GSP Crop Science balance sheet is weak and might have solvency issues

Yes, The net debt of GSP Crop Science is increasing.
Latest net debt of GSP Crop Science is ₹231 Crs as of Mar-25.
This is greater than Mar-24 when it was ₹155 Crs.

Yes, profit is increasing.
The profit of GSP Crop Science is ₹83.44 Crs for Mar 2025, ₹61.19 Crs for Mar 2024 and ₹21.36 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.
GSP Crop Science latest dividend payout ratio is 3.51% and 3yr average dividend payout ratio is 3.44%

Companies resources are allocated to majorly unproductive assets like Inventory