		8-10 years
Internal-use software		5 years
Leasehold improvements		Shorter of lease term or estimated useful life

Employee Compensation and Benefits (Details 5) $ in Thousands	Mar. 31, 2026 USD ($)
Retirement Benefits [Abstract]
Year 1	$ 600
Year 2	713
Year 3	807
Year 4	870
Year 5	934
Year 6 to Year 10	$ 4,033

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Mar. 31, 2026
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted [Flag]	true

Net income / (loss) per Share

12 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Net income / (loss) per Share

Note 21 - Net income / (loss) per Share

Basic net income / (loss) per share (“EPS”) attributable to Class A ordinary shareholders is calculated by dividing net income / (loss) attributable to Class A ordinary shareholders by the weighted number of Class A ordinary shares outstanding during the reporting period. Diluted EPS is computed using the weighted number of Class A ordinary shares and, when dilutive, potential outstanding shares during the period.

The Company’s Class V ordinary share does not participate in the earnings or losses of the Company and are therefore not participating securities. As such, separate presentation of basic and diluted net income / (loss) per Class V ordinary share under the two-class method has not been presented.

The following table sets forth the computation of basic and diluted net income / (loss) per share for the year ended March 31, 2026 and March 31, 2025 (in thousands, except share and per share amounts):


	Year Ended March 31,
	2026		2025
Net Income / (Loss) attributable to controlling interest for the period for Basic and Dilutive Earning per share (A)	$	2,554	$	(19,714	)
Weighted average shares outstanding of Class A ordinary shares, basic and diluted (B)		48,329,709		43,080,693

Profit / (Loss) / Earning per share:
Basic and Diluted (A/B)	$	0.05	$	(0.46	)

Other Current Liabilities (Tables)

12 Months Ended

Mar. 31, 2026

Other Current Liabilities

Schedule of other current liabilities

Schedule of other current liabilities
	As of March 31,
	2026		2025
Taxes payable	$	2,697	$	1,431
Finance lease obligations, current		89		156
Accrued expenses		1,641		5,062
Deferred revenue		466		274
Other		1,541		830
Total other current liabilities	$	6,434	$	7,753

Income Taxes (Tables)

12 Months Ended

Mar. 31, 2026

Income Tax Disclosure [Abstract]

Schedule of income taxes majorly pertains


	Year Ended March 31,
	2026			2025
United States	$	142		$	956
India		4,928			(8,175	)
Cayman Islands		(2,738	)		3,745
UAE		1,090			(1,064	)
Singapore		(336	)		(18,701	)
Mexico		2,379			572
Total	$	5,465		$	(22,667	)

Schedule of provision for income taxes

Schedule of provision for income taxes
	Year Ended March 31,
	2026		2025
Current tax provision	$	1,819	$	1,037
Deferred tax expense / (benefit)		172		(2,109	)
Provision for Income Taxes	$	1,991	$	(1,072	)

Schedule of income tax expense

Schedule of income tax expense
	Year Ended March 31,
	2026			2025
Income / (Loss) from operations	$	1,991		$	(1,072	)
Other comprehensive loss
Unrecognized actuarial (loss) / gain on defined employee benefit plan obligations		(110	)		(35	)
Total	$	1,881		$	(1,107	)

Schedule of income tax rate

Schedule of income tax rate
	Year Ended March 31, 2026
	Amount			Percentage
Income tax expense at tax rates applicable to the Company		-			0	%

Increase (decrease) in income taxes resulting from:
Non-deductible expenses		273			5	%
Valuation allowance		(49	)		(1	)%
Tax of earlier year		18			0	%
True down / up		(494	)		(9	)%
Loss / (income) taxed at different tax rate		(3	)		0	%
Adjustments for change in rates due to different tax jurisdiction		1,808			33	%
Set off against brought forward losses		-			-
GILTI inclusion		-			-
Foreign Dividends gross-up and additional employee deduction for employee hired-80JJA		(3	)		0	%
FTC Claim
Others		441			8	%
Provision for income tax	$	1,991			36	%


	Year Ended March 31,
	2025
(Loss) before income tax expense	$	(22,667	)

Income tax expense at tax rates applicable to the Company (i.e., 0%)		-

Increase (decrease) in income taxes resulting from:
Non-deductible expenses		812
Valuation allowance		2,871
Tax of earlier year		270
True down / up		(85	)
Loss / (income) taxed at different tax rate		(4	)
Adjustments for change in rates due to different tax jurisdiction		(4,931	)
Set off against brought forward losses		(76	)
GILTI inclusion		113
Foreign Dividends gross-up and additional employee deduction for employee hired-80JJA		2
FTC Claim		(100	)
Others		56
Provision for income tax	$	(1,072	)
Effective tax rate		4.73	%

Schedule of deferred taxes

Schedule of deferred taxes
	As of March 31,
	2026											2025
	India		Singapore			USA		UAE		Mexico		India			Singapore			USA		UAE			Mexico
Deferred tax assets:
Property and equipment		530		-			-		-		-		541			-			-		-			-
Gratuity		936		-			-		-		-		605			-			-		-			-
Trade Payables		-		-			-		-		-		-			178			-		-			-
Compensated absences		742		-			-		-		-		612			-			-		-			-
Expenses allowed on payment basis / upon deposit of withholding taxes under section 43B / 40(a)(ia) of Indian Income Tax Act, 1961		72		-			-		-		-		83			-			-		-			-
Net operating losses		765		2,749			-		-		-		1,245			2,597			-		96			-
Finance lease		-		-			-		-		-		-			-			-		-			-
Intangible assets under development		-		-			-		-		-		(5	)		-			-		-			-
Provision for expenses		337		-			172		-		97		906			-			58		-			90
Operating lease liabilities		2,273		-			-		-		-		2,413			-			-		-			-
Others		2		-			-		-		-		2			-			-		-			-
Deferred tax asset before valuation allowance		5,657		2,749			172		-		97		6,402			2,775			58		96			90
Valuation Allowance		-		(2,749	)		-		-		-		-			(2,775	)		-		(96	)		-
Deferred tax asset, net of valuation allowance		5,657		-			172		-		97		6,402			-			58		-			90

	As of March 31,
	2026													2025
	India			Singapore		USA			UAE		Mexico			India			Singapore		USA			UAE		Mexico
Deferred tax liabilities:
Investments		(232	)		-		-			-		-			(192	)		-		-			-		-
Property and equipment		-			-		(1	)		-		(12	)		-			-		(1	)		-		(3	)
Operating right-of-use assets		(2,161	)		-		-			-		-			(2,306	)		-		-			-		-
Unbilled Revenue		-			-		-			-		-			-			-		-			-		(91	)
Others		(28	)		-		-			-					(32	)		-		-			-
Deferred tax liability		(2,421	)		-		(1	)		-		(12	)		(2,530	)		-		(1	)		-		(94	)
Net deferred tax asset (liability)		3,236			-		171			-		85			3,872			-		57			-		(4	)

Components of deferred taxes

Components of deferred taxes
	As of March 31,
Classified as	2026		2025
Deferred tax assets non-current	$	3,689	$	4,064
Deferred tax liabilities non-current		197		139
	$	3,492	$	3,925

Schedule of net cash paid for income taxes


	2026
United States	$	292
India		784
Cayman Islands		-
UAE		-
Singapore		-
Mexico		203
Total	$	1,280

Redeemable Noncontrolling Interest and Shareholders’ Equity / (Deficit)

12 Months Ended

Mar. 31, 2026

Equity [Abstract]

Redeemable Noncontrolling Interest and Shareholders’ Equity / (Deficit)

Note 18 - Redeemable Noncontrolling Interest and Shareholders’ Equity / (Deficit)

The consolidated statements of changes in Redeemable Noncontrolling Interest and Shareholders’ Deficit reflect the reverse recapitalization and Business Combination as mentioned in Note 1, on Business Combination, and Reverse Recapitalization. As AARK was deemed to be the acquirer in the Business Combination, all periods prior to the completion of the Business Combination reflect the balances and activity of AARK.

Preference shares

The Company is authorized to issue 5,000,000 shares of preference shares, par value $0.0001 per share, with such designations, voting and other rights and preferences as may be determined from time to time by the Company’s board of directors. As of March 31, 2026, there were no shares of preference shares issued or outstanding.

Class A ordinary shares

The Company is authorized to issue 500,000,000 Class A ordinary shares with a par value of $0.0001 per share. As of March 31, 2026, there were 48,497,154 Class A ordinary shares issued and outstanding, including 1,812,063 Class A ordinary shares subject to the FPAs. Each Class A ordinary share carries one vote and entitles the shareholders to ratable rights in dividends and distributions as well as in the event of liquidation.

Treasury Stock

As of March 31, 2026, the Company has 2,997,954 shares of Common Stock held as treasury stock at cost as reduction of shareholder’s equity.

Share Repurchase Program

A share repurchase program has been approved by the board on February 25, 2026 (the “Repurchase Program”) pursuant to which the Company may repurchase up to $5,000 of the Company’s Class A ordinary shares to be effected over a period of twelve (12) months.

In connection therewith, the board approved the adoption of a Rule 10b5-1 issuer share repurchase trading plan on March 23, 2026 (the “Trading Plan”), pursuant to which the Company may repurchase its ordinary shares from time to time in accordance with applicable laws and regulations, including Rule 10b5-1 under the Securities Exchange Act of 1934, as amended. Maximum amount for cumulative purchases under the Trading Plan will not exceed $3,000 (exclusive of commission). The Company’s share repurchase program does not obligate the Company to acquire a minimum amount of shares. Under the program, shares may be repurchased in privately negotiated or open market transactions, including under plans complying with Rule 10b5-1 under the Exchange Act.

During the period ending March 31, 2026, the Company repurchased 1,712,562 shares of its common stock for $580 inclusive of commission to be held as treasury stock at cost according to ASC 505.

Shares of Common Stock

The following table shows the changes in shares of common stock for 2026 and 2025:

Schedule of shares of common stock
	2026			2025
Common stock outstanding, beginning balances		47,152,626			15,619,004
Common stock repurchased		(1,712,562	)		(1,285,392	)*
Common stock issued		3,057,090			32,819,014
Common stock outstanding, ending balances		48,497,154			47,152,626

Class V ordinary shares

The Company is authorized to issue 1 Class V ordinary share with a par value of $0.0001 per share. As of March 31, 2026, there was 1 Class V ordinary share issued and outstanding. The Class V share does not carry any direct economic rights in dividends and other distributions or in an event of liquidation. It does carry voting rights equal to 1.3% which will ratchet up to 51% voting rights upon occurrence of “extraordinary events” at the ATI level.

Common stock

Pre-combination AARK had only one class of ordinary shares having no par value. Holders of ordinary shares were entitled to one vote per share held. As of June 14, 2023 (immediately prior to the effective date of a stock split), there were 10 ordinary shares outstanding, and the number of ordinary shares outstanding after a stock split was 10,000. As a result of stock split, AARK’s shares were retroactively restated as if the transaction occurred at the beginning of the earliest periods presented. Consequently, as of April 1 2023 and 2022, the AARK’s ordinary shares consisted of 10,000 shares, all of which were issued and fully paid. Upon the liquidation, dissolution or winding up of AARK, ordinary shareholders were entitled to receive a ratable share of the available net assets of AARK after payment of all debts and other liabilities. The ordinary shares had no preemptive, subscription, redemption or conversion rights.

Equity financing

On April 8, 2024, the Company entered into a private placement transaction (the “Private Placement”), pursuant to a Share Subscription Agreement (the “Subscription Agreement”) with an institutional accredited investor (the “Investor”) for aggregate gross proceeds of $5,000. The Private Placement closed on April 23, 2024. As part of the Private Placement, the Company agreed to sell an aggregate of 2,261,778 Class A ordinary shares, $0.0001 par value per share, at a purchase price of $2.21 per share subject to the Beneficial Ownership Limitation. The “Beneficial Ownership Limitation” shall be 4.99% (or, at the election of the Investor at the closing of the Private Placement, 9.99%) of the number of Class A ordinary shares outstanding immediately after giving effect to the issuance of the Class A ordinary shares to the Investor.

The Subscription Agreement contains customary representations, warranties and covenants of the parties, and the closing was subject to customary closing conditions. The Company used the net proceeds of approximately $4,675 from the Private Placement, following a deduction of a 6.5% commission paid to a placement agent, for general corporate and working capital purposes.

As of the closing of the Private Placement, the Company issued an aggregate of 1,940,958 Class A ordinary shares at a purchase price of $2.21 per share and reserved 320,820 Class A ordinary shares in adherence to the Beneficial Ownership Limitation. On July 10, 2024, and September 25, 2025, the Company issued 270,820 and 50,000 shares, respectively, from the previously reserved pool of 320,820 shares, resulting in no remaining shares available for issuance.

Exchange Pursuant to Exchange Agreement

Pursuant to the Exchange Agreements, on April 5, 2024, the prior investor of AARK has exchanged 9,500 ordinary shares of AARK for 21,337,000 Class A ordinary shares of the Company (i.e. 2,246 Class A ordinary shares of the Company for 1 ordinary share of AARK).

On September 22, 2025, the Company issued 851,184 shares at a fair value of $0.87 per share to Mr. Bhisham (Ajay) Khare pursuant to his Exchange Agreement for shares of ATGBA. As of March 31, 2026, Mr. Bhisham (Ajay) Khare is yet to transfer the shares to the Company and consequently a receivable of $741 amount has been recognized.

Shares issued to vendors

In December 2023, ATI settled the amounts owed to certain vendors by issuance of Class A ordinary shares. If the VWAP of the Class A ordinary shares over the three trading days immediately preceding the agreement date is higher than the VWAP over the three trading days immediately preceding the six-month anniversary from the agreement date, ATI would need to issue additional Class A ordinary shares for the difference.

Pursuant to the abovementioned clause, the Company has issued in total 54,074 Class A ordinary shares to the vendors on May 24, 2024.

In September 2024, the Company issued 78,947 Class A ordinary shares and 48,618 Class A ordinary shares, each valued on the relevant dates of the respective agreements, to two separate vendors, as compensation for their respective services.

In September 2025, the Company, pursuant to a vendor agreement, issued 300,000 Class A ordinary shares valued on the relevant date of the agreement, as compensation for their services.

Shares Issued to FPA Holders

In September 2025, the Company entered into a Letter Agreement with Sandia with respect to the Sandia FPA to offset the Company’s payment obligations by the proceeds received from sale of shares issued to Sandia under the Sandia FPA and for issuance of additional Class A ordinary shares, subject to terms provided therein. In December 2025, pursuant to the Letter Agreement, the Company issued 1,355,906 additional Class A ordinary shares to Sandia calculated in accordance with the Letter Agreement.

Redeemable noncontrolling interest

As of March 31, 2026, the prior investors of AARK owns 3.09% of the ordinary shares of AARK, and prior investors of ATGBA owned 17.08% of the ordinary shares of ATGBA. The prior investors of AARK and ATGBA have the right to exchange their AARK or ATGBA ordinary shares for Class A ordinary shares of the Company based on the exchange ratio as set out in the Exchange Agreements details of which are set out in Note 16 or cash proceeds based on the VWAP for each of the five consecutive trading days ending on the exchange date, but only if the approval from the Reserve Bank of India or other regulatory approvals are not obtained and subject to other conditions specified in the Exchange Agreements. The exchange is also subject to certain other specified conditions being met, including achieving certain financial and stock price milestones. Given that this is not solely in control of ATI, the noncontrolling interests have been accounted for in accordance with ASC 480-10-S99-1. The redeemable noncontrolling interest has initially been measured at the proportionate share in the net assets of AARK and its subsidiaries in accordance with ASC 805-40-30-3. The cash redemption is not considered to be probable on March 31, 2026 because the specified conditions in relation to EBITDA and revenue have already been met and the Reserve Bank of India and / or applicable regulatory approvals are expected to be received. On this basis the redeemable noncontrolling interest has subsequently been measured by attributing the net income/ loss of AARK pursuant to ASC 810-10.

- Definition

The entire disclosure for equity.

+ References

+ Details

Related Party Transactions (Details 1) - USD ($)
$ in Thousands

12 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Interest expense

$ 463

$ 751

Accounts payable

9,270

8,154

Accounts receivable

12,719

10,982

Prepaid expense and other current assets

866

1,196

Interest payable (classified under other current liabilities)

1,641

5,062

Advance to Vendor

390

838

Aeries Financial Technologies Private Limited [Member]

Cost sharing arrangements

^[1]

177

Interest income

^[2],[3]

210

188

Accounts receivable

^[1]

102

Bhanix Finance And Investment Limited [Member]

Cost sharing arrangements

^[1]

103

120

Accounts receivable

^[1]

105

Aeries Technology Products And Strategies Private Limited [Member]

Interest expense

^[4]

Interest income

^[3],[5]

125

Office management and support services expense

^[6]

Interest payable (classified under other current liabilities)

^[4]

Interest receivable (classified under prepaid expenses and other current assets)

^[5]

Investment in 10% Cumulative redeemable preference shares

^[3]

786

822

Loans from affiliates

^[4]

111

Loans to affiliates (classified under other assets)

^[5]

148

129

Advance to Vendor

^[6]

Mr. Vaibhav Rao [Member]

Interest expense

^[7]

Loan from Members of immediate families of Venu Raman Kumar

734

^[7]

812

Sqrrl Fintech Private Limited [Member]

Interest expense

^[8]

Ralak Consulting LLP [Member]

Legal and professional fees paid

^[9]

216

305

Accounts payable

^[9]

Aark II Pte Limited [Member]

Management consultancy service

^[10]

2,256

2,861

Accounts receivable

^[10]

407

439

TSLC Pte Limited [Member]

Accounts receivable

^[10]

101

Receivablesfrom Mr Bhisham Ajay Khare [Member]

Prepaid expense and other current assets

^[11]

741

Remittance Intransit Inwards [Member]

Prepaid expense and other current assets

^[12]

Aeries Financial Technologies Private Ltd [Member]

Interest receivable (classified under prepaid expenses and other current assets)

^[2]

Investment in 0.001% Series-A Redeemable preference share

^[3]

1,110

1,008

Loans to affiliates (classified under other assets)

^[2]

$ 92

$ 102

[1]	The Company was in a cost sharing arrangement with Aeries Financial Technologies Private Ltd and Bhanix Finance and Investment Ltd under separate agreements dated April 1, 2020. The cost sharing arrangement included costs in the areas of office management, IT and operations. The agreements are for a 36-month term with auto renewals after the original term.
[2]	The Company received interest income in relation to loans given to affiliates to support their working capital requirements. The loans were for a 3-year term and issued at an interest rate of 15-17% per annum.
[3]	This amount represents investments in affiliates. The Company earned interest income on its investments in affiliates.
[4]	The Company incurred interest expense in relation to loans taken from ATPSPL, which were borrowed to meet working capital requirements. The loans were for a 3-year term and were issued at an interest rate of 12% per annum.
[5]	The Company received interest income in relation to loans given to affiliates to support their working capital requirements. The loans were for a 3-year term and issued at an interest rate of 12% per annum.
[6]	The Company availed management consulting services from ATPSPL under agreements dated March 20, 2020 and April 1, 2021.
[7]	The Company obtained a loan at 12% per annum interest rate (w.e.f April 1, 2025; 10% per annum till March 31, 2025) from Mr. Vaibhav Rao for business purposes. The agreement shall remain valid until the principal amount along with interest is fully repaid. The loan amount was outstanding in entirety as of March 31, 2026.
[8]	The Company incurred interest expense in relation to loans taken from Sqrrl, which were borrowed to meet working capital requirements. The loans were for a 3-month term and were issued at an interest rate of 17% per annum.
[9]	The Company availed consulting services including implementation services in business restructuring, risk management, feasibility studies, mergers & acquisitions etc. from Ralak Consulting LLP via agreement dated April 1, 2022.
[10]	The Company provided management consulting services to Aark II Pte Ltd under an agreement dated June 21, 2021 and its amendments thereof and to TSLC Pte Ltd under an agreement dated July 12, 2021.
[11]	For the year ended March 31, 2026, ATI has issued 851,184 shares at a fair value of $0.87 per share to Mr. Bhisham (Ajay) Khare pursuant to the exchange agreement dated November 6, 2023 for his holding in ATGBA. As on March 31, 2026, Mr. Bhisham (Ajay) Khare is yet to transfer the shares to ATI and consequently a receivable of $741.00 has been recognized.
[12]	For the year ended March 31, 2026, Mr. Bhisham (Ajay) Khare has exercised 59,110 options under Aeries Management Stock Option Plan 2019 (“MSOP”) with exercise price of INR 10 (or approximately $0.11 at the exchange rate in effect on March 31, 2026). As on March 31, 2026, a remittance in transit of $6.24 has been recognized in respect of the exercise price of such options has been recognised.

