Gulf Lloyds (India) balance sheet is weak and might have solvency issues

Yes, The net debt of Gulf Lloyds (India) is increasing.
Latest net debt of Gulf Lloyds (India) is ₹9.48 Crs as of Mar-26.
This is greater than Mar-25 when it was ₹7.4 Crs.

Yes, profit is increasing.
The profit of Gulf Lloyds (India) is ₹4.3 Crs for Mar 2026, ₹1.68 Crs for Mar 2024 and ₹1.16 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.
Gulf Lloyds (India) 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