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 ₹42,069 Crs as of Mar-25.
This is greater than Mar-24 when it was ₹33,602 Crs.

Yes, profit is increasing.
The profit of Hindalco is ₹16,001 Crs for Mar 2025, ₹10,155 Crs for Mar 2024 and ₹10,097 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.
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