Manilam Industries I balance sheet is weak and might have solvency issues

The net debt of Manilam Industries I is decreasing.
Latest net debt of Manilam Industries I is ₹62.25 Crs as of Mar-25.
This is less than Mar-24 when it was ₹73.25 Crs.

Yes, profit is increasing.
The profit of Manilam Industries I is ₹7.47 Crs for Mar 2025, ₹3.14 Crs for Mar 2024 and ₹1.59 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.
Manilam Industries I latest dividend payout ratio is 0% and 3yr average dividend payout ratio is 0%

Companies resources are allocated to majorly unproductive assets like Accounts Receivable