Happy Square balance sheet is weak and might have solvency issues

Yes, The net debt of Happy Square is increasing.
Latest net debt of Happy Square is ₹13.41 Crs as of Mar-25.
This is greater than Mar-24 when it was ₹10.62 Crs.

Yes, profit is increasing.
The profit of Happy Square is ₹5.9 Crs for Mar 2025, ₹4.39 Crs for Mar 2024 and ₹1.79 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.
Happy Square 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