Indiabulls balance sheet is weak and might have solvency issues

The net debt of Indiabulls is decreasing.
Latest net debt of Indiabulls is -₹678.65 Crs as of Sep-25.
This is less than Mar-25 when it was ₹226 Crs.

The profit is oscillating.
The profit of Indiabulls is ₹15.35 Crs for TTM, -₹68.2 Crs for Mar 2025 and -₹21.61 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.
Indiabulls 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 Cash & Short Term Investments, Capital Work in Progress, Inventory, Accounts Receivable, Short Term Loans & Advances