Balance sheet of Ather Energy is strong.
It shouldn't have solvency or liquidity issues.

Yes, The net debt of Ather Energy is increasing.
Latest net debt of Ather Energy is ₹79.5 Crs as of Mar-25.
This is greater than Mar-24 when it was -₹580.6 Crs.

The profit is oscillating.
The profit of Ather Energy is -₹517.7 Crs for TTM, -₹1,059.7 Crs for Mar 2024 and -₹864.5 Crs for Mar 2023.

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

Companies resources are allocated to majorly unproductive assets like Cash & Short Term Investments, Capital Work in Progress, Accounts Receivable, Short Term Loans & Advances