Horizon Reclaim (Ind balance sheet is weak and might have solvency issues

Yes, The net debt of Horizon Reclaim (Ind is increasing.
Latest net debt of Horizon Reclaim (Ind is ₹35.5 Crs as of Mar-26.
This is greater than Mar-25 when it was ₹9.92 Crs.

Yes, profit is increasing.
The profit of Horizon Reclaim (Ind is ₹10.5 Crs for Mar 2026, ₹7.07 Crs for Mar 2025 and ₹0.71 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.
Horizon Reclaim (Ind latest dividend payout ratio is 0% and 3yr average dividend payout ratio is 0%

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