BPL balance sheet is weak and might have solvency issues

Yes, The net debt of BPL is increasing.
Latest net debt of BPL is ₹28.28 Crs as of Mar-25.
This is greater than Mar-24 when it was ₹11.5 Crs.

The profit is oscillating.
The profit of BPL is ₹13.41 Crs for Mar 2024, ₹5.06 Crs for Mar 2023 and ₹12.95 Crs for Mar 2022

The company seems to be paying a very low dividend.
Investors need to see where the company is allocating its profits.
BPL 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, Accounts Receivable