Apt Packaging balance sheet is weak and might have solvency issues

The net debt of Apt Packaging is decreasing.
Latest net debt of Apt Packaging is ₹6.27 Crs as of Sep-25.
This is less than Mar-25 when it was ₹23.03 Crs.

Yes, profit is increasing.
The profit of Apt Packaging is ₹0.55 Crs for TTM, ₹0.31 Crs for Mar 2025 and -₹2.52 Crs for Mar 2024.

The company seems to be paying a very low dividend.
Investors need to see where the company is allocating its profits.
Apt Packaging latest dividend payout ratio is 0% and 3yr average dividend payout ratio is 0%

Companies resources are allocated to majorly productive assets like Plant & Machinery and unproductive assets like Capital Work in Progress