Long-Term Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Long-term Investments
Held-to-maturity investments, amortized cost basis (net off expected credit losses)	$ 777	$ 840
Interest earned on investments	1,119	990
Held-to-maturity investments, net carrying amount	$ 1,896	$ 1,830

Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Other Current Liabilities
Taxes payable	$ 2,697	$ 1,431
Finance lease obligations, current	89	156
Accrued expenses	1,641	5,062
Deferred revenue	466	274
Other	1,541	830
Total other current liabilities	$ 6,434	$ 7,753

Related Party Transactions

12 Months Ended

Mar. 31, 2026

Related Party Transactions

Note 13 - Related Party Transactions

Schedule of related party transactions
Name of the related party		Relationship
Aark II Pte Limited		Affiliate entity
Aeries Technology Products And Strategies Private Limited (“ATPSPL”)		Affiliate entity
Aeries Financial Technologies Private Limited		Affiliate entity
Bhanix Finance And Investment Limited		Affiliate entity
Ralak Consulting LLP		Affiliate entity
Sqrrl Fintech Private Limited (“Sqrrl”)		Affiliate entity
TSLC Pte Limited		Affiliate entity
Venu Raman Kumar		Chairman of ATI’s Board and controlling shareholder
Vaibhav Rao		Members of immediate families of Venu Raman Kumar
Sudhir Appukuttan Panikassery		Key managerial personnel (till February 9, 2025) Vice chairman of ATI’s Board (February 10, 2025 through September 18, 2025)
Bhisham (Ajay) Khare		Key managerial personnel

Summary of significant transactions and balances due to and from related parties are as follows:


	Year Ended March 31,
	2026		2025
Cost sharing arrangements
Aeries Financial Technologies Private Limited (b)		-		177
Bhanix Finance And Investment Limited (b)		103		120
Interest expense
Aeries Technology Products And Strategies Private Limited (d)		5		72
Mr. Vaibhav Rao (g)		94		83
Sqrrl Fintech Private Limited (k)		-		8
Interest income
Aeries Financial Technologies Private Limited (f), (h)		210		188
Aeries Technology Products And Strategies Private Limited (e), (h)		64		125
Legal and professional fees paid
Ralak Consulting LLP (c)		216		305
Management consultancy service
Aark II Pte Limited (a)		2,256		2,861
Office management and support services expense
Aeries Technology Products And Strategies Private Limited (i)		3		36

	March 31,
	2026		2025
Accounts payable
Ralak Consulting LLP (c)		53		-
Accounts receivable
Aark II Pte Limited (a)		407		439
Aeries Financial Technologies Private Limited (b)		-		102
Bhanix Finance And Investment Limited (b)		16		105
TSLC Pte Limited (a)		-		101
Prepaid expense and other current assets
Receivables from Mr. Bhisham (Ajay) Khare (j)		741		-
Remittance in transit – Inwards (l)		6		-
Interest payable (classified under other current liabilities)
Aeries Technology Products And Strategies Private Limited (d)		41		41
Interest receivable (classified under prepaid expenses and other current assets)
Aeries Technology Products And Strategies Private Limited (e)		28		14
Aeries Financial Technologies Private Limited (f)		-		1
Investment in 0.001% Series-A Redeemable preference share
Aeries Financial Technologies Private Limited (h)		1,110		1,008
Investment in 10% Cumulative redeemable preference shares
Aeries Technology Products And Strategies Private Limited (h)		786		822
Loan from Members of immediate families of Venu Raman Kumar
Mr. Vaibhav Rao (g)		734		812
Loans from affiliates
Aeries Technology Products and Strategies Private Limited (d)		-		111
Loans to affiliates (classified under other assets)
Aeries Financial Technologies Private Limited (f)		92		102
Aeries Technology Products And Strategies Private Limited (e)		148		129
Advance to Vendor
Aeries Technology Products And Strategies Private Limited (i)		2		-

(a)	The Company provided management consulting services to Aark II Pte Ltd under an agreement dated June 21, 2021 and its amendments thereof and to TSLC Pte Ltd under an agreement dated July 12, 2021.
(b)	The Company was in a cost sharing arrangement with Aeries Financial Technologies Private Ltd and Bhanix Finance and Investment Ltd under separate agreements dated April 1, 2020. The cost sharing arrangement included costs in the areas of office management, IT and operations. The agreements are for a 36-month term with auto renewals after the original term.
(c)	The Company availed consulting services including implementation services in business restructuring, risk management, feasibility studies, mergers & acquisitions etc. from Ralak Consulting LLP via agreement dated April 1, 2022.
(d)	The Company incurred interest expense in relation to loans taken from ATPSPL, which were borrowed to meet working capital requirements. The loans were for a 3-year term and were issued at an interest rate of 12% per annum.
(e)	The Company received interest income in relation to loans given to affiliates to support their working capital requirements. The loans were for a 3-year term and issued at an interest rate of 12% per annum.
(f)	The Company received interest income in relation to loans given to affiliates to support their working capital requirements. The loans were for a 3-year term and issued at an interest rate of 15-17% per annum.
(g)	The Company obtained a loan at 12% per annum interest rate (w.e.f April 1, 2025; 10% per annum till March 31, 2025) from Mr. Vaibhav Rao for business purposes. The agreement shall remain valid until the principal amount along with interest is fully repaid. The loan amount was outstanding in entirety as of March 31, 2026.
(h)	This amount represents investments in affiliates. The Company earned interest income on its investments in affiliates.
(i)	The Company availed management consulting services from ATPSPL under agreements dated March 20, 2020 and April 1, 2021.
(j)	For the year ended March 31, 2026, ATI has issued 851,184 shares at a fair value of $0.87 per share to Mr. Bhisham (Ajay) Khare pursuant to the exchange agreement dated November 6, 2023 for his holding in ATGBA. As on March 31, 2026, Mr. Bhisham (Ajay) Khare is yet to transfer the shares to ATI and consequently a receivable of $741.00 has been recognized.
(k)	The Company incurred interest expense in relation to loans taken from Sqrrl, which were borrowed to meet working capital requirements. The loans were for a 3-month term and were issued at an interest rate of 17% per annum.
(l)	For the year ended March 31, 2026, Mr. Bhisham (Ajay) Khare has exercised 59,110 options under Aeries Management Stock Option Plan 2019 (“MSOP”) with exercise price of INR 10 (or approximately $0.11 at the exchange rate in effect on March 31, 2026). As on March 31, 2026, a remittance in transit of $6.24 has been recognized in respect of the exercise price of such options has been recognised.

The Company has also executed two Exchange Agreements: (1) with AARK and Mr. Raman Kumar in his capacity as a shareholder of AARK; and (2) with ATGBA and Mr. Sudhir Appukuttan Panikassery, Mr. Ajay Khare, and Mr. Unnikrishnan Balakrishnan Nambiar, key managerial personnel of ATGBA in their capacity as shareholders of ATGBA (together referred to as “counterparties”). Under the Exchange Agreements, the counterparties would have a right to exchange the shares held by them in AARK or ATGBA into shares of ATI or cash subject to the conditions specified in relevant Exchange Agreement. Refer Note 16 for details. Additionally, pursuant to the Business Combination, 5,638,530 Class A ordinary shares were issued to Innovo Consultancy DMCC, which is wholly owned by Mr. Kumar.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Stock-Based Compensation (Details 3)	12 Months Ended
Stock-Based Compensation (Details 3)	Mar. 31, 2026
Compensation Related Costs [Abstract]
Expected term	3 years 6 months
Expected volatility	40.80%
Risk free interest rate	3.01%
Annual dividend yield	0.00%

Long-Term Investments (Tables)

12 Months Ended

Mar. 31, 2026

Long-term Investments

Schedule of long-term investments

Schedule of long-term investments
	As of March 31,
	2026		2025
Held-to-maturity investments, amortized cost basis (net off expected credit losses)	$	777	$	840
Interest earned on investments		1,119		990
Held-to-maturity investments, net carrying amount	$	1,896	$	1,830

Short-term borrowings (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Extinguishment of Debt [Line Items]
Short-term borrowings	$ 4,436	$ 6,504
Short-Term Debt [Member]
Extinguishment of Debt [Line Items]
Short-term borrowings	4,344	6,480
Current portion of vehicle loan [Member]
Extinguishment of Debt [Line Items]
Short-term borrowings	$ 92	$ 24

Redeemable Noncontrolling Interest and Shareholders’ Equity / (Deficit) (Tables)

12 Months Ended

Mar. 31, 2026

Equity [Abstract]

Schedule of shares of common stock

Schedule of shares of common stock
	2026			2025
Common stock outstanding, beginning balances		47,152,626			15,619,004
Common stock repurchased		(1,712,562	)		(1,285,392	)*
Common stock issued		3,057,090			32,819,014
Common stock outstanding, ending balances		48,497,154			47,152,626

Short-term borrowings

12 Months Ended

Mar. 31, 2026

Short-term Borrowings

Short-term borrowings

Note 6 - Short-term borrowings

Schedule of short-term borrowings
	As of March 31,
	2026		2025
Short-term borrowings	$	4,344	$	6,480
Current portion of vehicle loan		92		24
	$	4,436	$	6,504

As of March 31, 2026, the Company had a revolving credit facility with Kotak Mahindra Bank of INR 320,000 (or approximately $3,381 at the exchange rate in effect on March 31, 2026). The revolving facility is available for the Company’s operational requirements.

The funded drawdown amount under the Company’s revolving facility as of March 31, 2026 and March 31, 2025, is $1,601 and $3,586 respectively. The interest rate is equal to the 3-months Repo Rate plus a margin of 3.90% and 6-months Marginal Cost of Funds based Lending Rate (“MCLR”) plus a margin of 0.80% as of March 31, 2026, and March 31, 2025, respectively.

Prior to the Closing Date, WWAC modified the terms of payment owed to Shearman & Sterling LLP, a multinational law firm providing legal consultancy services to WWAC. This resulted in a reduction in the total amount owed by WWAC to Shearman & Sterling LLP from $4,800 of accounts payable to $4,000 promissory note, payable in four equal tranches. Subsequently, the promissory note was amended upon payment of $1,500, wherein the balance $2,500 was promised to be paid in two equal tranches. $2,500 owed to Shearman & Sterling LLP has been disclosed as short-term debt, as ATI has an unconditional obligation to settle it within a period of less than twelve months from March 31, 2026.

After the Closing Date, ATI obtained an insurance policy for its directors and senior officers with $5,000 in coverage. The total premium payable in relation to this was $880 out of which $176 was paid upfront and balance $704 was payable in ten equal monthly instalments of $73. The arrangement represented a financing transaction where the premium payable was deferred. The interest rate under the arrangement was 9.2% per annum. The cumulative interest payable throughout the tenure under the arrangement amounts to $30 and the same was recognized as part of the interest expense in the consolidated statement of operations. During the year ended March 31, 2026 and March 31, 2025, the interest expense so recognized was Nil and $9. The balance premium payable as of March 31, 2025 is Nil.

The Company obtained an insurance policy for its directors and senior officers to cover $5,000, effective as of November 6, 2024, for a period of 12 months. The total premium payable under the insurance policy was $670, out of which $58 was paid upfront and the $612 balance of which is payable in eleven equal monthly installments of $58. The arrangement represents a financing transaction where the premium payable has been deferred. The interest payable under the arrangement amounts to $23 and the same would be recognized as part of the interest expense through the condensed consolidated statement of operations. During the year ended March 31, 2026 and March 31, 2025, the interest expense so recognized was $0 and $16 respectively. The balance premium payable as of March 31, 2026 and March 31, 2025 is Nil 0 and $394.

Effective November 6, 2025, the Company has renewed the insurance for its directors and senior officers to cover $5,000 for the period of 12 months. The total premium payable in relation to this was $577 out of which $144 was paid upfront and balance $433 is payable in nine equal monthly instalments of $50.The arrangement represents a financing transaction where the premium payable has been deferred. The interest payable under the arrangement amounts to $13 and the same would be recognized as part of the interest expense through the condensed consolidated statement of operations. During the year ended March 31, 2026 and March 31, 2025, the interest expense so recognized was $9 and Nil respectively. The balance premium payable as of March 31, 2026 is $243.

For additional information on the vehicle loan see Note 8 – Long-term debt.

Revenue (Tables)

12 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Schedule of disaggregation of revenue

Schedule of disaggregation of revenue
	Year Ended March 31,
	2026		2025
North America	$	62,873	$	65,486
Asia Pacific and Other		7,141		4,712
Total revenue	$	70,014	$	70,198

Prepaids Expenses and Other Current Assets (Details) - USD ($)
$ in Thousands

Mar. 31, 2026

Mar. 31, 2025

Prepaids Expenses And Other Current Assets

Advance non-income taxes

^[1]

$ 2,904

$ 3,680

Prepaid expenses

866

1,196

Advance to vendors

390

838

Security deposits

357

114

Other

1,653

1,753

Prepaid Expense and Other Assets

$ 6,170

$ 7,581

[1]	Advance non-income taxes consist of tax credits owed to the Company that were levied by taxing authorities.

Nature of Operations (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Mar. 31, 2026	Nov. 06, 2023
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Warrants outstanding	21,027,801
Shares issued	15,257,666
Transaction costs relating to business combination	$ 3,697
Private Placement Warrants [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Purchase of additional shares	9,527,810
Public Warrants [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Purchase of additional shares	11,499,991
Common Stock [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Shares Outstanding	15,257,666
Common stock, par value	$ 0.0001
Redemption of shares	2,697,052
Class A Ordinary Shares [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Shares issued	1,652,892
AARK [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership, percentage	3.09%	38.24%
AARK Shareholders [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership, percentage		61.76%

Warrant Liabilities (Details Narrative) - $ / shares	12 Months Ended
Warrant Liabilities (Details Narrative) - $ / shares	Mar. 31, 2026	Mar. 31, 2025
Class of Warrant or Right [Line Items]
Initial public offering description	the consummation of the Initial Public Offering, the Company issued 11,499,991 Public Warrants. Simultaneously with the closing of the Initial Public Offering, WWAC issued 8,900,000 warrants in a private placement (the “Private Placement Warrants”), at a purchase price of $1.00 per Private Placement Warrant, which included 900,000 units as a result of the underwriter’s full exercise of its option to purchase up to 900,000 additional warrants, at a purchase price of $1.00 per Private Placement Warrant. On November 6, 2023, WWAC issued 627,810 other Private Placement Warrants to the Sponsor pursuant to the conversion of a promissory note payable to the Sponsor. Upon consummation of the Business Combination, the Company assumed 11,499,991 Public Warrants and 9,527,810 Private Placement Warrants (collectively the “Warrants”).
Sale price	$ 18.00	$ 18.00
Public Warrants [Member]
Class of Warrant or Right [Line Items]
Exercise price of warrants	$ 11.50

Summary of Significant Accounting Policies (Details 3)	12 Months Ended
Summary of Significant Accounting Policies (Details 3)	Mar. 31, 2026
Computer Equipment [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment useful life	3 years
Computer Equipment [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment useful life	6 years
Office Equipment [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment useful life	5 years
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment useful life	10 years
Vehicles [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment useful life	8 years
Vehicles [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment useful life	10 years
Internal-use software [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment useful life	5 years
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life	Shorter of lease term or estimated useful life

Net income / (loss) per Share (Tables)

12 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of reconciliation of net income per share


	Year Ended March 31,
	2026		2025
Net Income / (Loss) attributable to controlling interest for the period for Basic and Dilutive Earning per share (A)	$	2,554	$	(19,714	)
Weighted average shares outstanding of Class A ordinary shares, basic and diluted (B)		48,329,709		43,080,693

Profit / (Loss) / Earning per share:
Basic and Diluted (A/B)	$	0.05	$	(0.46	)

Long-Term Investments

12 Months Ended

Mar. 31, 2026

Long-term Investments

Long-Term Investments

Note 5 - Long-Term Investments

Common Stock

The Company holds 6,927 shares of common stock of Boston Systems Private Limited (previously known as Empays Payment Systems India Private Ltd). The Company has fully impaired this investment and recorded an impairment charge of $7. As of March 31, 2026 and 2025, the investment is fully impaired and the carrying value of this investment was Nil 0.

10% Cumulative Redeemable Preference Securities

The Company holds 4,500,000 cumulative redeemable preference securities (“CRPS”) of a common control affiliate, Aeries Technology Products and Strategies Private Ltd. The CRPS carry a cumulative dividend of 10% per annum. 3,500,000 CRPS can be redeemed any time before 19 years from the date of issue i.e. June 27, 2017 by giving a 30-day redemption request and 1,000,000 CRPS can be redeemed any time before 20 years from the date of issue i.e. April 7, 2016 by giving a 30-day redemption request. As of March 31, 2026 and 2025, these CRPS held by the Company were classified as a held-to-maturity investment and recorded at amortized cost of $786 and $822, respectively.

0.001% Series-A Redeemable Preference Securities

The Company holds 349,173 Series-A cumulative redeemable preference securities (Series-A RPS) of a common control affiliate, Aeries Financial Technologies Private Ltd. and was recorded as a held-to-maturity investment at amortized cost. The Series-A RPS carries a dividend of 0.001 % per annum. Series-A RPS can be redeemed one day before the expiry of 20 years from the date of the allotment of the Series-A RPS with an annualized internal rate of return of 18%. As of March 31, 2026 and 2025, these Series-A RPS held by the Company were classified as a held-to-maturity investment and recorded at amortized cost of $1,110 and $1,008, respectively.

A reconciliation from amortized cost basis to net carrying amount is provided below for the Company’s held-to-maturity investments:

Schedule of long-term investments
	As of March 31,
	2026		2025
Held-to-maturity investments, amortized cost basis (net off expected credit losses)	$	777	$	840
Interest earned on investments		1,119		990
Held-to-maturity investments, net carrying amount	$	1,896	$	1,830

Stock-Based Compensation (Details) - Restricted Stock Units (RSUs) [Member] - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares unvested, at beginning
Grant date fair value unvested, at beginning
Number of shares granted	500,000	3,880,022
Grant date fair value granted	$ 293	$ 5,432
Number of shares vested	(500,000)	(3,880,022)
Grant date fair value vested	$ 293	$ 5,432
Number of shares forfeited/ canceled
Grant date fair value forfeited/ canceled
Number of shares unvested, at end
Grant date fair value unvested, at end

Cover - USD ($) $ in Thousands	12 Months Ended
Cover - USD ($) $ in Thousands	Mar. 31, 2026	Jun. 05, 2026	Sep. 30, 2025
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2026
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2026
Current Fiscal Year End Date	--03-31
Entity File Number	001-40920
Entity Registrant Name	Aeries Technology, Inc.
Entity Central Index Key	0001853044
Entity Tax Identification Number	98-1587626
Entity Incorporation, State or Country Code	E9
Entity Address, Address Line One	60 Paya Lebar Road
Entity Address, Address Line Two	#08-13
Entity Address, Address Line Three	Paya Lebar Square
Entity Address, City or Town	Singapore
Entity Address, Country	SG
Entity Address, Postal Zip Code	409051
City Area Code	919
Local Phone Number	228-6404
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	No
Entity Interactive Data Current	No
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	false
Entity Shell Company	false
Entity Public Float			$ 8,300
Documents Incorporated by Reference [Text Block]	None.
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Auditor Name	Manohar Chowdhry & Associates
Auditor Firm ID	5341
Auditor Location	Chennai, India
Class A ordinary shares, par value $0.0001 per share
Title of 12(b) Security	Class A ordinary shares, par value $0.0001 per share
Trading Symbol	AERT
Security Exchange Name	NASDAQ
Redeemable warrants, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50
Title of 12(b) Security	Redeemable warrants, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50
Trading Symbol	AERTW
Security Exchange Name	NASDAQ
Common Class A [Member]
Entity Common Stock, Shares Outstanding		45,914,789
Common Class V [Member]
Entity Common Stock, Shares Outstanding		1

Leases (Details 4) $ in Thousands	Mar. 31, 2026 USD ($)
Leases
2027	$ 3,608
2027	124
2028	3,076
2028	49
2029	2,546
2029	25
2030	1,135
2030
Thereafter
Thereafter
Total lease payments	10,365
Total lease payments	198
Less: Imputed interest	1,313
Less: Imputed interest	26
Total	9,052
Total	$ 172

Leases (Tables)

12 Months Ended

Mar. 31, 2026

Leases

Schedule of lease cost

Schedule of lease cost
	Year Ended March 31,
	2026		2025
Finance lease cost:
Amortization of lease assets (Note a)	$	192		303
Interest on lease liabilities (Note b)		28		39
Operating lease cost (Note a)		4,026		3,376
Short-term and variable lease cost (Note a)		113		61
Total lease cost	$	4,359		3,779

	a)	Included in “cost of revenue” and “selling, general and administrative expenses” in the Consolidated Statements of Comprehensive Income / (loss).
	b)	Included in “interest income (expense), net” in the Consolidated Statements of Comprehensive Income / (loss).

Schedule of cash flows arising lease transactions


	Year Ended March 31,
	2026		2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	115		3,555
Operating cash flows from finance leases	$	28		39
Financing cash flows from finance leases	$	176		335

Schedule of other information about lease amounts


	Year Ended March 31,
	2026			2025
Weighted-average remaining lease term (years):
Operating lease		3.24			3.97
Finance lease		1.93			1.60
Weighted-average discount rate:
Operating lease		9.35	%		10.81	%
Finance lease		10.73	%		13.54	%

Schedule of lease liabilities

Schedule of lease liabilities
	Operating		Finance		Total
Gross lease liabilities	$	10,365	$	198	$	10,563
Less: imputed interest		1,313		26		1,339
Present value of lease liabilities		9,052		172		9,224
Less: current portion of lease liabilities		2,694		89		2,783
Total long-term lease liabilities	$	6,358	$	83	$	6,441

Schedule of annual lease payments

Schedule of annual lease payments
	Operating		Finance
2027	$	3,608	$	124
2028		3,076		49
2029		2,546		25
2030		1,135		-
Thereafter		-		-
Total lease payments	$	10,365	$	198
Less: Imputed interest		1,313		26
Total	$	9,052	$	172

Long-term debt

12 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Long-term debt

Note 8 - Long-term debt

Long-term debt consists of the following:

Schedule of long-term debt
	As of March 31,
	2026		2025
Loan from the director of ATGBA	$	734	$	812
Loan from an affiliate		-		111
Non-current portion of vehicle loan		64		173
	$	798	$	1,096

For additional information on the loan from the director of ATGBA, Mr. Vaibhav Rao, to a subsidiary company and loan from an affiliate, see Note 13 – Related Party Transactions - point (g) and (d), respectively.

Vehicle loan

On December 7, 2022, the Company entered into a vehicle loan, secured by the vehicle, for INR 11,450 (or approximately $121 at the exchange rate in effect on March 31, 2026) at 10.75% from Mercedes-Benz Financial Services India Pvt. Ltd. The Company is required to repay the loan in 48 monthly instalments beginning January 4, 2023.

On August 2, 2024, the Company entered into a vehicle loan, secured by the vehicle, for INR 8,165 (or approximately $86 at the exchange rate in effect on March 31, 2026) at 10.25% from Mercedes-Benz Financial Services India Pvt. Ltd. The Company is required to repay the loan in 48 monthly instalments beginning September 4, 2024.

