Balance sheet of Hindalco is moderately strong, But short term working capital might become an issue for this company.

Yes, The net debt of Hindalco is increasing.
Latest net debt of Hindalco is ₹60,392 Crs as of Sep-25.
This is greater than Mar-25 when it was ₹42,069 Crs.

Yes, profit is increasing.
The profit of Hindalco is ₹17,760 Crs for TTM, ₹16,001 Crs for Mar 2025 and ₹10,155 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.
Hindalco latest dividend payout ratio is 6.94% and 3yr average dividend payout ratio is 7.06%

Companies resources are allocated to majorly unproductive assets like Capital Work in Progress