Blue Water Logistics balance sheet is weak and might have solvency issues

Yes, The net debt of Blue Water Logistics is increasing.
Latest net debt of Blue Water Logistics is ₹34.45 Crs as of Mar-25.
This is greater than Mar-24 when it was ₹14.82 Crs.

Yes, profit is increasing.
The profit of Blue Water Logistics is ₹10.67 Crs for Mar 2025, ₹5.94 Crs for Mar 2024 and ₹1.54 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.
Blue Water Logistics latest dividend payout ratio is 0% and 3yr average dividend payout ratio is 0%

Companies resources are allocated to majorly unproductive assets like Accounts Receivable, Short Term Loans & Advances