As of March 31, 2026, the future maturities of debt by fiscal year are as follows:

Schedule of future maturities of debt
2027	$	826
2028		11
2029		53
2030		-
Total future maturities of debt	$	890

Income Taxes (Details 2) - USD ($) $ in Thousands	12 Months Ended
Income Taxes (Details 2) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Income Tax Disclosure [Abstract]
Income / (Loss) from operations	$ 1,991	$ (1,072)
Other comprehensive loss
Unrecognized actuarial (loss) / gain on defined employee benefit plan obligations	(110)	(35)
Total	$ 1,881	$ (1,107)

- Definition

Amount after tax of income (loss) from continuing operations attributable to the parent.

+ References

+ Details

Fair Value Measurements (Tables)

12 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Summary of liabilities measured at fair value on a recurring basis


March 31, 2026	Level 1		Level 2		Level 3		Total
Liabilities:
Forward Purchase Agreement put option liability	$	-	$	-	$	4,287	$	4,287
Public Warrants		230		-		-		230
Private Placement Warrants		-		-		191		191
Total liabilities	$	230	$	-	$	4,478	$	4,708

March 31, 2025	Level 1		Level 2		Level 3		Total
Liabilities:
Forward Purchase Agreement put option liability	$	-	$	-	$	5,034	$	5,034
Public Warrants		344		-		-		344
Private Placement Warrants		-		-		285		285
Total liabilities	$	344	$	-	$	5,319	$	5,663

Schedule of purchase agreement

Schedule of purchase agreement
	Year Ended March 31, 2026			Year Ended March 31, 2025
Expected Term (Years)		1.92			0.75
Risk free Interest Rate		3.7	%		4.0	%
Volatility		80.0	%		80.0	%
Stock price at measurement date	$	0.3			0.6

Schedule of derivative contract assumptions


Term (years)		2.61
Risk-free interest rate		3.70	%
Stock price at measurement date	$	0.3

Summary of the changes in the fair value of derivative warrant liabilities


	Forward Purchase Agreement Put Option Liability			Public Warrant Liability			Private Placement Liability			Total
Fair value at April 1, 2025	$	5,034		$	344		$	285		$	5,663
Change in fair value (gain) / loss		51			(114	)		(94	)		(157	)
Settlement of forward purchase agreement put option liability		(798	)		-			-			(798	)
Fair value as of March 31, 2026	$	4,287		$	230		$	191		$	4,708

Income Taxes

12 Months Ended

Mar. 31, 2026

Income Tax Disclosure [Abstract]

Income Taxes

Note 12 - Income Taxes

The Company’s income tax expense majorly pertains to the Indian jurisdiction. Income / (Loss) before income taxes for the year ended March 31, 2026 and 2025, are as follows:


	Year Ended March 31,
	2026			2025
United States	$	142		$	956
India		4,928			(8,175	)
Cayman Islands		(2,738	)		3,745
UAE		1,090			(1,064	)
Singapore		(336	)		(18,701	)
Mexico		2,379			572
Total	$	5,465		$	(22,667	)

Provision for income taxes for the year ended March 31, 2026 and March 31, 2025, consisted of the following:

Schedule of provision for income taxes
	Year Ended March 31,
	2026		2025
Current tax provision	$	1,819	$	1,037
Deferred tax expense / (benefit)		172		(2,109	)
Provision for Income Taxes	$	1,991	$	(1,072	)

Income tax expense / (benefit) for the years ended March 31, 2026 and, 2025 is allocated as follows:

Schedule of income tax expense
	Year Ended March 31,
	2026			2025
Income / (Loss) from operations	$	1,991		$	(1,072	)
Other comprehensive loss
Unrecognized actuarial (loss) / gain on defined employee benefit plan obligations		(110	)		(35	)
Total	$	1,881		$	(1,107	)

A reconciliation of the provision for income taxes, with the amount computed by applying the income tax rate for the Company to income before provision for income taxes for year ended March 31, 2026 and March 31, 2025, is as follows:

Schedule of income tax rate
	Year Ended March 31, 2026
	Amount			Percentage
Income tax expense at tax rates applicable to the Company		-			0	%

Increase (decrease) in income taxes resulting from:
Non-deductible expenses		273			5	%
Valuation allowance		(49	)		(1	)%
Tax of earlier year		18			0	%
True down / up		(494	)		(9	)%
Loss / (income) taxed at different tax rate		(3	)		0	%
Adjustments for change in rates due to different tax jurisdiction		1,808			33	%
Set off against brought forward losses		-			-
GILTI inclusion		-			-
Foreign Dividends gross-up and additional employee deduction for employee hired-80JJA		(3	)		0	%
FTC Claim
Others		441			8	%
Provision for income tax	$	1,991			36	%


	Year Ended March 31,
	2025
(Loss) before income tax expense	$	(22,667	)

Income tax expense at tax rates applicable to the Company (i.e., 0%)		-

Increase (decrease) in income taxes resulting from:
Non-deductible expenses		812
Valuation allowance		2,871
Tax of earlier year		270
True down / up		(85	)
Loss / (income) taxed at different tax rate		(4	)
Adjustments for change in rates due to different tax jurisdiction		(4,931	)
Set off against brought forward losses		(76	)
GILTI inclusion		113
Foreign Dividends gross-up and additional employee deduction for employee hired-80JJA		2
FTC Claim		(100	)
Others		56
Provision for income tax	$	(1,072	)
Effective tax rate		4.73	%

Significant components of the Company’s deferred taxes as of March 31, 2026 and 2025, are as follows:

Schedule of deferred taxes
	As of March 31,
	2026											2025
	India		Singapore			USA		UAE		Mexico		India			Singapore			USA		UAE			Mexico
Deferred tax assets:
Property and equipment		530		-			-		-		-		541			-			-		-			-
Gratuity		936		-			-		-		-		605			-			-		-			-
Trade Payables		-		-			-		-		-		-			178			-		-			-
Compensated absences		742		-			-		-		-		612			-			-		-			-
Expenses allowed on payment basis / upon deposit of withholding taxes under section 43B / 40(a)(ia) of Indian Income Tax Act, 1961		72		-			-		-		-		83			-			-		-			-
Net operating losses		765		2,749			-		-		-		1,245			2,597			-		96			-
Finance lease		-		-			-		-		-		-			-			-		-			-
Intangible assets under development		-		-			-		-		-		(5	)		-			-		-			-
Provision for expenses		337		-			172		-		97		906			-			58		-			90
Operating lease liabilities		2,273		-			-		-		-		2,413			-			-		-			-
Others		2		-			-		-		-		2			-			-		-			-
Deferred tax asset before valuation allowance		5,657		2,749			172		-		97		6,402			2,775			58		96			90
Valuation Allowance		-		(2,749	)		-		-		-		-			(2,775	)		-		(96	)		-
Deferred tax asset, net of valuation allowance		5,657		-			172		-		97		6,402			-			58		-			90

	As of March 31,
	2026													2025
	India			Singapore		USA			UAE		Mexico			India			Singapore		USA			UAE		Mexico
Deferred tax liabilities:
Investments		(232	)		-		-			-		-			(192	)		-		-			-		-
Property and equipment		-			-		(1	)		-		(12	)		-			-		(1	)		-		(3	)
Operating right-of-use assets		(2,161	)		-		-			-		-			(2,306	)		-		-			-		-
Unbilled Revenue		-			-		-			-		-			-			-		-			-		(91	)
Others		(28	)		-		-			-					(32	)		-		-			-
Deferred tax liability		(2,421	)		-		(1	)		-		(12	)		(2,530	)		-		(1	)		-		(94	)
Net deferred tax asset (liability)		3,236			-		171			-		85			3,872			-		57			-		(4	)

Components of deferred taxes
	As of March 31,
Classified as	2026		2025
Deferred tax assets non-current	$	3,689	$	4,064
Deferred tax liabilities non-current		197		139
	$	3,492	$	3,925

Net cash paid (refunds received) for income taxes for the year ended March 31, 2026 are as follows:


	2026
United States	$	292
India		784
Cayman Islands		-
UAE		-
Singapore		-
Mexico		203
Total	$	1,280

Net operating loss

The Company has carry forward losses of $35, $70 & $2,975 in the Indian jurisdiction, which will get expired in financial years 2028-29; 2029-30 and 2032-33 respectively.

With certain immaterial exceptions, the Company is no longer subject to U.S. federal, state and local or other U.S. income tax examinations by taxing authorities for years prior to 2022. The Company’s subsidiaries in India are open to examination by relevant taxing authorities for tax years beginning on or after April 1, 2016. The Company regularly reviews the likelihood of additional tax assessments and adjusts its unrecognized tax benefits as additional information or events require.

Valuation Allowances

As of March 31, 2026, the Company maintained valuation allowances of $2,749 for deferred tax assets that are not more likely than not to be realized, which primarily included deferred tax assets towards Net Operating Losses (NOL) in Singapore and UAE jurisdictions. The valuation allowances on our deferred tax assets decreased by $122 in year ended March 31, 2026 as compared to increase by $2,871 during the year ended March 31, 2025, respectively. During the year ended March 2026, based on the relevant weight of positive and negative evidence, including the amount of net operating losses in recent years, and consideration of our future taxable earnings, we concluded most of our Singapore and UAE deferred tax assets are not more like than to be realized. Our deferred tax assets without valuation allowances are more like than not to be realized given the expectation of future earnings in the respective jurisdictions.

Unrecognized tax benefits

The Company recognizes financial statement benefit of a tax position only after determining that the relevant tax authority would more-likely-than-not sustain the position following an audit. As of March 31, 2026 and March 31, 2025, the Company does not have any unrecognized tax benefits with a significant impact on its consolidated financial statements.

The Company’s major tax jurisdictions are Singapore, India, the United States, and Mexico. Generally accepted accounting principles requires the Company’s management to evaluate tax positions taken by the Company and recognize a tax liability for any uncertain positions that more likely than not would not be sustained upon examination by the Internal Revenue System (the “IRS”) or a foreign jurisdiction taxing authority. The Company is subject to routine audits by tax authorities.

Deferred tax has not been recognized on the excess of the amount for financial reporting over the tax basis of investments in foreign subsidiaries that is indefinitely reinvested. This amount becomes taxable upon a repatriation of assets from the subsidiary or a sale or liquidation of the subsidiary. The amount of such temporary differences totaled approximately $10,435, with an income tax impact of approximately $1,454 as of March 31, 2026.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
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-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Long-term debt (Tables)

12 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Schedule of long-term debt

Schedule of long-term debt
	As of March 31,
	2026		2025
Loan from the director of ATGBA	$	734	$	812
Loan from an affiliate		-		111
Non-current portion of vehicle loan		64		173
	$	798	$	1,096

Schedule of future maturities of debt

Schedule of future maturities of debt
2027	$	826
2028		11
2029		53
2030		-
Total future maturities of debt	$	890

Subsequent Events (Details Narrative) - shares	2 Months Ended	12 Months Ended
Subsequent Events (Details Narrative) - shares	Jun. 05, 2026	Mar. 31, 2026	Mar. 31, 2025
Subsequent Event [Line Items]
Shares repurchsed, shares	4,294,927	2,582,365
Buy-out revenue		5,000,000	5,000,000
Common Class A [Member]
Subsequent Event [Line Items]
Revenue loss		500,000,000	500,000,000
Subsequent Event [Member]
Subsequent Event [Line Items]
Shares repurchsed cancelled	2,898,643
Buy-out revenue	2,700
Subsequent Event [Member] \| Common Class A [Member]
Subsequent Event [Line Items]
Revenue loss	5,700

Fair Value Measurements (Details Narrative) $ in Thousands	12 Months Ended
Fair Value Measurements (Details Narrative) $ in Thousands	Mar. 31, 2026 USD ($)
Class of Warrant or Right [Line Items]
Settlement of accounts payable through cash or in equity	$ 4,287
Forward purchase agreement derivative liabilities [Member]
Class of Warrant or Right [Line Items]
Change in fair value (gain)	51
Settlement of accounts payable through cash or in equity	$ 4,287

Employee Compensation and Benefits (Tables)

12 Months Ended

Mar. 31, 2026

Retirement Benefits [Abstract]

Schedule of defined benefit plans

Schedule of defined benefit plans
	Year Ended March 31,
	2026			2025
Changes in employee benefit plan obligations
Projected benefit obligation at the beginning of the year	$	2,545		$	1,906
Interest cost		259			158
Past service cost		703			-
Current service cost		504			544
Actuarial (gains) / loss		(114	)		192
Liability Transferred In/ Acquisitions		1,089			-
Benefits paid directly by employers		(765	)		(206	)
Effect of exchange rate fluctuation		(243	)		(49	)
Projected employee benefit plan at the end of the year	$	3,978		$	2,545

Amounts recognized in the Consolidated Balance Sheets
Recorded in accrued compensation and related benefits, current		(599	)		(371	)
Recorded in other liabilities		(3,379	)		(2,174	)
Total project benefit obligation	$	(3,978	)	$	(2,545	)

Schedule of accumulated other comprehensive income


	Year Ended March 31,
	2026			2025
Net actuarial loss	$	1,049		$	621
Deferred tax		(271	)		(161	)
Total	$	778		$	460

Schedule of other comprehensive income /(loss)


	Year Ended March 31,
	2026			2025
Net actuarial (loss) / gain	$	114		$	(192	)
Net prior service credit / (cost)		(641	)		-
Amortization of net actuarial (loss) / gain		99			72
Deferred tax benefit / (expense)		110			35
Unrecognized actuarial (loss) / gain on defined employee benefit plan obligations	$	(318	)	$	(85	)

Schedule of net defined benefit plan costs


	Year Ended March 31,
	2026		2025
Current Service costs	$	504	$	544
Past service cost		62		-
Interest costs		259		158
Settlements		20		-
Amortization of net actuarial loss		79		72
Net defined benefit plan costs	$	924	$	774

Schedule of weighted average assumptions used to determine benefit obligations

	Year Ended March 31,

	2026	2025
Discount rate per annum	8.04% - 9.00%	8.28% - 9.10%
Rate of compensation increase per annum	7.00% - 10.00%	7.00% - 10.00%
Rate of employee turnover per annum	15.00% - 20.00%	20.00%

Schedule of expected benefit payments

Schedule of expected benefit payments
Expected benefit payments during	As of March 31, 2026
Year 1		600
Year 2		713
Year 3		807
Year 4		870
Year 5		934
Year 6 to Year 10		4,033

Stock-Based Compensation (Details 1) - ESOP Stock Option [Member] $ / shares in Units, $ in Thousands	12 Months Ended
	Mar. 31, 2026 USD ($) $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options outstanding, beginning \| shares	59,900
Options outstanding weighted average exercise price, beginning \| $ / shares
Aggregate intrinsic value, beginning \| $
Options granted \| shares
Options granted weighted average exercise price \| $ / shares
Options exercised \| shares
Options exercised weighted average exercise price \| $ / shares
Aggregate intrinsic value, exercised \| $
Options cancelled, forfeited or expired \| shares
Options cancelled, forfeited or expired weighted average exercise price \| $ / shares
Options outstanding, ending \| shares	59,900
Options outstanding weighted average exercise price, ending \| $ / shares	$ 0.11
Weighted average remaining contractual term	2 years 3 months 25 days
Aggregate intrinsic value, ending \| $	$ 635
Vested and exercisable \| shares	59,900
Vested and exercisable weighted average exercise price \| $ / shares	$ 0.11
Weighted average remaining contractual term, vested and exercisable	2 years 3 months 25 days
Aggregate intrinsic value, vested and exercisable \| $	$ 635

Other Liabilities

12 Months Ended

Mar. 31, 2026

Other Liabilities Disclosure [Abstract]

Other Liabilities

Note 9 - Other Liabilities

Other liabilities consist of the following:

Schedule of other liabilities
	As of March 31,
	2026		2025
Accrued compensation and related benefits	$	5,703	$	4,086
Finance lease obligations, non-current		81		75
Other		232		9
	$	6,016	$	4,170

Fair Value Measurements

12 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 20 - Fair Value Measurements

As of March 31, 2026, the Company had financial instruments which were measured at fair value on a recurring basis using significant unobservable inputs (Level 3). Significant changes in the inputs could result in a significant change in the fair value measurements. See each respective footnote for information on the assumptions used in calculating the fair value of financial instruments.

The following tables present information about the Company’s liabilities that are measured at fair value on a recurring basis as of March 31, 2026 and March 31, 2025, including the fair value hierarchy of the valuation techniques that the Company utilized to determine such fair value.

Summary of Liabilities Measured at Fair Value on a Recurring Basis:


March 31, 2026	Level 1		Level 2		Level 3		Total
Liabilities:
Forward Purchase Agreement put option liability	$	-	$	-	$	4,287	$	4,287
Public Warrants		230		-		-		230
Private Placement Warrants		-		-		191		191
Total liabilities	$	230	$	-	$	4,478	$	4,708

March 31, 2025	Level 1		Level 2		Level 3		Total
Liabilities:
Forward Purchase Agreement put option liability	$	-	$	-	$	5,034	$	5,034
Public Warrants		344		-		-		344
Private Placement Warrants		-		-		285		285
Total liabilities	$	344	$	-	$	5,319	$	5,663

The change in the fair value of the forward purchase agreement put option liability of $51 has been recorded to change in fair value of forward purchase agreement put option liability for the year ended March 31, 2026 and in the Company’s consolidated statements of operations. The forward purchase agreement put option liability was classified as a current liability, as its liquidation is reasonably expected to use or require current assets or the creation of current liabilities. See also Notes 2 and 17. The estimated fair value of the forward purchase agreement put option liability was calculated using a Monte Carlo model and used significant assumptions including the risk-free rate and volatility. The change in fair value of the forward purchase agreement put option liability is primarily driven by a decrease in the price per share of the Company.

As of the date of this Form 10-K report, the remaining balance owed to the FPA holders is $4,287, which may be settled either in cash or in equity, at the option of the investors.

The valuation of the forward purchase agreement put option liability was made using the following assumptions as of March 31, 2026:

Schedule of purchase agreement
	Year Ended March 31, 2026			Year Ended March 31, 2025
Expected Term (Years)		1.92			0.75
Risk free Interest Rate		3.7	%		4.0	%
Volatility		80.0	%		80.0	%
Stock price at measurement date	$	0.3			0.6

Given that the Public Warrants have a listed price available, the Company classified them as Level 1. The Company has classified the privately placed warrants within Level 3 of the hierarchy as the fair value derived using the Black-Scholes option pricing model, which uses a combination of observable (Level 2) and unobservable (Level 3) inputs. There were no transfers between fair value levels during the year ended March 31, 2026.

The valuation of the liability for the Private Placement Warrants was made using the following assumptions as of March 31, 2026:


Term (years)		2.61
Risk-free interest rate		3.70	%
Stock price at measurement date	$	0.3

The following table presents a summary of the changes in the fair value of Derivative Liabilities:


	Forward Purchase Agreement Put Option Liability			Public Warrant Liability			Private Placement Liability			Total
Fair value at April 1, 2025	$	5,034		$	344		$	285		$	5,663
Change in fair value (gain) / loss		51			(114	)		(94	)		(157	)
Settlement of forward purchase agreement put option liability		(798	)		-			-			(798	)
Fair value as of March 31, 2026	$	4,287		$	230		$	191		$	4,708

Based on the expected VWAP as at inception as well as March 31, 2026 it is not expected that ATI would be required to issue additional Class A ordinary shares to certain vendors. On this basis, fair value of the derivative financial instrument representing ATI’s obligation to issue additional Class A ordinary shares has been determined to be insignificant on initial recognition as well as of March 31, 2026 and accordingly the quantitative disclosures in relation to the fair value have not been provided.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
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-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
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-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Leases (Details) - USD ($)
$ in Thousands

12 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Leases

Amortization of lease assets

^[1]

$ 192

$ 303

Interest on lease liabilities

^[2]

Operating lease cost

^[1]

4,026

3,376

Short-term and variable lease cost

^[1]

113

Total lease cost

$ 4,359

$ 3,779

[1]	Included in “cost of revenue” and “selling, general and administrative expenses” in the Consolidated Statements of Comprehensive Income / (loss).
[2]	Included in “interest income (expense), net” in the Consolidated Statements of Comprehensive Income / (loss).

Nature of Operations

12 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Nature of Operations

Note 1 - Nature of Operations

Unless the context otherwise requires, Aeries Technology, Inc. and its subsidiaries, is herein referred to as the “Company”, “ATI”, the “registrant”, “us,” “we” and “our” in these consolidated financial statements.

The Company is a global leader in AI enabled value creation, business transformation, and Global Capability Center (GCC) delivery for private equity (PE)portfolio companies, supporting scalable, technology driven execution. Founded in 2012, its commitment to workforce development has earned it the Great Place to Work Certification for two consecutive years. The Company has subsidiaries in India, Mexico, Singapore, and the United States.

Business Combination

On March 11, 2023, the Company (formerly Worldwide Webb Acquisition Corp. (“WWAC”)) entered into a Business Combination Agreement (as amended, the “Merger Agreement”) with WWAC Amalgamation Sub Pte. Ltd., a Singapore private company limited by shares and a direct wholly owned subsidiary of WWAC (“Amalgamation Sub”), and AARK. Pursuant to the Merger Agreement, Amalgamation Sub and AARK amalgamated and continued as one company, with AARK being the surviving entity, and as a result thereof, Aeries Technology Group Business Accelerators Pvt. Ltd. (“ATGBA”), an Indian private company limited by shares became an indirect subsidiary of WWAC (the “Amalgamation” and, together with the other transactions contemplated by the Merger Agreement, the “Business Combination”). Following the closing of the Business Combination, WWAC changed its corporate name to Aeries Technology, Inc.

