Icodex Publishing balance sheet is weak and might have solvency issues

Yes, The debt of Icodex Publishing is increasing.
Latest debt of Icodex Publishing is -₹4.27 Crs as of Mar-25.
This is greater than Mar-24 when it was -₹5.23 Crs.

Yes, profit is increasing.
The profit of Icodex Publishing is ₹8.96 Crs for Mar 2025, ₹4.4 Crs for Mar 2024 and ₹1.81 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.
Icodex Publishing latest dividend payout ratio is 0% and 3yr average dividend payout ratio is 0%

Companies resources are allocated to majorly productive assets like Plant & Machinery and unproductive assets like Capital Work in Progress