BMW Ventures balance sheet is weak and might have solvency issues

Yes, The net debt of BMW Ventures is increasing.
Latest net debt of BMW Ventures is ₹396 Crs as of Mar-25.
This is greater than Mar-24 when it was ₹387 Crs.

The profit is oscillating.
The profit of BMW Ventures is ₹32.82 Crs for Mar 2025, ₹29.94 Crs for Mar 2024 and ₹32.66 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.
BMW Ventures latest dividend payout ratio is 28.93% and 3yr average dividend payout ratio is 28.93%

Companies resources are allocated to majorly productive assets like Plant & Machinery and unproductive assets like Cash & Short Term Investments, Accounts Receivable