Pursuant to the Merger Agreement, all AARK ordinary shares that were issued and outstanding prior to the effective time of the Amalgamation remained issued and outstanding following the Amalgamation and continued to be held by the former sole shareholder of AARK. The Company issued a Class V ordinary share to NewGen Advisors and Consultants DWC-LLC (“NewGen”). NewGen is a business associate of Mr. Raman Kumar (the “Former AARK Sole Shareholder”). NewGen has agreed to hold the Class V ordinary share to protect the interest of the Former AARK Sole Shareholder, in the event of certain extraordinary events as described in ATI’s amended and restated memorandum and articles of association, including a hostile takeover or the appointment or removal of directors at ATI level. While the Class V ordinary share does not carry any direct economic rights, it does carry voting rights equal to 1.3% which will ratchet up to 51% voting rights upon occurrence of the extraordinary events: (i) a threatened or actual hostile change of control and/or (ii) the appointment and removal of a director on our board of directors. All of the shares of Amalgamation Sub that were issued and outstanding as of the transaction date were converted into a number of newly issued AARK ordinary shares. In accordance with principles of Financial Accounting Standards Board’s Accounting Standards Codification Topic 805, Business Combinations (“ASC 805”) and based on the economic interest held by the shareholders post the transaction as well as the underlying rights, it was assessed that AARK is the accounting acquirer and WWAC is the accounting acquiree. The Business Combination closed on November 6, 2023 (“Closing Date”) and resulted in ATI owning 38.24% of the issued and outstanding shares of AARK and the Former AARK Sole Shareholder of AARK owning the balance 61.76%. Pursuant to the Business Combination, ATI has a right to appoint two out of the three directors on the board of directors of AARK and therefore has an ability to control the activities undertaken by AARK in ordinary course of business, resulting in AARK being classified as a subsidiary of ATI. Finally, the Business Combination has been accounted for as reverse recapitalization. Refer to the section “Reverse Recapitalization” below for details.

Reverse Recapitalization

As mentioned above – Business Combination, the Business Combination was closed on November 6, 2023 and has been accounted for as a reverse recapitalization because AARK has been determined to be the accounting acquirer under ASC 805 based on the evaluation of the following facts and circumstances taken into consideration:

●

The Former AARK Sole Shareholder, who controlled AARK prior to the Business Combination, will retain a majority of the outstanding shares of ATI after giving effect to the Exchange Agreements. The Exchange Agreements are further discussed in Note 16;

●

AARK has the ability to elect a majority of the members of ATI’s governing body;

●

AARK’s executive team makes up the executive team of ATI;

●

AARK represents an operating entity (group) with operating assets, revenues, and earnings significantly larger than WWAC.

Under a reverse recapitalization, while ATI was the legal acquirer, it has been treated as the “acquired” company for financial reporting purposes. Accordingly, for accounting purposes, the Business Combination was treated as the equivalent of pre-combination AARK issuing stock for the net assets of ATI, accompanied by a recapitalization. The net assets of ATI have been stated at historical cost, with no goodwill or other intangible assets recorded. Operations prior to the Business Combination are those of pre-combination AARK and relate to the management consulting business.

Immediately following the Business Combination, there were 15,257,666 Class A ordinary shares outstanding with a par value of $0.0001. Additionally, there were 9,527,810 Private Placement Warrants (defined below) and 11,499,991 Public Warrants (defined below) outstanding with a right to purchase 21,027,801 Class A ordinary shares.

Upon closing of the Business Combination, the total number of ATI’s Class A ordinary shares issued and outstanding was 15,257,666. Further, certain Class A ordinary shareholders entered into non-redemption agreements executed on November 3, 2023 and November 5, 2023, to reverse redemptions for an aggregate of 1,652,892 Class A ordinary shares while waiving their right to receive any “Bonus Shares” issued under the Merger Agreement. In connection with the closing, holders of 2,697,052 Class A ordinary shares of ATI were redeemed at a price per share of approximately $10.69. AARK incurred approximately $3,697 in transaction costs relating to the Business Combination and recorded those costs against additional paid-in capital in the consolidated balance sheet.

The number of Class A ordinary shares issued and outstanding immediately following the consummation of the Business Combination were:


Public Shareholders (Redeemable Class A ordinary shares), including Bonus Shares⁽¹⁾⁽⁷⁾			3,157,228
Shares held by Worldwide Webb Acquisition Sponsor, LLC (the “Sponsor”) and other initial holders⁽²⁾⁽³⁾			2,750,000
Shares held by Innovo Consultancy DMCC⁽⁴⁾			5,638,530
Shares held by FPA (as defined below) Holders⁽⁵⁾			3,711,667
Total⁽⁶⁾			15,257,425

(1)

(2)	Includes 1,500,000 Class A ordinary shares issued to the Sponsor and 1,250,000 Class A ordinary shares issued to certain anchor investors upon conversion of Class B ordinary shares concurrently with the consummation of the Business Combination. 3,000,000 Class B ordinary shares were forfeited by the Sponsor upon the consummation of the Business Combination.
(3)	Does not include (i) 1,500,000 Class B ordinary shares forfeited upon the consummation of the Business Combination, or (ii) 1,500,000 Class B ordinary shares forfeited pursuant to a Support Agreement with the Sponsor.
(4)	Includes (i) 3,000,000 Class A ordinary shares reissued against 3,000,000 Class B ordinary shares forfeited by the Sponsor upon consummation of the Business Combination as per (2) above, and (ii) 2,638,530 remaining Bonus Shares issued to Innovo.
(5)	Represents a new issuance of Class A ordinary shares to the Forward Purchase Agreement holders in accordance with the Forward Purchase Agreement.
(6)	Does not include 10,000 AARK ordinary shares and 655,788 Aeries Technology Group Business Accelerators Private Limited’s ordinary shares that represent noncontrolling interest in AARK. These shares will be exchangeable (together with the proportionate reduction in the voting power of the Class V ordinary share, and in the case of the exchange of all AARK ordinary shares, the forfeiture and cancellation of the Class V ordinary share) into shares in Aeries Technology, Inc. in connection with the Exchange Agreements, which is further discussed in Note 16.
(7)	Reversal of excess bonus shares issued to Cowen and Company, LLC, which was mistakenly credited with 1,209 bonus shares instead of 968. This error has now been rectified. Refer to the Consolidated Statements of Changes in Redeemable Noncontrolling Interest and Shareholders’ Equity (Deficit) for the year ended March 31, 2025.

As a result of the Business Combination, the Company’s Class A ordinary shares trade under the ticker symbol “AERT” and its public warrants (the “Public Warrants”) trade under the ticker symbol “AERTW” on the Nasdaq Stock Market. Prior to the consummation of the Business Combination, the Company’s Class A ordinary shares were traded on the Nasdaq Stock Market under the symbol “WWAC.”

Short-term borrowings (Details Narrative) - USD ($) $ in Thousands			12 Months Ended
	Aug. 02, 2024	Dec. 07, 2022	Nov. 06, 2026	Mar. 31, 2026	Mar. 31, 2025
Line of Credit Facility [Line Items]
Line of credit facility, current borrowing capacity				$ 320,000
Exchange rate	$ 86	$ 121		$ 3,381
Interest rate	10.25%	10.75%		0.80%	0.80%
Insurance for its directors				After the Closing Date, ATI obtained an insurance policy for its directors and senior officers with $5,000 in coverage. The total premium payable in relation to this was $880 out of which $176 was paid upfront and balance $704 was payable in ten equal monthly instalments of $73. The arrangement represented a financing transaction where the premium payable was deferred. The interest rate under the arrangement was 9.2% per annum. The cumulative interest payable throughout the tenure under the arrangement amounts to $30 and the same was recognized as part of the interest expense in the consolidated statement of operations. During the year ended March 31, 2026 and March 31, 2025, the interest expense so recognized was Nil and $9. The balance premium payable as of March 31, 2025 is Nil.
Renewed insurance policy for its directors			Effective November 6, 2025, the Company has renewed the insurance for its directors and senior officers to cover $5,000 for the period of 12 months. The total premium payable in relation to this was $577 out of which $144 was paid upfront and balance $433 is payable in nine equal monthly instalments of $50.The arrangement represents a financing transaction where the premium payable has been deferred. The interest payable under the arrangement amounts to $13 and the same would be recognized as part of the interest expense through the condensed consolidated statement of operations.	The Company obtained an insurance policy for its directors and senior officers to cover $5,000, effective as of November 6, 2024, for a period of 12 months. The total premium payable under the insurance policy was $670, out of which $58 was paid upfront and the $612 balance of which is payable in eleven equal monthly installments of $58. The arrangement represents a financing transaction where the premium payable has been deferred. The interest payable under the arrangement amounts to $23 and the same would be recognized as part of the interest expense through the condensed consolidated statement of operations.
Interest Expense, Debt				$ 0	$ 16
Premium payable				0	394
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Fund drawdown amount				$ 1,601	$ 3,586

Income Taxes (Details 3) - USD ($) $ in Thousands	12 Months Ended
Income Taxes (Details 3) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Income Tax Disclosure [Abstract]
Income tax expense at tax rates applicable to the Company (i.e., 0%)
Income tax expense at tax rates applicable to the Company, rate	0.00%
Increase (decrease) in income taxes resulting from:
Non-deductible expenses	$ 273	812
Non-deductible expenses, rate	5.00%
Valuation allowance	$ (49)	2,871
Tax of earlier year	18	270
True down / up	$ (494)	(85)
True down / up, rate	(9.00%)
Loss / (income) taxed at different tax rate	$ (3)	(4)
Loss / (income) taxed at different tax rate, rate	0.00%
Adjustments for change in rates due to different tax jurisdiction	$ 1,808	(4,931)
Adjustments for change in rates due to different tax jurisdiction, rate	33.00%
Set off against brought forward losses		(76)
GILTI inclusion		113
Foreign Dividends gross-up and additional employee deduction for employee hired-80JJA	$ (3)	2
Foreign Dividends gross-up and additional employee deduction for employee hired-80JJA, rate	0.00%
FTC Claim		(100)
Others	$ 441	56
Others, rate	8.00%
Provision for income tax	$ 1,991	$ (1,072)
Effective tax rate	36.00%	4.73%
(Loss) before income tax expense	$ 5,465	$ (22,667)

Income Taxes (Details 6) - USD ($) $ in Thousands	12 Months Ended
Income Taxes (Details 6) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Net cash paid for income taxes	$ 1,280	$ 2,503
UNITED STATES
Net cash paid for income taxes	292
INDIA
Net cash paid for income taxes	784
CAYMAN ISLANDS
Net cash paid for income taxes
UNITED ARAB EMIRATES
Net cash paid for income taxes
SINGAPORE
Net cash paid for income taxes
MEXICO
Net cash paid for income taxes	$ 203

Nature of Operations (Details)

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Public Shareholders (Redeemable Class A ordinary shares), including Bonus Shares

3,157,228

^[1],[2]

Shares held by Worldwide Webb Acquisition Sponsor, LLC (the “Sponsor”) and other initial holders

2,750,000

^[3],[4]

Shares held by Innovo Consultancy DMCC

5,638,530

^[5]

Shares held by FPA (as defined below) Holders

3,711,667

^[6]

Total

15,257,425

^[7]

[1]	Includes 87,133 Bonus Shares issued to the Company’s public shareholders and 1,024,335 “Extension Shares” issued to certain holders of Class A ordinary shares (the “Holders”) in accordance with the Non-Redemption Agreement entered into between WWAC, the Sponsor, and the Holders of Class A ordinary shares. Also includes 288,333 shares purchased by the Forward Purchase Agreement (“FPA”) holders in the open market or via redemption reversals prior to the consummation of the Business Combination.
[2]	Reversal of excess bonus shares issued to Cowen and Company, LLC, which was mistakenly credited with 1,209 bonus shares instead of 968. This error has now been rectified. Refer to the Consolidated Statements of Changes in Redeemable Noncontrolling Interest and Shareholders’ Equity (Deficit) for the year ended March 31, 2025.
[3]	Does not include (i) 1,500,000 Class B ordinary shares forfeited upon the consummation of the Business Combination, or (ii) 1,500,000 Class B ordinary shares forfeited pursuant to a Support Agreement with the Sponsor.
[4]	Includes 1,500,000 Class A ordinary shares issued to the Sponsor and 1,250,000 Class A ordinary shares issued to certain anchor investors upon conversion of Class B ordinary shares concurrently with the consummation of the Business Combination. 3,000,000 Class B ordinary shares were forfeited by the Sponsor upon the consummation of the Business Combination.
[5]	Includes (i) 3,000,000 Class A ordinary shares reissued against 3,000,000 Class B ordinary shares forfeited by the Sponsor upon consummation of the Business Combination as per (2) above, and (ii) 2,638,530 remaining Bonus Shares issued to Innovo.
[6]	Represents a new issuance of Class A ordinary shares to the Forward Purchase Agreement holders in accordance with the Forward Purchase Agreement.
[7]	Does not include 10,000 AARK ordinary shares and 655,788 Aeries Technology Group Business Accelerators Private Limited’s ordinary shares that represent noncontrolling interest in AARK. These shares will be exchangeable (together with the proportionate reduction in the voting power of the Class V ordinary share, and in the case of the exchange of all AARK ordinary shares, the forfeiture and cancellation of the Class V ordinary share) into shares in Aeries Technology, Inc. in connection with the Exchange Agreements, which is further discussed in Note 16.

Long-term debt (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Debt Instrument [Line Items]
Long term debt	$ 798	$ 1,096
Loan from the director [Member]
Debt Instrument [Line Items]
Long term debt	734	812
Loan from an affiliate [Member]
Debt Instrument [Line Items]
Long term debt		111
Non-current portion of vehicle loan [Member]
Debt Instrument [Line Items]
Long term debt	$ 64	$ 173

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
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-Name Accounting Standards Codification
-Section S50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
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-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
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-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 835
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482949/835-30-55-8

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
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Reference 9: http://www.xbrl.org/2003/role/exampleRef
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Reference 10: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69C

Reference 11: http://www.xbrl.org/2003/role/exampleRef
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Reference 12: http://www.xbrl.org/2003/role/exampleRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
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-Paragraph 1B
-Subparagraph (c)
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/exampleRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Publisher FASB
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Reference 30: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
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-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 31: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Summary of Significant Accounting Policies (Details)	12 Months Ended
Summary of Significant Accounting Policies (Details)	Mar. 31, 2026	Mar. 31, 2025
Customer One [Member]
Concentration of credit risk, percentage	16.00%	21.00%
Customer Two [Member]
Concentration of credit risk, percentage	12.00%	12.00%
Customer Three [Member]
Concentration of credit risk, percentage	11.00%

Summary of Significant Accounting Policies (Details 1) - Accounts Receivable [Member] - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Product Information [Line Items]
Opening balance	$ 3,574	$ 1,263
(Reversals) / Additions charged to cost and expense	(379)	11,790
Write-off charged against the allowance	(1,860)	(9,479)
Closing balance as of March 31	$ 1,335	$ 3,574

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Current assets:
Cash and cash equivalents	$ 4,878	$ 2,764
Accounts receivable, net of allowance of $1,335 and $3,574 as of March 31, 2026 and March 31, 2025, respectively	12,719	10,982
Prepaid expenses and other current assets, net of allowance of $0 and $0, as of March 31, 2026 and March 31, 2025, respectively	6,170	7,581
Deferred transactions costs	125
Total current assets	23,892	21,327
Property and equipment, net	1,750	1,570
Operating right-of-use assets	8,608	9,602
Deferred tax assets, net	3,689	4,064
Long-term investments, net of allowance of $52 and $76, as of March 31, 2026 and March 31, 2025, respectively	1,896	1,830
Other assets	2,059	1,440
Total assets	41,894	39,833
Current liabilities:
Accounts payable	9,270	8,154
Accrued compensation and related benefits, current	3,568	2,432
Operating lease liabilities, current	2,694	2,543
Short-term borrowings	4,436	6,504
Forward purchase agreement put option liability	4,287	5,034
Other current liabilities	6,434	7,753
Total current liabilities	30,689	32,420
Long term debt	798	1,096
Operating lease liabilities, noncurrent	6,358	7,483
Derivative warrant liabilities	421	629
Deferred tax liabilities, net	197	139
Other liabilities	6,016	4,170
Total liabilities	44,479	45,937
Commitments and contingencies (Note 16)
Redeemable noncontrolling interest	448	(42)
Shareholders’ equity / (deficit)
Preference shares, $0.0001 par value; 5,000,000 shares authorized; none issued or outstanding
Net shareholders’ investment and additional paid-in capital	29,115	27,203
Less: Common Stock held in treasury at cost; 2,997,954 shares as on March 31, 2026 and 1,285,392 shares as on March 31, 2025	(1,304)	(724)
Accumulated other comprehensive loss	(1,977)	(908)
Accumulated deficit	(28,873)	(31,380)
Total Aeries Technology, Inc. shareholders’ equity / (deficit)	(3,034)	(5,804)
Noncontrolling interest	1	(258)
Total shareholders’ equity / (deficit)	(3,033)	(6,062)
Total liabilities, redeemable noncontrolling interest and shareholders’ equity / (deficit)	41,894	39,833
Common Class A [Member]
Shareholders’ equity / (deficit)
Common stock, value	5	5
Common Class V [Member]
Shareholders’ equity / (deficit)
Common stock, value

Summary of Significant Accounting Policies (Details Narrative) - USD ($)
$ in Thousands

1 Months Ended

12 Months Ended

Dec. 31, 2023

Mar. 31, 2026

Mar. 31, 2025

Mar. 31, 2024

Product Information [Line Items]

Shareholders equity deficit

$ (3,034)

$ (5,804)

Working capital deficit

6,797

Current liabilities related to the FPAs

4,287

Short term borrowings

4,436

6,504

Settlement of accounts payable through cash or in equity

4,287

Allowance for doubtful accounts

1,335

3,574

Revenue loss

4,000

Buy-out revenue

$ 1,650

Settlement of accounts payable through issuance of Class A ordinary shares to vendors

$ 855

Shares issued

^[1]

15,257,425

Deferred transaction costs

$ 125

Capitalized cost

684

Impairment charges

1,693

Impairment of Long-Lived Assets

1,693

Other income / (expense), net

273

(117)

Employee benefit plan

846

895

Compensated absences

$ 3,205

$ 2,553

Customer [Member]

Product Information [Line Items]

Concentration of credit risk, percentage

10.00%

Common Class A [Member]

Product Information [Line Items]

Shares issued

361,388

Accounts Receivable [Member]

Product Information [Line Items]

Write off of receivables

$ 1,860

$ 9,479

Allowance for credit losses

$ 1,335

$ 3,574

$ 1,263

Revenue Benchmark [Member] | Three customer [Member]

Product Information [Line Items]

Concentration of credit risk, percentage

10.00%

Revenue Benchmark [Member] | Two customers [Member]

Product Information [Line Items]

Concentration of credit risk, percentage

10.00%

Ralak Consulting LLP [Member]

Product Information [Line Items]

Allowance for credit losses

$ 52

$ 76

$ 126

[1]

Does not include 10,000 AARK ordinary shares and 655,788 Aeries Technology Group Business Accelerators Private Limited’s ordinary shares that represent noncontrolling interest in AARK. These shares will be exchangeable (together with the proportionate reduction in the voting power of the Class V ordinary share, and in the case of the exchange of all AARK ordinary shares, the forfeiture and cancellation of the Class V ordinary share) into shares in Aeries Technology, Inc. in connection with the Exchange Agreements, which is further discussed in Note 16.

Long-term debt (Details Narrative) - USD ($) $ in Thousands			12 Months Ended
Long-term debt (Details Narrative) - USD ($) $ in Thousands	Aug. 02, 2024	Dec. 07, 2022	Mar. 31, 2026	Mar. 31, 2025
Debt Disclosure [Abstract]
Exchange rate	$ 86	$ 121	$ 3,381
Interest rate	10.25%	10.75%	0.80%	0.80%
Term	48 months	48 months

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Income Statement [Abstract]
Revenue, net	$ 70,014	$ 70,198
Cost of revenue	52,715	53,478
Gross profit	17,299	16,720
Operating expenses
Selling, general & administrative expenses	12,781	45,490
Total operating expenses	12,781	45,490
Income / (loss) from operations	4,518	(28,770)
Other income / (expense)
Change in fair value forward purchase agreement put option liability	(51)	4,585
Change in fair value of derivative warrant liabilities	208	738
Gain on settlement of forward purchase agreement put option liability		581
Interest income	318	326
Interest expense	(463)	(751)
Other (expense) / income, net	935	624
Total other income / (expense), net	947	6,103
Income / (loss) before income taxes	5,465	(22,667)
Income tax (expense) / benefit	(1,991)	1,072
Net income / (loss)	3,474	(21,595)
Net income / (loss) attributable to noncontrolling interests	278	(1,163)
Net income / (loss) attributable to redeemable noncontrolling interests	642	(718)
Net income / (loss) attributable to shareholders’ of Aeries Technology Inc.	$ 2,554	$ (19,714)
Weighted average shares outstanding of Class A ordinary shares, basic	48,329,709	43,080,693
Weighted average shares outstanding of Class A ordinary shares diluted	48,329,709	43,080,693
Basic net income / (loss) per Class A ordinary share	$ 0.05	$ (0.46)
Diluted net income / (loss) per Class A ordinary share	$ 0.05	$ (0.46)

Property and Equipment, net

12 Months Ended

Mar. 31, 2026

Property, Plant and Equipment [Abstract]

Property and Equipment, net

Note 4 - Property and Equipment, net

Property and equipment, net, consists of the following:

Schedule of property and equipment
	As of March 31,
	2026			2025
Software and computer equipment^[1][2]	$	4,577		$	3,972
Leasehold improvements^[1]		891			944
Office equipment^[1]		407			432
Internal-use software under development^[2]		-			-
Furniture and fixtures^[1]		166			165
Vehicles		293			324
Property and equipment, gross	$	6,334		$	5,837
Accumulated depreciation and amortization^[1]		(4,584	)		(4,266	)
Property and equipment, net	$	1,750		$	1,571

	^[1]	Property and equipment held under finance lease arrangements amounted to $134 and $247 as of March 31, 2026 and 2025, respectively. Accumulated depreciation for property and equipment held under finance lease arrangements was $1,656 and $1,632 as of March 31, 2026 and March 31, 2025, respectively. Depreciation expense in respect to these assets was $192 and $303 for the years ended March 31, 2026 and 2025, respectively.
	^[2]	Due to decline in customer marketability and future economic benefits of Software and computer equipment and Internal-use software under development, the Company assessed the recoverability of the asset group during the year ended March 31, 2025. Hence, the Company fully impaired the related asset group in the year ended March 31, 2025. Impairment charge of Nil 0 and $1,693 has been included in Selling, General and Administrative Expenses for the year ended March 31, 2026 and March 31, 2025 respectively.

