Balance sheet of Gujarat Energy is strong.
But short term working capital might become an issue for this company.

Yes, The net debt of Gujarat Energy is increasing.
Latest net debt of Gujarat Energy is ₹1,746 Crs as of Mar-26.
This is greater than Mar-25 when it was -₹714.9 Crs.

The profit is oscillating.
The profit of Gujarat Energy is ₹1,002 Crs for TTM, ₹1,148 Crs for Mar 2025 and ₹1,144 Crs for Mar 2024.

The company seems to be paying a very low dividend.
Investors need to see where the company is allocating its profits.
Gujarat Energy latest dividend payout ratio is 34.89% and 3yr average dividend payout ratio is 32.97%

Companies resources are allocated to majorly productive assets like Plant & Machinery and unproductive assets like Short Term Loans & Advances