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Long-term debt

9 Months Ended

Dec. 31, 2025

Note 4 - Long-term debt

Long-term debt consists of the following:

Schedule of long-term debt
	December 31, 2025		March 31, 2025
Loan from the director of ATGBA	$	773	$	812
Loan from an affiliate		-		111
Non-current portion of vehicle loan		70		173
	$	843	$	1,096

For additional information on the loan from the director of Aeries Technology Group Business Accelerators Private Limited (“ATGBA”), Mr. Vaibhav Rao, to a subsidiary company and loan from an affiliate, see Note 8 – 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 $127 at the exchange rate in effect on December 31, 2025) 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 $91 at the exchange rate in effect on December 31, 2025) 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 December 31, 2025, the future maturities of debt by fiscal year are as follows:

Schedule of future maturities of debt
2026	$	6
2027		870
2028		11
2029		56
2030		-
Total future maturities of debt	$	943