During the year ended March 31, 2026 and 2025, the Company acquired Property and equipment of $1,113 and $1,484 respectively.

During the year ended March 31, 2026 and 2025, the Company sold property and equipment for the sale proceeds of $87 and $217, respectively. As a result of the sale, the Company recorded a (gain)/ loss of $(18) and $90 in the year ended March 31, 2026 and 2025, respectively.

For the year ended March 31, 2026, and 2025 depreciation and amortization expense was $837 and $1,384, respectively.

Non-renewal of Customer Contract and Buyout Notice from Significant Customer (Details Narrative) $ in Thousands	12 Months Ended
	Mar. 31, 2026 USD ($)
Non-renewal Of Customer Contract And Buyout Notice From Significant Customer
Revenue loss	$ 4,000
Buy-out revenue	$ 1,650

Employee Compensation and Benefits (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Retirement Benefits [Abstract]
Net actuarial loss	$ 1,049	$ 621
Deferred tax	(271)	(161)
Total	$ 778	$ 460

Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Total	$ 5,465	$ (22,667)
UNITED STATES
Total	142	956
INDIA
Total	4,928	(8,175)
CAYMAN ISLANDS
Total	(2,738)	3,745
UNITED ARAB EMIRATES
Total	1,090	(1,064)
SINGAPORE
Total	(336)	(18,701)
MEXICO
Total	$ 2,379	$ 572

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Reference 14: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Summary of Significant Accounting Policies

12 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 2 - Summary of Significant Accounting Policies

Basis of Preparation

The Company’s accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with US GAAP have been omitted in accordance with the rules and regulations of the SEC. The results for the year ended March 31, 2026 and 2025 are not necessarily indicative of the results to be expected for any future periods.

There have been no changes in accounting policies during the year ended March 31, 2026, from those disclosed in the annual consolidated financial statements and related notes for the year ended March 31, 2025, except for those described below and also as described in “Recently Adopted Accounting Pronouncements” below.

All intercompany balances and transactions have been eliminated in consolidation.

Emerging Growth Company

The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.

Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an emerging growth company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s consolidated financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

Going Concern

In accordance with ASC Subtopic 205-40, Presentation of Financial Statements—Going Concern (“ASC 205-40”), the Company has the responsibility to evaluate whether conditions and/or events raise substantial doubt about its ability to meet its obligations as they become due within one year after the date that the financial statements are issued.

The accompanying consolidated financial statements have been prepared using the going concern basis of accounting, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The going concern basis of presentation assumes that the Company will continue in operation one year after the date these financial statements are issued and will be able to realize its assets and discharge its liabilities and commitments in the normal course of business. Management’s evaluation does not initially take into consideration the potential mitigating effects of management’s plans that have not been fully implemented as of the date the financial statements are issued. The accompanying financial statements have been prepared assuming that the Company will continue as a going concern.

The shareholders’ equity as of March 31, 2026 has a deficit of $(3,034) and the Company had a working capital deficit of $6,797. These factors may raise a doubt regarding the Company’s ability to continue as a going concern for at least 12 months from the date when these financial statements are available to be filed with the SEC.

In performing this evaluation, the Company identified that the following conditions that raised substantial doubt about its ability to continue as a going concern:

●

As of March 31, 2026, the Company had a working capital deficit of $6,797, primarily due to current liabilities related to the Forward Purchase Agreements (“FPAs”) of $4,287 (as defined below), short term borrowings of $4,436 and remaining due to other current liabilities such as accrued compensation benefits and other accruals.

The FPAs were liquidity arrangements entered into as part of the Business Combination consummated as of November 6, 2023 (“Closing Date”). Under these liquidity arrangements, certain investors agreed not to redeem their holdings in Worldwide Webb Acquisition Corp. (“WWAC”) in exchange for the Company entering into the FPAs. As of the date of this Annual Report on Form 10-K report, the remaining balance owed to the FPA holders is $4,287. The maturity consideration maybe settled either in cash or equity at the option of the FPA holders. Paying the maturity consideration in cash would reduce the amount of cash on hand or available debt capacity to fund our operations, which could adversely affect our ability to make necessary investments, and, therefore, could affect our results of operations.

Sandia Investment Management LP (“Sandia”), one of the FPA holders agreed to the revised terms where the remaining liability will be settled by adjusting the proceeds from FPA share sales, either via cash or additional share issuance. Further, pursuant to Amendment No. 2 dated January 22, 2026 (Amendment No. 2”) to the Letter Agreement with Sandia dated September 16, 2025 (the “Letter Agreement”) commencing March 2026, the Company will make monthly cash payments toward the outstanding amount, subject to reductions in such outstanding amount resulting from sell-downs of shares in accordance with the terms of the Letter Agreement and Amendment No, 2. The outstanding amount will be subject to 15% per annum interest calculated monthly.

●

During the year ended March 31, 2026, the Company has recognized a $1,860 write off of receivables pertaining to our business. There is a risk of non-collection, leading the Company also to record an allowance for doubtful accounts of approximately $1,335 as of March 31, 2026 compared to $3,574 as of March 31, 2025.

●

The Company has historically financed its operations and expansions primarily with cash generated from operations and the revolving credit facility from Kotak Mahindra Bank. As of March 31, 2026 the Company had a balance of $4,878 in cash and cash equivalents and has reported positive operating cash inflow of $6,772. Management expects to have sufficient cash from the operations, cash reserves and debt capacity for the next 12 months and for the foreseeable future to finance our operations, our growth, expansion plans. However, this expectation assumes that the FPA liabilities will not require immediate cash settlement. If an immediate cash settlement is required for the remaining FPA liabilities, the Company may lack the necessary financial resources to sustain operations during this period.

The Company has undertaken or completed the following actions to improve its available cash balances, liquidity, and cash generated from operations:

●

The non-renewal of the customer contract requires a one-time buy-out payment from the customer to us of approximately $1,650.

●

The Company and one of the FPA holders, Meteora Capital Partners LP, have settled the liability through the issuance of shares, and no further amount is owed to Meteora.

Other FPA holders have sold their shares and the liabilities towards them have been fixed and the aggregate outstanding liability under all FPAs is valued at $4,287 as of March 31, 2026. The Company is actively pursuing capital raising alternatives to pay the remaining balance due.

●

Targeted cost cutting measures have been instituted, focusing on non-core expenses including those related to inorganic growth strategy, such as reductions in the use of outside vendors and professional services, as well as selective headcount and salary reduction, which are designed to improve our cashflow position without impacting core business operations.

The Company’s ability to continue as a going concern is dependent upon, among other things, successfully executing its mitigation plan, which includes, (i) raising additional funds from existing or new credit facilities, (ii) raising equity or equity linked capital, (iii) restructuring current liabilities into equity or long-term obligations, (iv) further negotiating for waivers from vendors, and (v) further reducing non-core expenses with a renewed focus on organic growth in the core geography that has been historically operated in, which is North America.

The Company is hopeful of accomplishing its objectives through these measures in the anticipated time frame and also expects that the funds available through the above-mentioned arrangements will be sufficient to alleviate the doubts about the Company’s ability to continue as a going concern. However, there is no guarantee of the success of these efforts. The consolidated financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary if the Company is unable to continue as a going concern.

Use of Estimates

The preparation of consolidated financial statements in accordance with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expenses during the reporting periods. Significant items subject to such estimates and assumptions include, but are not limited to, revenue recognition, allowance for credit losses, stock-based compensation, fair valuation of FPA put option liabilities and private warrant liabilities, useful lives of property and equipment, impairment loss, accounting for income taxes, determination of incremental borrowing rates used for operating lease liabilities and right-of-use assets, obligations related to employee benefits and carve-out of financial statements, including the allocation of assets, liabilities and expenses. Management believes that the estimates and judgments upon which it relies, are reasonable based upon information available to the Company at the time that these estimates and judgments were made. Actual results could differ from those estimates.

Segment Reporting

The Company operates as one operating segment. The Company’s chief operating decision maker is its chief executive officer, who reviews financial information presented on a consolidated basis for the purposes of making operating decisions, assessing financial performance and allocating resources.

Forward Purchase Agreement

On November 3, 2023, and November 5, 2023, WWAC entered into Forward Purchase Agreements with Sandia Investment Management LP (“Sandia”), Sea Otter Trading, LLC, YA II PN, Ltd and Meteora Capital Partners, LP (collectively known as “FPA holders”) for an over-the-counter (OTC) Equity Prepaid Forward Transaction. A Subscription Agreement (the “Subscription Agreement”) was also executed alongside the FPA for subscription of the underlying FPA shares by the FPA holders either through a new issuance or purchase of shares from existing holders (“Recycled Shares”). The FPAs and Subscription Agreements have been accounted for separately as discussed subsequently.

On November 6, 2024, the Company reached an agreement with Meteora to settle the outstanding maturity consideration liability through the issuance of additional shares. As a result, the Company issued 57,811 Class A ordinary shares to Meteora in November 2024, settling its maturity consideration liability with Meteora.

On September 16, 2025, the Company entered into a Letter Agreement (the “Letter Agreement”) with Sandia with respect to the Sandia FPA.

●

The Letter Agreement primarily (1) provides for sales of Class A ordinary shares held by Sandia issued pursuant to the Sandia FPA (the “FPA Shares”) to offset the Company’s payment obligations to Sandia under the Sandia FPA at a sales price not lower than $1.05 per share continuing through December 31, 2025 (the “Designated Period”), (2) provides for the issuance and registration of additional Class A ordinary shares (the “Additional Shares”) to Sandia in an amount equal to (a) the result of dividing (i) the remaining liability at the end of the Designated Period by (ii)the greater of (x) the 30-day volume-weighted average price per Class A ordinary share on the Nasdaq Capital Market for the 30 trading days immediately preceding the expiration of the Designated Period or (y) $1.00 per share, minus (b) the number of remaining FPA Shares held by Sandia at the end of the Designated Period, provided that the total number of the Additional Shares issued shall not be less than 500,000 Class A ordinary shares, and (3) clarifies the Company’s payment obligations under the Forward Purchase Agreement in the case of a Change in Control (as defined in the Letter Agreement) or the delisting of the Company’s Class A ordinary shares from the Nasdaq Capital Market. On December 30, 2025, 1,355,906 Additional Shares were issued to Sandia pursuant to the Letter Agreement.

●

On December 31, 2025, the Company entered into “Amendment No. 1” to the Letter Agreement extending the Designated Period to January 9, 2026.

●

Further, on January 22, 2026, the Company and Sandia entered into Amendment No. 2, pursuant to which the Company agreed, commencing March 2026, to make monthly cash payments toward the outstanding amount, subject to reductions in such outstanding amount resulting from sell-downs of shares in accordance with the terms of the Letter Agreement and Amendment No. 2. The outstanding amount will be subject to 15% per annum interest calculated monthly.

The remaining FPA holders have sold their shares in the open market, reducing the amount they are owed and have requested cash for the outstanding balance.

Derivative Financial Instruments and FPA Put Option Liability

The Company accounts for the Warrants (defined below) in accordance with the guidance contained in ASC 815-40 under which the Instruments (as defined below) do not meet the criteria for equity treatment and must be recorded as liabilities. The Company accounts for the FPA put option liability as a financial liability in accordance with the guidance in ASC 480-10. Warrants and FPA are collectively referred as the “Instruments”. The Instruments are subjected to re-measurement at each balance sheet date until exercised, and any change in fair value is recognized in the Company’s consolidated statement of operations. See Note 17 for further discussion of the pertinent terms of the Warrants and Note 20 for further discussion of the methodology used to determine the value of the Warrants and FPA.

In December 2023, the Company settled vendor balances mounting to $855 owed to certain vendors by issuing 361,388 Class A ordinary shares. If the volume weighted average price (“VWAP”) of the Class A ordinary shares over the three trading days immediately preceding the agreement date is higher than the VWAP over the three trading days immediately preceding the six-month anniversary from the agreement date, additional Class A ordinary shares of ATI would need to be issued for the difference. This represents a derivative financial instrument written by the Company which has been accounted for in accordance with the guidance contained in ASC 815-40 including subsequent re-measurement at fair value with the changes being recognized in Company’s consolidated statement of operations.

●

For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value at inception and is then re-valued at each reporting date, with changes in the fair value reported in the statements of operations. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Derivative liabilities are classified in the consolidated balance sheets as current or noncurrent based on whether or not net-cash settlement or conversion of the instrument could be required within 12 months of the balance sheet date.

Fair Value Measurements

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value should maximize the use of observable inputs and minimize the use of unobservable inputs. Assets and liabilities recorded at fair value in the consolidated financial statements are categorized based upon the level of judgment associated with the inputs used to measure their fair value.

Hierarchical levels which are directly related to the amount of subjectivity associated with the inputs to the valuation of these assets or liabilities are as follows:

Level 1 – Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.

Level 2 – Inputs that are observable, either directly or indirectly. Such prices may be based upon quoted prices for identical or comparable securities in active markets or inputs not quoted on active markets but corroborated by market data.

Level 3 – Unobservable inputs that are supported by little or no market activity and reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model.

A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

Fair Value of Financial Instruments

Except for the Warrants and FPA as described above, the fair value of the Company’s assets and liabilities, which qualify as financial instruments under the Financial Accounting Standards Board (the “FASB”) ASC 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the consolidated balance sheets.

Cash and Cash Equivalents

Cash consists of the Company’s cash and bank balances. The Company considers cash equivalents to be highly liquid investments with original maturities of three months or less.

Concentration of Credit Risk

Financial instruments that potentially subject the Company to credit risk consist primarily of cash and cash equivalents, accounts receivable, loans to affiliates, and investments. The Company holds cash at financial institutions that the Company believes are high credit quality financial institutions and limits the amount of credit exposure with any one bank and conducts ongoing evaluations of the creditworthiness of the banks with which it does business. As of March 31, 2026 and March 31, 2025, there were two customers that represented 10% or greater of the Company’s accounts receivable balance, each. The Company expects limited credit risk arising from its long-term investments as these primarily entail investments in the Company’s affiliates that have a credit rating that is above the minimum allowable credit rating defined in the Company’s investment policy. As a part of its risk management process, the Company limits its credit risk with respect to long-term investments by performing periodic evaluations of the credit standing of counterparties to its investments.

In respect of the Company’s revenue, there were three and two customers that each accounted for more than 10% of total revenue for the year ended March 31, 2026 and 2025, respectively. The following table shows the amount of revenue derived from each customer exceeding 10% of the Company’s revenue during the year ended March 31, 2026 and 2025:


	Year Ended March 31,
	2026			2025
Customer 1		16	%		21	%
Customer 2		12	%		12	%
Customer 3		11	%		n/a

Accounts receivable, net

The Company records a receivable when an unconditional right to consideration exists, such that only the passage of time is required before payment of consideration is due. Timing of revenue recognition may differ from the timing of invoicing to customers. If revenue recognized on a contract exceeds the billings, then the Company records an unbilled receivable for that excess amount, which is included as part of accounts receivable, net in the Company’s consolidated balance sheets.

Under ASC Topic 326, accounts receivable are recorded at the invoiced amount, net of allowance for credit losses. The Company regularly reviews the adequacy of the allowance for credit losses based on a combination of factors. In establishing any required allowance, management considers historical losses adjusted for current market conditions, the current receivables aging, current payment terms and expectations of forward-looking loss estimates. Allowance for credit losses was $1,335 as of March 31, 2026 and $3,574 as of March 31, 2025, and is classified within “Accounts Receivable, net” in the consolidated balance sheets.

The following tables provides details of the Company’s allowance for credit losses on accounts receivable:

Schedule of allowance for credit losses
	Year Ended March 31,
	2026			2025
Opening balance as of April 1	$	3,574		$	1,263
(Reversals) / Additions charged to cost and expense		(379	)		11,790
Write-off charged against the allowance		(1,860	)		(9,479	)
Closing balance as of March 31	$	1,335		$	3,574

Long-Term Investments

The Company’s long-term investments consist of debt and non-marketable equity investments in privately held companies in which the Company does not have a controlling interest or significant influence, which have maturities in excess of one year and the Company does not intend to sell.

Debt investments of mandatorily redeemable preference shares, which are classified as held-to-maturity since the Company has the intent and contractual ability to hold these securities to maturity. These investments are reported at amortized cost and are subject to an ongoing impairment evaluation. Income from these investments is recorded in “Interest income” in the consolidated statements of operations.

Under ASC Topic 326, expected credit losses are recorded and reduced from the amortized cost of the held-to-maturity securities. Expected credit losses for long-term investments are calculated using a probability of default method. Credit losses are recorded within “Selling, general & administrative expenses” in the consolidated statements of operations when an event or circumstance indicates a decline in value has occurred. Allowance for credit losses was $52 as of March 31, 2026 and $76 as of March 31, 2025.

The following tables provides details of the Company’s allowance for credit losses on long-term investments:

Schedule of allowance for credit losses
	Year Ended March 31,
	2026			2025
Opening balance as of April 1	$	76		$	126
Change in provision for credit losses		(24	)		(50	)
Closing balance as of March 31	$	52		$	76

The Company includes these long-term investments in “Long-term investments” on the consolidated balance sheets.

Revenue Recognition

The Company determines revenue recognition through the application of the following five step model in accordance with ASC 606: (1) identification of the contract, or contracts, with a customer; (2) identification of the performance obligations in a contract; (3) determination of the transaction price; (4) allocation of the transaction price to the performance obligations in the contract; and (5) recognition of revenue when, or as, performance obligations are satisfied.

Nature of Services

The Company derives revenues from contracts for management consultancy services, which entail providing customized and integrated advisory and operational management services, each of which constitute a separate performance obligation. These contracts have different terms based on the scope, performance obligations and complexity of the engagement, which frequently requires the Company to make judgments and estimates in recognizing revenues.

The Company’s advisory services entail the provision of strategic consulting services at the onset and during the contractual term and are billed on a time-and materials basis. Operational management services entail provision of tailored offshoring services in respect of customers’ business operations and are billed on a cost-plus basis. Revenue on time and material arrangements is recognized based on the actual hours performed at the contracted billable rates for services provided, plus costs incurred on behalf of the customer. Revenue on cost-plus arrangements is recognized to the extent of costs incurred, plus the contractually agreed-upon margin earned. The Company’s performance obligations are satisfied over time and since contractual billings correspond with the value provided to a customer, the Company recognizes revenue in the amount of consideration for which it has the right to invoice using the as-invoiced practical expedient. If there is an uncertainty about the receipt of payment for the services, revenue is recognized to the extent that a significant reversal of revenue would not be probable. We do not have any significant extended payment terms, as payment is received shortly after services are provided.

Revenue from fixed price contracts is recognized over the period of time, using hours incurred to date relative to total hours estimated at completion to measure progress towards satisfying our performance obligations. Hours incurred to date represents work performed which corresponds with and thereby best depicts, the transfer to control to the client

If there is an uncertainty about the receipt of payment for the services, revenue recognition is deferred until the uncertainty is sufficiently resolved. The Company applies a practical expedient and does not assess the existence of a significant financing component if the period between transfer of the service to a customer and when the customer pays for that service is one year or less.

All revenues earned from contracts are presented net of discounts, allowances, and applicable taxes. Reimbursements of out-of-pocket expenses received from customers have been included as part of revenues.

Unbilled Receivables

Unbilled receivables represent balances recognized as revenue that have not been billed to the customer.

Cost of Revenue

Cost of revenue primarily consists of personnel-related costs directly associated with the Company’s professional services, including salaries, benefits, bonuses, the costs of contracted third-party partners, travel expenses, depreciation related to the Company’s infrastructure and equipment dedicated for customer use, and other overhead.

Selling, General and Administrative Expenses

Selling, general and administrative expenses include compensation for executive management, sales and marketing employees, advertising costs, finance administration and human resources, facility costs, personnel-related expenses directly associated with the Company’s IT staff, bad debt expenses, professional service fees, depreciation, and other general overhead costs to support the Company’s operations.

Deferred Transaction Costs

Deferred transaction costs, which consist of direct incremental legal, consulting and accounting fees related to the Business Combination, are capitalized. The Company has recorded $125 and Nil 0 deferred transaction costs on the consolidated balance sheet as of March 31, 2026 and 2025, respectively.

Stock-Based Compensation

In 2020, ATGBA established a controlled trust called the Aeries Employee Stock Option Trust (“ESOP Trust”). The ESOP Trust purchased shares of ATGBA from funds borrowed from the entity. The entity’s Board of Directors recommends to the ESOP Trust certain employees, officers and key management personnel, to whom the ESOP Trust will be required to grant shares from its holdings at the exercise price. Such shares granted to employees are subject to the vesting conditions of the plans described below.

The Company measures compensation expense for all stock-based awards based on the estimated fair value of the awards on the date of grant. Stock-based awards include stock options with service-based and/or performance-based vesting conditions. For awards that vest based on continued service, stock-based compensation is recognized on a straight-line basis over the requisite service period. For awards with performance-based vesting conditions, stock-based compensation expense is recognized using an accelerated attribution method from the time it is deemed probable that the vesting condition will be met through the time the service-based vesting condition has been achieved. The Company reassesses the probability of achieving the performance condition at each reporting date.

The fair value of employee stock options are determined using the Black-Scholes Merton (“BSM”) model using various inputs, including estimates of expected volatility, term, risk-free rate, and future dividends. The Company recognizes compensation costs on a straight-line basis over the requisite service period of the employee which is generally the option vesting term. The Company accounts for forfeitures as they occur.

Fair Value of Common Stock – Given the absence of a public trading market for shares of ATGBA, the Company considers numerous objective and subjective factors to determine the fair value of common stock at each meeting at which awards are approved. These factors include, but are not limited to, contemporaneous valuations of common stock performed by an independent valuation specialist; developments in the Company’s business and stage of development; the Company’s operational and financial performance and condition; current condition of capital markets and the likelihood of achieving a liquidity event, such as sale of the Company; and the lack of marketability of the Company’s common stock.

Dividend Yield – The Company bases the assumed dividend yield on its expectation of not paying dividends in the foreseeable future. Consequently, the expected dividend yield used is zero.

Expected Volatility – The volatility is derived from the average historical stock volatilities of a peer group of public companies that the Company considers to be comparable to its business over a period equivalent to the expected term of the share-based grants. The peer group is periodically re-evaluated to properly align to the changes and developments of the Company’s business.

Risk-free Interest Rate – The risk-free interest rate assumption is based upon observed interest rates on U.S. Treasury bonds whose maturity period is appropriate for the term of the options.

Expected Term – The Company calculates the expected term using the simplified method based on the options vesting term and contractual terms as the Company did not have sufficient relevant historical information to develop reasonable expectations about future exercise patterns and post-vesting employment termination behavior.

Income Taxes

The Company records income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the Company’s consolidated financial statements or tax returns. Deferred tax assets and liabilities are measured using the tax rates that are expected to apply to taxable income for the years in which those tax assets and liabilities are expected to be realized or settled. The Company nets the deferred tax assets and deferred tax liabilities from temporary differences arising from a particular tax-paying component of the Company within the same tax jurisdiction and presents the net asset or liability as long term. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the consolidated statements of comprehensive income in the period that includes the enactment date. Valuation allowances are provided when necessary to reduce deferred tax assets to the amount expected to be realized. We have elected to account for the tax effects of the global intangible low tax Income provision as a current period expense.

The Company recognizes tax benefits from uncertain tax positions if it is more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. Although the Company believes that it has adequately reserved for uncertain tax positions, the Company can provide no assurance that the final tax outcome of these matters will not be materially different. The Company makes adjustment to these reserves when facts and circumstances change, such as the closing of a tax audit or the refinement of an estimate. To the extent that the final outcome of these matters is different than the amounts recorded, such differences will affect the provision for income taxes in the period in which such determination is made and could have a material impact on our financial condition and results of operations.

The Company elects to record interest accrued and penalties related to unrecognized tax benefits in the consolidated statements of operations as a component of provision for income taxes.

Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss consists of changes, net of taxes, in the cumulative foreign currency translation adjustments and actuarial gains and losses on defined benefit plans.

Property and Equipment

Property and equipment are stated at cost less accumulated depreciation and amortization, subject to review of impairment. Expenditures for replacements and improvements are capitalized, whereas the costs of maintenance and repairs are charged to earnings as incurred. Property and equipment include assets that the Company owns and finance lease arrangements. Property and equipment are depreciated using the straight-line method over the estimated useful lives of the assets as follows:

Schedule of estimated useful lives
Software and computer equipment		3-6 years
Office equipment		5 years
Furniture and fixtures		10 years
Vehicle		8-10 years
Internal-use software		5 years
Leasehold improvements		Shorter of lease term or estimated useful life

Internal Use Software Costs

The Company capitalizes certain costs related to internal use software acquired, modified, or developed related to the Company’s platform. These capitalized costs are primarily related to salaries and other personnel costs. Costs incurred in the preliminary stages of development are expensed as incurred. Once the application development stage has been reached, internal and external costs, if direct and incremental, are capitalized until the software is substantially complete and ready for its intended use. Capitalization ceases upon completion of all substantial testing. Maintenance and training costs are expensed as incurred. For the years ended March 31, 2026 and 2025, the Company capitalized Nil 0 and $684, respectively, of technology development costs. The amortization expense is recorded in “Cost of revenue” and “Selling, general and administrative expenses” on the consolidated statements of operations. The Company charged impairment loss of Nil 0 and $1,693 during the years ended March 31, 2026 and 2025 in “Selling, general and administrative expenses” on the consolidated statements of operations.

Software costs that are expensed are recorded in “Selling, general and administrative expenses” on the consolidated statements of operations.

Impairment of Long-Lived Assets

The Company periodically reviews the carrying amounts of long-lived assets, such as property and equipment, for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. The Company measures the recoverability of these assets by comparing the carrying amount of each asset to the future undiscounted cash flows we expect the asset to generate. If any of these assets are considered to be impaired, the impairment to be recognized equals the amount by which the carrying value of the asset exceeds its fair value. In addition, we periodically evaluate the estimated remaining useful lives of long-lived assets to determine whether events or changes in circumstances warrant a revision to the remaining period of depreciation or amortization. The Company charged an impairment loss of Nil 0 and $1,693 during the years ended March 31, 2026 and 2025 in “Selling, general and administrative expenses” on the consolidated statements of operations.

Leases

At the inception of a contract, the Company assesses whether the contract is, or contains, a lease. The Company’s assessment is based on whether: (1) the contract involves the use of a distinct identified asset, (2) the Company obtains the right to substantially all the economic benefit from the use of the asset throughout the term of the contract, and (3) the Company has the right to direct the use of the asset.

Leases are classified as either finance leases or operating leases. A lease is classified as a finance lease if any one of the following criteria are met: (1) the lease transfers ownership of the asset by the end of the lease term, (2) the lease contains an option to purchase the asset that is reasonably certain to be exercised, (3) the lease term is for a major part of the remaining useful life of the asset or (4) the present value of the lease payments equals or exceeds substantially all of the fair value of the asset, (5) the leased asset is so specialized that the asset will have little to no value at the end of the lease term. A lease is classified as an operating lease if it does not meet any one of the above criteria. Assets acquired under finance leases are recorded in property and equipment, net.

Lease liabilities are recognized at the present value of the fixed lease payments, reduced by landlord incentives using a discount rate based on similarly secured borrowings available to us. Lease assets are recognized based on the initial present value of the fixed lease payments, reduced by landlord incentives, plus any direct costs from executing the leases. Lease assets are tested for impairment in the same manner as long-lived assets used in operations. Leasehold improvements are capitalized at cost and amortized over the lesser of their expected useful life or the lease term.

Upon the adoption of ASC 842, the Company elected the package of practical expedients to not (i) reassess whether any expired or existing contracts are or contain a lease, (ii) reassess historical lease classifications for existing leases, and (iii) reassess initial direct costs for existing leases.

The Company also elected the practical expedient to account for lease and non-lease components as a single lease component. Accordingly, the Company shall include non-lease components with lease payments for the purpose of calculating lease assets and liabilities to the extent that they are fixed. Non-lease components that are not fixed are expensed as incurred as variable lease payments. The Company does not record leases on the consolidated balance sheet that have a term of 12 months or less at the lease commencement date.

Costs associated with operating lease assets are recognized on a straight-line basis within “Cost of revenue” and “Selling, general and administrative” expenses over the term of the lease. Finance lease assets are amortized within operating expenses on a straight-line basis over the shorter of the estimated useful lives of the assets or the lease term. The interest component of a finance lease is included in interest expense and recognized using the effective interest method over the lease term.

Commitments and Contingencies

Certain conditions may exist as of the date the consolidated financial statements are issued, which may result in a loss to the Company but which will only be resolved when one or more future events occur or fail to occur. The Company assesses such contingent liabilities, and such assessment inherently involves an exercise of judgment. The Company monitors the arrangements that are subject to guarantees in order to identify if the obligor who is responsible for making the payments fails to do so. If the Company determines it is probable that a loss has occurred, then any such estimable loss would be recognized under those guarantees. The methodology used to estimate potential loss related to guarantees considers the guarantee amount and a variety of factors, which include, depending on the counterparty, latest financial position of counterparty, actual defaults, historical defaults, and other economic conditions. Management does not believe, based upon information available at this time, that these matters will have a material adverse effect on the Company’s financial position, results of operations or cash flows. However, there is no assurance that such matters will not materially and adversely affect the Company’s business, financial position, and results of operations or cash flows.

Foreign Currency Transactions and Translation

The Company’s consolidated financial statements are reported in U.S. dollars. The functional currency of the Company is the U.S. dollars. The functional currency for the Company’s subsidiaries organized in India, Mexico and the United States are their respective local currencies. The Company translates the assets and liabilities of its non-U.S. Dollar functional currency subsidiaries into U.S. Dollars using exchange rates in effect at the end of each period. Amounts classified in stockholder’s equity are translated at historical exchange rates. Revenues and expenses for these subsidiaries are translated using rates that approximate those in effect during the period. Gains and losses from these translations are recognized in cumulative translation adjustment included in “Accumulated other comprehensive loss” on the consolidated balance sheets.

The Company remeasures monetary assets and liabilities that are not denominated in the functional currency at exchange rates prevailing at the date of the transaction. Monetary items denominated in foreign currency remaining unsettled at the end of the year are translated at the closing rates as of the last day of the year. Gains and losses from these remeasurements are recognized within “Other income / (expense), net” in the consolidated statements of operations and were $273 and $(117) for the years ending March 31, 2026 and 2025, respectively.

Employee Benefit Plan

Defined Contribution Plan: This comprises of contributions to the employees’ provident fund for employees in India, which is a defined contribution plan set up in accordance with local labor and tax laws and 401(k) savings and supplemental retirement plans for employees in the United States. Both the employee and the employer make monthly contributions to the plan at a predetermined rate of the employees’ basic salary. The Company’s monthly contributions to all of these plans are charged to the consolidated statement of operations in the year they are incurred and there are no further obligations under these plans beyond those monthly contributions. The obligation is recognized in other, which is included in “Other current liabilities” on the consolidated balance sheets. The Company contributed $846 and $895 towards both of these defined contribution plans during the fiscal years ended March 31, 2026 and 2025, respectively. This balance is recognized in either “Cost of revenue” or “Selling, general, and administrative expenses”, on an employee-by-employee basis.

Defined Benefit Plan: The Company provides for a gratuity obligation through a defined benefit retirement plan (the “Gratuity Plan”) covering eligible employees in India under Payments of Gratuity Act, 1972 till 20 November 2025. On November 21, 2025, the Government of India implemented four new labour codes—the Code on Wages, 2019, the Industrial Relations Code, 2020, the Code on Social Security, 2020, and the Occupational Safety, Health and Working Conditions Code, 2020—which consolidate 29 existing labour laws into a unified legislative framework.

The plan provides for a lump-sum payment to vested employees at retirement, death, incapacitation, or termination of employment, of an amount equivalent to 15 days (15 days / 26 days) of salary payable to the respective employee for each completed year of service, with a maximum limit prescribed per employee.

As of March 31, 2026 and 2025, the entire gratuity plan of the Company was unfunded. The cost of providing benefits under this plan is determined based on an actuarial valuation at each year end. Actuarial valuation is carried out for gratuity using the projected unit credit method. These costs primarily represent the increase in the actuarial present value of the obligation for pension benefits based on employee service during the year and the interest on this obligation in respect of employee service in previous years. The obligation is included in “Accrued compensation and related benefits, current” while the long-term portion is included in “Other liabilities” on the consolidated balance sheets. Changes in fair value of the obligation are recorded in “Other comprehensive loss” in the consolidated statements of other comprehensive income/ (loss) and generally amortized over the average remaining service period of the active employees expected to receive benefits under the plan. According to ASC 715, changes to defined benefit plans, such as the Gratuity Plan in India, are accounted for as plan amendments, with the impact recognized in “Other comprehensive loss” at the amendment date.

Compensated Absences: The Company recognizes its liabilities for compensated absences dependent on whether the obligation is attributable to employee services already rendered, relates to rights that vest or accumulate and payment is probable and estimable. The obligation is included in “Accrued compensation and related benefits, current” while the long-term portion is included in “Other liabilities” on the consolidated balance sheets. In accordance with ASC 710, the impact of the new labour codes on compensated absences for employees in India in the consolidated statement of income for the year ended March 31, 2026 was not significant. The Company’s total obligation with respect to compensated absences was $3,205 and $2,553 for the years ended March 31, 2026 and 2025, respectively.

Net Income / (Loss) per Share

Basic net income / (loss) per share is computed by dividing income / (loss) available to ordinary shareholders by the weighted-average number of ordinary shares outstanding during the period. Diluted net income / (loss) per share is computed using the weighted-average number of ordinary shares and potential dilutive ordinary shares outstanding during the period. The Company has not considered the effect of the Warrants sold in its initial public offering (the “Initial Public Offering”) and private placement to purchase ordinary shares, and impact of FPA put option liability in the calculation of diluted net income / (loss) per share, since the instruments are not dilutive.

Recent Accounting Pronouncements not yet Adopted

In November 2024, the FASB issued ASU No. 2024-03, Disaggregation of Income Statement Expenses (Subtopic 220-40). The ASU requires the disaggregated disclosure of specific expense categories, including purchases of inventory, employee compensation, depreciation, and amortization, within relevant income statement captions. This ASU also requires disclosure of the total amount of selling expenses along with the definition of selling expenses. The ASU is effective for annual periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027.Adoption of this ASU can either be applied prospectively to consolidated financial statements issued for reporting periods after the effective date of this ASU or retrospectively to any or all prior periods presented in the consolidated financial statements. Early adoption is also permitted. This ASU will likely result in the required additional disclosures being included in our consolidated financial statements, once adopted. We are currently evaluating the provisions of this ASU.

In July 2025, the FASB issued ASU No. 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. The amendments in this update provide a practical expedient permitting an entity to assume that conditions at the balance sheet date remain unchanged over the life of the asset when estimating expected credit losses for current classified accounts receivable and contract assets. This update is effective for annual periods beginning after December 15, 2025, including interim periods within those fiscal years. Adoption of this ASU can be applied prospectively for reporting periods after its effective date. Early adoption is permitted. We are currently evaluating the provisions of this ASU and do not expect this ASU to have a material impact on our consolidated financial statements.

In September 2025, the FASB issued ASU No. 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The ASU simplifies the capitalization guidance by removing all references to prescriptive and sequential software development stages (referred to as “project stages”) throughout ASC 350-40. The ASU is effective for annual periods beginning after December 15, 2027, and interim periods within those fiscal years. Adoption of this ASU can be applied prospectively for reporting periods after its effective date; or follow a modified transition approach that is based on the status of the respective projects and whether software costs were capitalized before the date of adoption; or retrospectively to any or all prior periods presented in the consolidated financial statements. Early adoption is permitted. We are currently evaluating the provisions of this ASU

In December 2025, the FASB issued ASU No. 2025-10, Government Grants (“ASC Topic 832”): Accounting for Government Grants Received by Business Entities. This ASU provides authoritative guidance on the recognition, measurement, presentation, and disclosure of government grants for business entities, creating a framework that previously did not exist under U.S. GAAP. The ASU will be effective for annual reporting periods beginning after December 15, 2028, including interim periods within those years, with early adoption permitted. The Company is currently evaluating the impact of this ASU on its consolidated financial statements.

In December 2025, the FASB issued ASU No. 2025-11, Interim Reporting (“ASC Topic 270”): Narrow-Scope Improvements. This ASU provides a comprehensive list of interim disclosures that are required by U.S. GAAP and incorporates disclosure principle of material events or changes occurred since the prior year-end. The ASU will be effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of this ASU on its consolidated financial statements.

The Company is currently evaluating the effect of the updates.

Recently Adopted Accounting Pronouncements

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires an annual tabular effective tax rate reconciliation disclosure including information for specified categories and jurisdiction levels, as well as, disclosure of income taxes paid, net of refunds received, disaggregated by federal, state/local, and significant foreign jurisdiction. This ASU is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company has adopted the disclosure requirements on a prospective basis, effective for the year ended March 31, 2026. Refer to Note 12 – Income Taxes to the consolidated financial statements for further details.

Stock-Based Compensation (Details Narrative) - USD ($) $ in Thousands				1 Months Ended				12 Months Ended
	Sep. 09, 2025	Nov. 02, 2023	Aug. 01, 2020	Dec. 26, 2025	Sep. 22, 2025	Mar. 27, 2025	Sep. 23, 2019	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of shares issued		9,031,027			851,184	11,928,287
Additional shares to be available for issuance				2,227,899
Shares issued under ESOP			59,900				295,565			59,900
MSOP exercised description								the balance 59,110 options under MSOP were exercised by Mr. Bhisham (Ajay) Khare with exercise price of INR 10 (or approximately $0.11 at the exchange rate in effect on March 31, 2026). As on March 31, 2026, a remittance in transit of $6.24 has been recognized in respect of the exercise price of such options.
Stock based compensation expense								$ 293	$ 12,746
Unrecognized stock-based compensation cost								$ 0	$ 0
Ms. Nina B. Shapiro [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Shares granted	125,000
Mr. Biswajit Dasgupta [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Shares granted	125,000
Mr. Alok Kochhar [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Shares granted	125,000
Ramesh Venkataraman [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Shares granted	125,000

Employee Compensation and Benefits

12 Months Ended

Mar. 31, 2026

Retirement Benefits [Abstract]

Employee Compensation and Benefits

Note 11 - Employee Compensation and Benefits

The Company has employee benefit plans in the form of certain statutory and other programs covering its employees.

Defined Benefit Plan - Gratuity

The Company has subsidiaries in India and Mexico with employees covered by defined benefit plans. We have defined benefit plans comprised of gratuity under Payments of Gratuity Act, 1972 covering eligible employees in India & Federal Labor Law in Mexico. The present value of the defined benefit obligations and other long-term employee benefits is determined based on actuarial valuation using the projected unit credit method. The rate used to discount defined benefit obligation is determined by reference to market yields at the balance sheet date of government bonds for respective regions for the estimated term of obligations.

Actuarial gains or losses arising on account of experience adjustment and the effect of changes in actuarial assumptions are initially recognized in the consolidated statements of comprehensive income, and the unrecognized actuarial loss is amortized to the consolidated statements of operations over the average remaining service period of the active employees expected to receive benefits under the plan.

On November 21, 2025, the Government of India notified provisions of the Labour Codes - the Code on Wages, 2019, the Industrial Relations Code, 2020, the Code on Social Security, 2020, and the Occupational Safety, Health and Working Conditions Code, 2020 - consolidating 29 existing labour laws. The Ministry of Labour & Employment published draft Central Rules and FAQs to enable assessment of the financial impact due to changes in regulations. The Group continues to monitor the finalisation of Central / State Rules and clarifications from the Government on other aspects of the Labour Code and would provide appropriate accounting effect on the basis of such developments as needed. The adjustments for the Labour Codes represent an increase in gratuity liability arising out of past service cost by $703 primarily due to change in wage definition which is recognized in the other comprehensive income / (loss), net of tax. Out of the above, $62 is reclassified to Consolidated Statement of Operations for the year ended March 31, 2026.

The following table provides the status of the defined benefit plans and the amounts recognized in the Company’s consolidated financial statements based on actuarial valuations carried out for the periods ending March 31, 2026 and March 31, 2025, respectively:

Schedule of defined benefit plans
	Year Ended March 31,
	2026			2025
Changes in employee benefit plan obligations
Projected benefit obligation at the beginning of the year	$	2,545		$	1,906
Interest cost		259			158
Past service cost		703			-
Current service cost		504			544
Actuarial (gains) / loss		(114	)		192
Liability Transferred In/ Acquisitions		1,089			-
Benefits paid directly by employers		(765	)		(206	)
Effect of exchange rate fluctuation		(243	)		(49	)
Projected employee benefit plan at the end of the year	$	3,978		$	2,545

Amounts recognized in the Consolidated Balance Sheets
Recorded in accrued compensation and related benefits, current		(599	)		(371	)
Recorded in other liabilities		(3,379	)		(2,174	)
Total project benefit obligation	$	(3,978	)	$	(2,545	)

The change in defined benefit obligation for the years ended March 31, 2026 and 2025 is largely due to change in labour codes during the year and changes in actuarial assumptions pertaining to demographics and financial assumptions.

Amounts included in the accumulated other comprehensive income as of March 31, 2026 and 2025 were as follows:


	Year Ended March 31,
	2026			2025
Net actuarial loss	$	1,049		$	621
Deferred tax		(271	)		(161	)
Total	$	778		$	460

Changes in “Other comprehensive loss” during the year ended March 31, 2026 and 2025 were as follows:


	Year Ended March 31,
	2026			2025
Net actuarial (loss) / gain	$	114		$	(192	)
Net prior service credit / (cost)		(641	)		-
Amortization of net actuarial (loss) / gain		99			72
Deferred tax benefit / (expense)		110			35
Unrecognized actuarial (loss) / gain on defined employee benefit plan obligations	$	(318	)	$	(85	)

Net defined benefit plan costs for the year ended March 31, 2026 and 2025 include the following components:


	Year Ended March 31,
	2026		2025
Current Service costs	$	504	$	544
Past service cost		62		-
Interest costs		259		158
Settlements		20		-
Amortization of net actuarial loss		79		72
Net defined benefit plan costs	$	924	$	774

Assumptions

The Company uses the Projected Unit Credit Method to measure liabilities and interest costs for defined benefit obligations. Under this method, accrued benefit amount is projected to calculate future expected cashflows, which is in turn discounted back at applicable discount rate assumption to arrive at present value of benefit obligation.

The rate used to discount benefit obligations (both funded and unfunded) is determined by reference to market yields on government bonds at the balance sheet date. The currency and term of the government bonds should be consistent with the currency and estimated term of the benefit obligations.

The weighted average assumptions used to determine the benefit obligations of the defined benefit plans as of March 31, 2026 and 2025 are presented below:

	Year Ended March 31,

	2026	2025
Discount rate per annum	8.04% - 9.00%	8.28% - 9.10%
Rate of compensation increase per annum	7.00% - 10.00%	7.00% - 10.00%
Rate of employee turnover per annum	15.00% - 20.00%	20.00%

The table below shows the expected benefit plan payments to the current employees of the plan based on the employee’s past service up to the valuation date plus employee’s future service up to the date of payment:

Schedule of expected benefit payments
Expected benefit payments during	As of March 31, 2026
Year 1		600
Year 2		713
Year 3		807
Year 4		870
Year 5		934
Year 6 to Year 10		4,033

The Company’s expected benefit plan payments are based on the same assumptions that were used to measure the Company’s benefit obligations as of March 31, 2026.

Property and Equipment, net (Details Narrative) - USD ($)
$ in Thousands

12 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Property, Plant and Equipment [Line Items]

Property and equipment, gross

$ 6,334

$ 5,837

Accumulated depreciation and amortization

^[1]

4,584

4,266

Impairment charge

(0)

1,693

Acquisition of property and equipment

1,113

1,484

Proceeds from sale of property and equipment

217

(Gain)/Loss on sale of property and equipment

(18)

Depreciation and amortization expense

837

1,384

Finance lease arrangements [Member]

Property, Plant and Equipment [Line Items]

Property and equipment, gross

134

247

Accumulated depreciation and amortization

1,656

1,632

Depreciation expense

$ 192

$ 303

[1]

Property and equipment held under finance lease arrangements amounted to $134 and $247 as of March 31, 2026 and 2025, respectively. Accumulated depreciation for property and equipment held under finance lease arrangements was $1,656 and $1,632 as of March 31, 2026 and March 31, 2025, respectively. Depreciation expense in respect to these assets was $192 and $303 for the years ended March 31, 2026 and 2025, respectively.

Property and Equipment, net (Tables)

12 Months Ended

Mar. 31, 2026

Property, Plant and Equipment [Abstract]

Schedule of property and equipment

Schedule of property and equipment
	As of March 31,
	2026			2025
Software and computer equipment^[1][2]	$	4,577		$	3,972
Leasehold improvements^[1]		891			944
Office equipment^[1]		407			432
Internal-use software under development^[2]		-			-
Furniture and fixtures^[1]		166			165
Vehicles		293			324
Property and equipment, gross	$	6,334		$	5,837
Accumulated depreciation and amortization^[1]		(4,584	)		(4,266	)
Property and equipment, net	$	1,750		$	1,571

	^[1]	Property and equipment held under finance lease arrangements amounted to $134 and $247 as of March 31, 2026 and 2025, respectively. Accumulated depreciation for property and equipment held under finance lease arrangements was $1,656 and $1,632 as of March 31, 2026 and March 31, 2025, respectively. Depreciation expense in respect to these assets was $192 and $303 for the years ended March 31, 2026 and 2025, respectively.
	^[2]	Due to decline in customer marketability and future economic benefits of Software and computer equipment and Internal-use software under development, the Company assessed the recoverability of the asset group during the year ended March 31, 2025. Hence, the Company fully impaired the related asset group in the year ended March 31, 2025. Impairment charge of Nil 0 and $1,693 has been included in Selling, General and Administrative Expenses for the year ended March 31, 2026 and March 31, 2025 respectively.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Basis of Preparation

Basis of Preparation

All intercompany balances and transactions have been eliminated in consolidation.

Emerging Growth Company

Emerging Growth Company

Going Concern

Going Concern

In performing this evaluation, the Company identified that the following conditions that raised substantial doubt about its ability to continue as a going concern:

●

The Company has undertaken or completed the following actions to improve its available cash balances, liquidity, and cash generated from operations:

●

The non-renewal of the customer contract requires a one-time buy-out payment from the customer to us of approximately $1,650.

●

The Company and one of the FPA holders, Meteora Capital Partners LP, have settled the liability through the issuance of shares, and no further amount is owed to Meteora.

●

Use of Estimates

Use of Estimates

Segment Reporting

Segment Reporting

Forward Purchase Agreement

Forward Purchase Agreement

On September 16, 2025, the Company entered into a Letter Agreement (the “Letter Agreement”) with Sandia with respect to the Sandia FPA.

●

On December 31, 2025, the Company entered into “Amendment No. 1” to the Letter Agreement extending the Designated Period to January 9, 2026.

●

The remaining FPA holders have sold their shares in the open market, reducing the amount they are owed and have requested cash for the outstanding balance.

Derivative Financial Instruments and FPA Put Option Liability

Derivative Financial Instruments and FPA Put Option Liability

●

Fair Value Measurements

Fair Value Measurements

Hierarchical levels which are directly related to the amount of subjectivity associated with the inputs to the valuation of these assets or liabilities are as follows:

Level 1 – Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.

A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

Fair Value of Financial Instruments

Fair Value of Financial Instruments

Cash and Cash Equivalents

Cash and Cash Equivalents

Cash consists of the Company’s cash and bank balances. The Company considers cash equivalents to be highly liquid investments with original maturities of three months or less.

Concentration of Credit Risk

Concentration of Credit Risk


	Year Ended March 31,
	2026			2025
Customer 1		16	%		21	%
Customer 2		12	%		12	%
Customer 3		11	%		n/a

Accounts receivable, net

Accounts receivable, net

The following tables provides details of the Company’s allowance for credit losses on accounts receivable:

Schedule of allowance for credit losses
	Year Ended March 31,
	2026			2025
Opening balance as of April 1	$	3,574		$	1,263
(Reversals) / Additions charged to cost and expense		(379	)		11,790
Write-off charged against the allowance		(1,860	)		(9,479	)
Closing balance as of March 31	$	1,335		$	3,574

Long-Term Investments

Long-Term Investments

The following tables provides details of the Company’s allowance for credit losses on long-term investments:

Schedule of allowance for credit losses
	Year Ended March 31,
	2026			2025
Opening balance as of April 1	$	76		$	126
Change in provision for credit losses		(24	)		(50	)
Closing balance as of March 31	$	52		$	76

The Company includes these long-term investments in “Long-term investments” on the consolidated balance sheets.

Revenue Recognition

Revenue Recognition

Nature of Services

Unbilled Receivables

Unbilled receivables represent balances recognized as revenue that have not been billed to the customer.

Cost of Revenue

Cost of Revenue

Selling, General and Administrative Expenses

Selling, General and Administrative Expenses

Deferred Transaction Costs

Deferred Transaction Costs

Stock-Based Compensation

Stock-Based Compensation

Dividend Yield – The Company bases the assumed dividend yield on its expectation of not paying dividends in the foreseeable future. Consequently, the expected dividend yield used is zero.

Risk-free Interest Rate – The risk-free interest rate assumption is based upon observed interest rates on U.S. Treasury bonds whose maturity period is appropriate for the term of the options.

Income Taxes

Income Taxes

The Company elects to record interest accrued and penalties related to unrecognized tax benefits in the consolidated statements of operations as a component of provision for income taxes.

Accumulated Other Comprehensive Loss

Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss consists of changes, net of taxes, in the cumulative foreign currency translation adjustments and actuarial gains and losses on defined benefit plans.

Property and Equipment

Property and Equipment

Schedule of estimated useful lives
Software and computer equipment		3-6 years
Office equipment		5 years
Furniture and fixtures		10 years
Vehicle		8-10 years
Internal-use software		5 years
Leasehold improvements		Shorter of lease term or estimated useful life

Internal Use Software Costs

Internal Use Software Costs

Software costs that are expensed are recorded in “Selling, general and administrative expenses” on the consolidated statements of operations.

Impairment of Long-Lived Assets

Impairment of Long-Lived Assets

Leases

Leases

Commitments and Contingencies

Commitments and Contingencies

Foreign Currency Transactions and Translation

Foreign Currency Transactions and Translation

Employee Benefit Plan

Employee Benefit Plan

Net Income / (Loss) per Share

Net Income / (Loss) per Share

Recent Accounting Pronouncements not yet Adopted

Recent Accounting Pronouncements not yet Adopted

The Company is currently evaluating the effect of the updates.

Recently Adopted Accounting Pronouncements

Recently Adopted Accounting Pronouncements

Employee Compensation and Benefits (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Retirement Benefits [Abstract]
Net actuarial (loss) / gain	$ 114	$ (192)
Net prior service credit / (cost)	(641)
Amortization of net actuarial (loss) / gain	99	72
Deferred tax benefit / (expense)	110	35
Unrecognized actuarial (loss) / gain on defined employee benefit plan obligations	$ (318)	$ (85)

Property and Equipment, net (Details) - USD ($)
$ in Thousands

Mar. 31, 2026

Mar. 31, 2025

Property, Plant and Equipment [Line Items]

Property and equipment, gross

$ 6,334

$ 5,837

Accumulated depreciation and amortization

^[1]

(4,584)

(4,266)

Property and equipment, net

1,750

1,571

Computer Equipment [Member]

Property, Plant and Equipment [Line Items]

Property and equipment, gross

^[1],[2]

4,577

3,972

Leasehold Improvements [Member]

Property, Plant and Equipment [Line Items]

Property and equipment, gross

^[1]

891

944

Office Equipment [Member]

Property, Plant and Equipment [Line Items]

Property and equipment, gross

^[1]

407

432

Internal-use software under development [Member]

Property, Plant and Equipment [Line Items]

Property and equipment, gross

^[2]

Furniture and Fixtures [Member]

Property, Plant and Equipment [Line Items]

Property and equipment, gross

^[1]

166

165

Vehicles [Member]

Property, Plant and Equipment [Line Items]

Property and equipment, gross

$ 293

$ 324

[1]

[2]

Due to decline in customer marketability and future economic benefits of Software and computer equipment and Internal-use software under development, the Company assessed the recoverability of the asset group during the year ended March 31, 2025. Hence, the Company fully impaired the related asset group in the year ended March 31, 2025. Impairment charge of Nil and $1,693 has been included in Selling, General and Administrative Expenses for the year ended March 31, 2026 and March 31, 2025 respectively.

Income Taxes (Details 1) - USD ($) $ in Thousands	12 Months Ended
Income Taxes (Details 1) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Income Tax Disclosure [Abstract]
Current tax provision	$ 1,819	$ 1,037
Deferred tax expense / (benefit)	172	(2,109)
Provision for Income Taxes	$ 1,991	$ (1,072)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 8: http://www.xbrl.org/2003/role/exampleRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Paragraph 22
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (a)
-SubTopic 20
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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-Paragraph 1
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+ Details

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Mar. 31, 2026
Cybersecurity Risk Management, Strategy, and Governance [Abstract]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Risk Management and Strategy The Company’s risk management program includes governance through the cybersecurity committee, consisting of senior executive management team along with legal and other key holders. Our Risk Management lead is tasked with integrating any cybersecurity risk considerations into overall risk management strategy. Risk management includes regular risk assessments to identify internal and external risks and to evaluate the magnitude of harm that could arise out of such risks. The risk management program may also utilize third-party service providers where such support is complementary to the Company’s overall business strategy. Our risk management program includes training and education over the continuously evolving landscape of cybersecurity threats. We collaborate with external parties, including consultants, independent privacy assessors, computer security firms, training service providers and risk management and governance experts, to enhance our cybersecurity oversight. As part of our cybersecurity governance framework, we periodically engage independent third-party auditors and security assessors to review elements of our cybersecurity program, evaluate the effectiveness of security controls, provide recommendations aligned with industry best practices, and support compliance and certification activities. We also routinely engage with industry groups to stay informed about emerging trends. In addition, as part of our overall risk mitigation strategy, we maintain cyber insurance coverage. Our cybersecurity policies, standards and procedures include cyber and data breach response plans, which are periodically assessed against the ISO 27001:2022, National Institute of Standards and Technology Cybersecurity Framework (NIST CSF 2.0), and other relevant standards. Material effects of cybersecurity threats Although cybersecurity risks have the potential to affect the business, financial condition, and results of operations, we do not believe that risks from attacks, including results from any previous cybersecurity incidents or threats, have materially affected or likely to materially affect our strategy, operations or financial condition. However, no system or control framework can eliminate all risk. Despite our risk management practices, cyber incidents capable of causing material harm may still occur. Refer to “Our business relies heavily on owned and third-party technology and computer systems, which subjects us to various uncertainties” under the section entitled “Risk Factors”.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	The Company’s risk management program includes governance through the cybersecurity committee, consisting of senior executive management team along with legal and other key holders. Our Risk Management lead is tasked with integrating any cybersecurity risk considerations into overall risk management strategy. Risk management includes regular risk assessments to identify internal and external risks and to evaluate the magnitude of harm that could arise out of such risks.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Text Block]	Although cybersecurity risks have the potential to affect the business, financial condition, and results of operations, we do not believe that risks from attacks, including results from any previous cybersecurity incidents or threats, have materially affected or likely to materially affect our strategy, operations or financial condition.
Cybersecurity Risk Board of Directors Oversight [Text Block]	Governance and Management Our board of directors addresses our cybersecurity risk management as part of its general oversight function. As part of the Board’s oversight, the Board will receive a report at least annually from our cybersecurity committee, covering updates on our cybersecurity risks and threats, the status of projects intended to strengthen our information security systems, assessments of the cybersecurity program, and the emerging threat landscape. Our cybersecurity committee plays an active role by meeting periodically to review the status of the Company’s cyber security program and roadmap for new cybersecurity risk management initiatives. The committee oversees cybersecurity risk management by evaluating whether management has robust cybersecurity policies and procedures, regularly assessing and monitoring cybersecurity risks, and receiving regular reports on the Company’s cybersecurity posture. The cybersecurity committee holds monthly review meetings, to discuss the status of the Company’s cybersecurity posture, plans and projects underway, and to discuss any changes in existing policies and procedures. Our cybersecurity risk management processes are devised, implemented and assessed quarterly by our Cybersecurity lead, Enterprise Risk Management lead and Head of IT Strategy and Solutions. Our leads have extensive experience in cybersecurity and information technology, and based on their careers, have a deep understanding of our information technology and business needs. Our leads report to the cybersecurity committee monthly regarding emerging risks and the overall cybersecurity environment and immediately when a cybersecurity incident occurs. Our IT heads and Cybersecurity lead closely monitor cybersecurity risks, including our practices and procedures against the cybersecurity environment, including the operation of our incident response plan. Our cybersecurity program is designed to ensure the confidentiality, integrity, and availability of data and systems as well as to ensure timely identification of and response to any incidents. This design is geared toward supporting our business objectives and the needs of our valued customers, employees, and other stakeholders. We strongly believe that cybersecurity is a collective responsibility that extends to every employee, and we prioritize it as an ongoing objective. To increase our employees’ awareness of cyber threats, we provide education and share best practices through a security awareness training program. This includes conducting quarterly exercises, cyber-event simulations, training programs and incorporating our Technology Acceptable Use Policy into onboarding and training materials.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our board of directors addresses our cybersecurity risk management as part of its general oversight function.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	As part of the Board’s oversight, the Board will receive a report at least annually from our cybersecurity committee, covering updates on our cybersecurity risks and threats, the status of projects intended to strengthen our information security systems, assessments of the cybersecurity program, and the emerging threat landscape.
Cybersecurity Risk Role of Management [Text Block]	Our cybersecurity committee plays an active role by meeting periodically to review the status of the Company’s cyber security program and roadmap for new cybersecurity risk management initiatives.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	The cybersecurity committee holds monthly review meetings, to discuss the status of the Company’s cybersecurity posture, plans and projects underway, and to discuss any changes in existing policies and procedures.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our cybersecurity risk management processes are devised, implemented and assessed quarterly by our Cybersecurity lead, Enterprise Risk Management lead and Head of IT Strategy and Solutions. Our leads have extensive experience in cybersecurity and information technology, and based on their careers, have a deep understanding of our information technology and business needs.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	We strongly believe that cybersecurity is a collective responsibility that extends to every employee, and we prioritize it as an ongoing objective.

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities
Net Income / (loss)	$ 3,474	$ (21,595)
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities:
Depreciation and amortization expense	837	1,384
Impairment Loss	(0)	1,693
Stock-based compensation expense	293	12,746
Deferred tax expense / (benefit)	173	(2,109)
Accrued income from long-term investments	(239)	(216)
Provision for expected credit loss	(1,954)	2,091
Gain on lease termination	(1)	(29)
(Profit) / loss on sale of property and equipment	(18)	90
Sundry balances written back	(1,205)	(699)
Impairment in value of investments	1
Change in fair value of forward purchase agreement put option liability	51	(4,585)
Change in fair value of derivative warrant liabilities	(208)	(738)
Gain on settlement of forward purchase agreement put option liability		(581)
Loss on issuance of shares against accounts payable		342
Unrealized exchange (gain) / loss	(181)	44
Sundry balances written off	2,861	9,479
Changes in operating assets and liabilities:
Accounts receivable	(3,277)	261
Prepaid expenses and other current assets	2,301	(1,284)
Operating right-of-use assets	(50)	(3,470)
Other assets	(858)	(89)
Accounts payable	2,719	3,699
Accrued compensation and related benefits, current	1,299	(581)
Other current liabilities	(1,242)	(842)
Operating lease liabilities	115	3,555
Other liabilities	1,881	425
Net cash provided by/ (used in) operating activities	6,772	(1,009)
Cash flows from investing activities
Acquisition of property and equipment	(1,113)	(1,484)
Sale of property and equipment	87	217
Issuance of loans to affiliates	(131)	(1,356)
Payments received for loans to affiliates	108	1,765
Fixed Deposits placed with banks	(609)
Proceeds from maturities of fixed deposits placed with banks	250
Payment made towards investment in wholly owned subsidiary	(10)
Net cash used in investing activities	(1,418)	(858)
Cash flows from financing activities
Net repayment of short term borrowings	(1,833)	(405)
Payment of insurance financing liability	(164)	(491)
Proceeds from long-term debt		1,506
Repayment of long-term debt	(131)	(1,777)
Payment of finance lease obligations	(176)	(335)
Payment of deferred transaction costs	(40)	(20)
Payment of FPA liabilities	(100)
Proceeds from issuance of Class A ordinary shares, net of issuance cost		4,678
Proceeds from issuance of subsidiary shares pursuant to MSOP agreement	7
Payment for purchase of treasury shares	(580)	(724)
Net cash (used in) / provided by financing activities	(3,017)	2,432
Effect of exchange rate changes on cash and cash equivalents	(223)	115
Net increase in cash and cash equivalents	2,114	680
Cash and cash equivalents at the beginning of the year	2,764	2,084
Cash and cash equivalents at the end of the year	4,878	2,764
Supplemental cash flow disclosure:
Cash paid for interest	346	910
Cash paid for income taxes, net of refunds	1,280	2,503
Supplemental disclosure of non-cash investing and financing activities:
Unpaid deferred transaction costs included in accounts payable and other current liabilities
Equipment acquired under finance lease obligations	134	117
Property and equipment purchase included in accounts payable		1
Settlement of accounts payable through issuance of Class A ordinary shares to vendors		342
Issuance of common stock to vendor in lieu future services	$ 180

Stock-Based Compensation (Details 2) - MSOP Stock Option [Member]	12 Months Ended
	Mar. 31, 2026 USD ($) $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options outstanding, beginning \| shares	295,565
Options outstanding weighted average exercise price, beginning \| $ / shares
Aggregate intrinsic value, beginning \| $
Options granted \| shares
Options granted weighted average exercise price \| $ / shares
Options exercised \| shares	(59,110)
Options exercised weighted average exercise price \| $ / shares
Aggregate intrinsic value, exercised \| $
Options cancelled, forfeited or expired \| shares	(236,455)
Options cancelled, forfeited or expired weighted average exercise price \| $ / shares
Options outstanding, ending \| shares
Options outstanding weighted average exercise price, ending \| $ / shares
Aggregate intrinsic value, ending \| $
Vested and exercisable \| shares
Vested and exercisable weighted average exercise price \| $ / shares
Aggregate intrinsic value, Vested and exercisable \| $

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN REDEEMABLE NONCONTROLLING INTEREST AND SHAREHOLDERS' DEFICIT - USD ($) $ in Thousands	Redeemable Noncontrolling Interest [Member]	Ordinary Shares Class A [Member]	Ordinary Shares Class V [Member]	Ordinary Shares Treasury Shares [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total Stockholders Equitydeficit [Member]	Noncontrolling Interest [Member]	Total
Beginning balance, value at Mar. 31, 2024	$ 734	$ 2	$ 0	$ (0)	$ (0)	$ (11,668)	$ (574)	$ (12,240)	$ 10,326	$ (1,914)
Beginning balance, shares at Mar. 31, 2024		15,619,004	1
Net loss for the period prior to share exchange						(430)		(430)	(244)	(674)
Other comprehensive loss for the period prior to share exchange							(1)	(1)		(1)
Issuance of Class A ordinary shares with respect to share exchange agreement		$ 2			9,396			9,398	(9,396)	2
Issuance of Class A ordinary shares with respect to share exchange agreement, shares		21,337,000
Issuance of Class A ordinary shares in connection with private placement					4,675			4,675		4,675
Issuance of Class A ordinary shares in connection with private placement, shares		2,211,778
Settlement of accounts payable through issuance of Class A ordinary shares		$ 1			342			343		343
Settlement of accounts payable through issuance of Class A ordinary shares, shares		181,639
Stock based compensation					12,746			12,746		12,746
Stock based compensation, shares		9,031,027
Purchase of Treasury Stock				$ (724)				(724)		(724)
Purchase of Treasury Stock, shares		(1,285,392)		1,285,392
Net (loss) / income for the period post share exchange	(719)					(19,282)		(19,282)	(919)	(20,201)
Other comprehensive loss for the period post share exchange	(57)						(333)	(333)	(25)	(358)
Settlement of forward purchase agreement put option liability through issuance of Class A ordinary shares					44			44		44
Settlement of forward purchase agreement put option liability through issuance of Class A ordinary shares, shares		57,811
Reversal of additional bonus shares issued*
Reversal of additional bonus shares issued, shares		(241)
Ending balance, value at Mar. 31, 2025	(42)	$ 5	$ (0)	$ (724)	27,203	(31,380)	(908)	(5,804)	(258)	(6,062)
Beginning balance, shares at Mar. 31, 2025		47,152,626	1	1,285,392
Net income for the period	642					2,507		2,507	324	2,831
Other comprehensive loss for the period	(153)						(1,069)	(1,069)	(72)	(1,140)
Issuance of Class A ordinary shares with respect to share exchange agreement		$ 0			(0)			(0)		(0)
Issuance of Class A ordinary shares with respect to share exchange agreement, shares		50,000
Issuance of common stock with respect to share exchange agreement		$ 0			740			740		740
Issuance of common stock with respect to share exchange agreement, shares		851,184
Issuance of Class A ordinary shares with respect to agreement with FPA holder		$ 0			699			699		699
Issuance of Class A ordinary shares with respect to agreement with FPA holder, shares		1,355,906
Issuance of Class A ordinary shares in exchange of professional services		$ 0			180			180		180
Issuance of Class A ordinary shares in exchange of professional services, shares		300,000
Stock based compensation		$ 0			293			293		293
Stock based compensation, shares		500,000
Issuance of shares under subsidiary MSOP scheme									6	6
Purchase of Treasury Stock				$ (580)				(580)		(580)
Purchase of Treasury Stock, shares		(1,712,562)		1,712,562
Ending balance, value at Mar. 31, 2026	$ 448	$ 5	$ (0)	$ (1,304)	$ 29,115	$ (28,873)	$ (1,977)	$ (3,034)	$ 1	$ (3,033)
Beginning balance, shares at Mar. 31, 2026		48,497,154	1	2,997,954

Revenue (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
Revenue (Details Narrative) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Revenue from Contract with Customer [Abstract]
Contract assets	$ 166	$ 163
Deferred revenue recognized	249	257
Deferred revenue	466	274
Deferred revenue, non current	$ 0	$ 0

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Accounts receivable, net of allowance	$ 1,335	$ 3,574
Prepaid expenses and other current assets, net of allowance	0	0
Long-term investments, net of allowance	$ 52	$ 76
Preferred stock, par or stated value per share	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, shares outstanding	48,497,154	47,152,626
Common stock held in treasury at cost	2,997,954	1,285,392
Common Class A [Member]
Common stock, par or stated value per share	$ 0.0001	$ 0.0001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	48,497,154	47,152,626
Common stock, shares outstanding	48,497,154	47,152,626
Common Class V [Member]
Common stock, par or stated value per share	$ 0.0001	$ 0.0001
Common stock, shares authorized	1	1
Common stock, shares issued	1	1
Common stock, shares outstanding	1	1

Warrant Liabilities

12 Months Ended

Mar. 31, 2026

Warrant Liabilities

Warrant Liabilities

Note 17 - Warrant Liabilities

On October 22, 2021, pursuant to the consummation of the Initial Public Offering, the Company issued 11,499,991 Public Warrants. Simultaneously with the closing of the Initial Public Offering, WWAC issued 8,900,000 warrants in a private placement (the “Private Placement Warrants”), at a purchase price of $1.00 per Private Placement Warrant, which included 900,000 units as a result of the underwriter’s full exercise of its option to purchase up to 900,000 additional warrants, at a purchase price of $1.00 per Private Placement Warrant. On November 6, 2023, WWAC issued 627,810 other Private Placement Warrants to the Sponsor pursuant to the conversion of a promissory note payable to the Sponsor. Upon consummation of the Business Combination, the Company assumed 11,499,991 Public Warrants and 9,527,810 Private Placement Warrants (collectively the “Warrants”).

The Company accounted for the Warrants in accordance with the guidance contained in ASC 815-40 given that certain provisions within the warrant agreement either preclude the warrants from being considered indexed to the ATI’s own stock or the fixed-for-fixed option criteria are not met. On this basis the Public and Private Placement Warrants are classified as a liability and are measured at fair value. This liability is subject to re-measurement at each balance sheet date. With each such re-measurement, the warrant liability will be adjusted to fair value, with the change in fair value recognized in the Company’s consolidated statement of operations.

Each whole Warrant entitles the holder thereof to purchase one Class A ordinary share of the Company, par value $0.0001 per share, for $11.50 per share, subject to adjustment as described herein. Only whole Warrants are exercisable. A holder of the Warrants will not be able to exercise any fraction of a Warrant. The Warrants will expire at 5:00 p.m. New York City time on November 6, 2028, or earlier upon redemption or liquidation. On the exercise of any Warrant, the Warrant exercise price will be paid directly to us.

The Company may redeem the outstanding Warrants:

●

in whole and not in part;

●

at a price of $0.01 per Public Warrant;

●

upon not less than 30 days’ prior written notice of redemption to each Warrant holder; and

●

if, and only if, the last reported sales price of the Class A ordinary shares for any 20 trading days within a 30-trading day period ending on third trading day prior to the date on which the Company sends the notice of redemption to the Warrant holders (the “Reference Value”) equals or exceeds $18.00 per Class A ordinary share (as adjusted); provided that the Private Placement Warrants will not be redeemable by the Company under this provision so long as they are held by the initial purchasers of the Private Placement Warrants or their permitted transferees.

The Company may also redeem the outstanding Warrants:

●

in whole and not in part;

●

at $0.10 per warrant

●

upon a minimum of 30 days’ prior written notice of redemption provided that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares based on the redemption date and the fair market value of the Class A ordinary shares;

●

if, and only if, the Reference Value equals or exceeds $10.00 per Class A ordinary share (as adjusted); provided that if the Reference Value equals or exceeds $18.00 per Class A ordinary share (as adjusted), the Private Placement Warrants will not be redeemable by the Company under this provision so long as they are held by the initial purchasers of the Private Placement Warrants or their permitted transferees.

No fractional Class A ordinary shares will be issued upon redemption. If, upon redemption, a holder would be entitled to receive a fractional interest in a share, the Company will round down to the nearest whole number of the number of Class A ordinary shares to be issued to the holder.

Leases

12 Months Ended

Mar. 31, 2026

Leases

Leases

Note 15 - Leases

The Company has operating and finance leases for real estate, computer equipment, and furniture and fixtures. Assets acquired under finance leases are recorded in “Property and equipment, net” in the carve-out consolidated balance sheets and were $134 and $247 as of March 31, 2026 and March 31, 2025, respectively. Accumulated depreciation associated with finance lease assets was $1,656 and $1,632 as of March 31, 2026 and March 31, 2025, respectively.

Lease cost recognized in our carve-out consolidated statements of operations is summarized as follows:

Schedule of lease cost
	Year Ended March 31,
	2026		2025
Finance lease cost:
Amortization of lease assets (Note a)	$	192		303
Interest on lease liabilities (Note b)		28		39
Operating lease cost (Note a)		4,026		3,376
Short-term and variable lease cost (Note a)		113		61
Total lease cost	$	4,359		3,779

	a)	Included in “cost of revenue” and “selling, general and administrative expenses” in the Consolidated Statements of Comprehensive Income / (loss).
	b)	Included in “interest income (expense), net” in the Consolidated Statements of Comprehensive Income / (loss).

Cash flows arising from lease transactions were as follows:


	Year Ended March 31,
	2026		2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	115		3,555
Operating cash flows from finance leases	$	28		39
Financing cash flows from finance leases	$	176		335

Other information about lease amounts recognized in the consolidated financial statements is summarized as follows:


	Year Ended March 31,
	2026			2025
Weighted-average remaining lease term (years):
Operating lease		3.24			3.97
Finance lease		1.93			1.60
Weighted-average discount rate:
Operating lease		9.35	%		10.81	%
Finance lease		10.73	%		13.54	%

As of March 31, 2026, the Company’s lease liabilities were as follows:

Schedule of lease liabilities
	Operating		Finance		Total
Gross lease liabilities	$	10,365	$	198	$	10,563
Less: imputed interest		1,313		26		1,339
Present value of lease liabilities		9,052		172		9,224
Less: current portion of lease liabilities		2,694		89		2,783
Total long-term lease liabilities	$	6,358	$	83	$	6,441

Future minimum annual lease payments under the Company’s operating and finance leases as of March 31, 2026 are as follows:

Schedule of annual lease payments
	Operating		Finance
2027	$	3,608	$	124
2028		3,076		49
2029		2,546		25
2030		1,135		-
Thereafter		-		-
Total lease payments	$	10,365	$	198
Less: Imputed interest		1,313		26
Total	$	9,052	$	172

Other Current Liabilities

12 Months Ended

Mar. 31, 2026

Other Current Liabilities

Other Current Liabilities

Note 7 - Other Current Liabilities

Other current liabilities consists of the following:

Schedule of other current liabilities
	As of March 31,
	2026		2025
Taxes payable	$	2,697	$	1,431
Finance lease obligations, current		89		156
Accrued expenses		1,641		5,062
Deferred revenue		466		274
Other		1,541		830
Total other current liabilities	$	6,434	$	7,753

Commitments and Contingencies

12 Months Ended

Mar. 31, 2026

Commitments and contingencies (Note 16)

Commitments and Contingencies

Note 16 - Commitments and Contingencies

Indemnification obligations

In the normal course of business, the Company is a party to a variety of agreements under which it may be obligated to indemnify the other party for certain matters. These obligations typically arise in contracts where the Company customarily agrees to hold the other party harmless against losses arising from a breach of representations or covenants for certain matters, infringement of third-party intellectual property rights, data privacy violations, and certain tortious conduct in the course of providing services. The duration of these indemnifications varies, and in certain cases, is indefinite.

The Company is unable to reasonably estimate the maximum potential amount of future payments under these or similar agreements due to the unique facts and circumstances of each agreement and the fact that certain indemnifications provide for no limitation to the maximum potential future payments under the indemnification. Management is not aware of any such matters that would have a material effect on the consolidated financial statements of the Company.

Legal Proceedings

From time to time, the Company may be involved in proceedings and litigation, claims and other legal matters arising in the ordinary course of business. Some of these claims, lawsuits, and other proceedings may involve highly complex issues that are subject to substantial uncertainties, and could result in damages, fines, penalties, nonmonetary sanctions, or relief. Management is not currently aware of any material pending legal proceedings, except for ordinary routine litigation incidental to the business, in which we or any of our subsidiaries are involved, or where our property is subject to such proceedings.

Exchange Agreements

Upon consummation of the Business Combination, the holders of AARK ordinary shares and ATGBA ordinary shares each entered into the Exchange Agreements. Pursuant to the Exchange Agreements, from and after the date of the Exchange Agreements and prior to April 1, 2024 and subject to certain exercise conditions, each holder of AARK ordinary shares and ATGBA ordinary shares may exchange up to 20% of the number of AARK ordinary shares and ATGBA ordinary shares, as applicable, held by such holder for Class A ordinary shares of the Company or cash, in each case as provided in the Exchange Agreements. From and after April 1, 2024 and subject to certain exercise conditions, the Company shall have the right to acquire all of the AARK or ATGBA ordinary Share for Class A ordinary shares or cash. In addition, after April 1, 2024 and subject to certain exercise condition, each shareholder of ATGBA and AARK ordinary shares shall have the right to require the Company to provide Class A ordinary shares or cash in exchange for up to all of the AARK or ATGBA ordinary share. Each share of AARK may be exchanged for 2,246 Class A ordinary shares the Company and each ATGBA ordinary share may be exchanged for 14.40 Class A ordinary shares of the Company, in each case subject to certain adjustments. The cash exchange payment may only be elected in the event approval from the Reserve Bank of India is not obtained for exchange of shares and provided that the Company has reasonable cash flow to be able to pay the cash exchange payment and such payment would not be prohibited by any then outstanding debt agreements or arrangements of the Company.

Class A ordinary shares issuance to certain vendors

As set out in the section on Derivative Financial Instruments and FPA Put Option Liability under Note 2, in December 2023, ATI settled the amounts owed to certain vendors by issuance of Class A ordinary shares. If the VWAP of the Class A ordinary shares over the three trading days immediately preceding the agreement date is higher than the VWAP over the three trading days immediately preceding the six-month anniversary from the agreement date, ATI would need to issue additional Class A ordinary shares for the difference.

This represents a derivative financial instrument, fair value of which as of March 31, 2026 has been assessed to be insignificant. Refer Note 20 for details on Fair Value Measurements.

Leases (Details 1) - USD ($) $ in Thousands	12 Months Ended
Leases (Details 1) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 115	$ 3,555
Operating cash flows from finance leases	28	39
Financing cash flows from finance leases	$ 176	$ 335

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) / INCOME - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Income Statement [Abstract]
Net Income / (loss)	$ 3,474	$ (21,595)
Other comprehensive loss, net of tax
Foreign currency translation adjustments	(975)	(332)
Unrecognized actuarial gain / (loss) on defined employee benefit plan obligations	(318)	(85)
Total other comprehensive loss, net of tax	(1,293)	(417)
Comprehensive income / (loss), net of tax	2,181	(22,012)
Comprehensive income / (loss) attributable to noncontrolling interests	240	(1,189)
Comprehensive income / (loss) attributable to redeemable noncontrolling interests	489	(776)
Total comprehensive income / (loss) attributable to shareholders’ of Aeries Technology, Inc.	$ 1,452	$ (20,047)

Employee Compensation and Benefits (Details 4)	Mar. 31, 2026	Mar. 31, 2025
Defined Benefit Plan Disclosure [Line Items]
Rate of employee turnover per annum		20.00%
Minimum [Member]
Defined Benefit Plan Disclosure [Line Items]
Discount rate per annum	8.04%	8.28%
Rate of compensation increase per annum	7.00%	7.00%
Rate of employee turnover per annum	15.00%
Maximum [Member]
Defined Benefit Plan Disclosure [Line Items]
Discount rate per annum	9.00%	9.10%
Rate of compensation increase per annum	10.00%	10.00%
Rate of employee turnover per annum	20.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Income Taxes (Details 5) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Income Tax Disclosure [Abstract]
Deferred tax assets non-current	$ 3,689	$ 4,064
Deferred tax liabilities non-current	197	139
Net deferred tax asset (liability)	$ 3,492	$ 3,925

Subsequent Events

12 Months Ended

Mar. 31, 2026

Subsequent Events [Abstract]

Subsequent Events

Note 22 - Subsequent Events

Nasdaq hearing

On March 31, 2026, the Company received formal notice from the Listing Qualifications Staff (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) indicating that the Company’s non-compliance with the Bid Price Rule would result in the delisting of the Company’s securities from Nasdaq unless the Company timely requests a hearing before the Nasdaq Hearings Panel (the “Panel”). The Company did file a timely request for a hearing before the Panel, which request stayed any further action by Nasdaq pending the issuance of a decision by the Panel and the expiration of any extension the Panel may grant to the Company following the hearing. The Company had its hearing before the Panel on May 7, 2026 and is currently awaiting a decision from the Panel.

Share repurchase and subsequent cancellation

Subsequent to March 31, 2026, pursuant to the Company’s share repurchase program and in connection with the adoption of a Rule 10b5-1 issuer share repurchase trading plan, the Company repurchased 2,582,365 Class A ordinary shares, increasing the total number of shares repurchased to 4,294,927 treasury shares held at cost.

Of the total shares repurchased, 2,898,643 Class A ordinary shares were subsequently cancelled. The remaining shares are held as treasury shares at cost.

Customer buyout

The Company received a notice, dated April 24, 2026, of non-renewal and buyout from one of its significant customers effective June 30, 2026. This notice also serves as a buyout notice, with a buyout price determined according to the terms and conditions of the contract.

The non-renewal is expected to reduce annual revenues by approximately $5,700. The buy-out resulted in one-time revenue of approximately $2,700.

Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
Revenue (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Disaggregation of Revenue [Line Items]
Total revenue	$ 70,014	$ 70,198
North America [Member]
Disaggregation of Revenue [Line Items]
Total revenue	62,873	65,486
Asia Pacific [Member]
Disaggregation of Revenue [Line Items]
Total revenue	$ 7,141	$ 4,712

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

Summary of Significant Accounting Policies (Details 2) - Ralak Consulting LLP [Member] - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Product Information [Line Items]
Opening balance	$ 76	$ 126
Change in provision for credit losses	(24)	(50)
Closing balance as of March 31	$ 52	$ 76

Fair Value Measurements (Details 2) - Private Warrants Liability [Member]	12 Months Ended
	Mar. 31, 2026 $ / shares
Class of Warrant or Right [Line Items]
Term (years)	2 years 7 months 9 days
Risk-free interest rate	3.70%
Stock price at measurement date	$ 0.3

Long-term debt (Details 1) $ in Thousands	Mar. 31, 2026 USD ($)
Debt Disclosure [Abstract]
2027	$ 826
2028	11
2029	53
2030
Total future maturities of debt	$ 890

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

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+ Details

Income Taxes (Details Narrative) - USD ($) $ in Thousands	Mar. 31, 2033	Mar. 31, 2030	Mar. 31, 2029	Mar. 31, 2026	Mar. 31, 2025
Income Tax Disclosure [Abstract]
Net operating loss	$ 2,975	$ 70	$ 35
Valuation allowances				$ 122	$ 2,871
Unrecognized tax benefits				$ 0	$ 0

Leases (Details Narrative) - USD ($)
$ in Thousands

Mar. 31, 2026

Mar. 31, 2025

Property, Plant and Equipment [Line Items]

Property and equipment, gross

$ 6,334

$ 5,837

Accumulated depreciation and amortization

^[1]

4,584

4,266

Finance lease arrangements [Member]

Property, Plant and Equipment [Line Items]

Property and equipment, gross

134

247

Accumulated depreciation and amortization

$ 1,656

$ 1,632

[1]

Leases (Details 3) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Leases
Gross Operating lease liabilities	$ 10,365
Gross Finance lease liabilities	198
Gross lease liabilities	10,563
Less: Operating imputed interest	1,313
Less: Finance imputed interest	26
Less: imputed interest	1,339
Present value of Operating lease liabilities	9,052
Present value of Finance lease liabilities	172
Present value of lease liabilities	9,224
Less: current portion of Operating lease liabilities	2,694	$ 2,543
Less: current portion of Finance lease liabilities	89	156
Less: current portion of lease liabilities	2,783
Total long-term Operating lease liabilities	6,358	$ 7,483
Total long-term Finance lease liabilities	83
Total long-term lease liabilities	$ 6,441

Fair Value Measurements (Details 3) $ in Thousands	12 Months Ended
Fair Value Measurements (Details 3) $ in Thousands	Mar. 31, 2026 USD ($)
Class of Warrant or Right [Line Items]
Fair value at Beginning balance	$ 5,663
Change in fair value (gain) / loss	(157)
Settlement of forward purchase agreement put option liability	(798)
Fair value as of Ending balance	4,708
Forward purchase agreement derivative liabilities [Member]
Class of Warrant or Right [Line Items]
Fair value at Beginning balance	5,034
Change in fair value (gain) / loss	51
Settlement of forward purchase agreement put option liability	(798)
Fair value as of Ending balance	4,287
Public Warrants [Member]
Class of Warrant or Right [Line Items]
Fair value at Beginning balance	344
Change in fair value (gain) / loss	(114)
Settlement of forward purchase agreement put option liability
Fair value as of Ending balance	230
Private Placement Warrants [Member]
Class of Warrant or Right [Line Items]
Fair value at Beginning balance	285
Change in fair value (gain) / loss	(94)
Settlement of forward purchase agreement put option liability
Fair value as of Ending balance	$ 191

Revenue

12 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Revenue

Note 10 - Revenue

Disaggregation of Revenue

The Company presents and discusses revenues by customer location. The Company believes this disaggregation best depicts how the nature, amount, timing and uncertainty of our revenues and cash flows are affected by industry, market and other economic factors.

The following table shows the disaggregation of the Company’s revenues by major customer location. Revenues are attributed to geographic regions based upon billed client location. Substantially all of the revenue in our North America region relates to operations in the United States.

Schedule of disaggregation of revenue
	Year Ended March 31,
	2026		2025
North America	$	62,873	$	65,486
Asia Pacific and Other		7,141		4,712
Total revenue	$	70,014	$	70,198

Contract balances

Contract assets comprise amounts where the Company’s right to bill is contingent on something other than the passage of time. As of March 31, 2026 and March 31, 2025, the Company’s contract assets were $166 and $163, respectively, and were recorded within “Prepaid expenses and other current assets”, net of allowance for credit losses, on the consolidated balance sheets.

Contract liabilities, or deferred revenue, comprise amounts collected from the Company’s customers for revenues not yet earned and amounts which are anticipated to be recorded as revenues when services are performed. The amount of revenue recognized in the year ended March 31, 2026 and 2025 that was included in deferred revenue at the beginning of each period was $249 and $257, respectively.

As of March 31, 2026 and March 31, 2025 the Company’s deferred revenue was $466 and $274, respectively, and was recorded within “Other current liabilities” on the consolidated balance sheets. There was no deferred revenue classified as non-current as of March 31, 2026 and March 31, 2025.

Contract Acquisition Costs

Direct and incremental costs incurred for acquiring contracts, such as sales commissions are contract acquisition costs and thereby classified under “Other current assets” and “Other assets” in the consolidated balance sheets. Such costs are amortized over the expected duration of the relationship with customers and recorded under Selling and marketing expenses in the consolidated statements of income.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

Stock-Based Compensation (Details 1) - ESOP Stock Option [Member] $ / shares in Units, $ in Thousands	12 Months Ended
	Mar. 31, 2026 USD ($) $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options outstanding, beginning \| shares	59,900
Options outstanding weighted average exercise price, beginning \| $ / shares
Aggregate intrinsic value, beginning \| $
Options granted \| shares
Options granted weighted average exercise price \| $ / shares
Options exercised \| shares
Options exercised weighted average exercise price \| $ / shares
Aggregate intrinsic value, exercised \| $
Options cancelled, forfeited or expired \| shares
Options cancelled, forfeited or expired weighted average exercise price \| $ / shares
Options outstanding, ending \| shares	59,900
Options outstanding weighted average exercise price, ending \| $ / shares	$ 0.11
Weighted average remaining contractual term	2 years 3 months 25 days
Aggregate intrinsic value, ending \| $	$ 635
Vested and exercisable \| shares	59,900
Vested and exercisable weighted average exercise price \| $ / shares	$ 0.11
Weighted average remaining contractual term, vested and exercisable	2 years 3 months 25 days
Aggregate intrinsic value, vested and exercisable \| $	$ 635

Stock-Based Compensation (Details 2) - MSOP Stock Option [Member]	12 Months Ended
	Mar. 31, 2026 USD ($) $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options outstanding, beginning \| shares	295,565
Options outstanding weighted average exercise price, beginning \| $ / shares
Aggregate intrinsic value, beginning \| $
Options granted \| shares
Options granted weighted average exercise price \| $ / shares
Options exercised \| shares	(59,110)
Options exercised weighted average exercise price \| $ / shares
Aggregate intrinsic value, exercised \| $
Options cancelled, forfeited or expired \| shares	(236,455)
Options cancelled, forfeited or expired weighted average exercise price \| $ / shares
Options outstanding, ending \| shares
Options outstanding weighted average exercise price, ending \| $ / shares
Aggregate intrinsic value, ending \| $
Vested and exercisable \| shares
Vested and exercisable weighted average exercise price \| $ / shares
Aggregate intrinsic value, Vested and exercisable \| $