Balance sheet of NOCIL is strong.
It shouldn't have solvency or liquidity issues.

Yes, The net debt of NOCIL is increasing.
Latest net debt of NOCIL is -₹33.46 Crs as of Mar-25.
This is greater than Mar-24 when it was -₹190.97 Crs.

No, profit is decreasing.
The profit of NOCIL is ₹103 Crs for TTM, ₹133 Crs for Mar 2024 and ₹149 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.
NOCIL latest dividend payout ratio is 37.59% and 3yr average dividend payout ratio is 33.16%

Companies resources are majorly tied in miscellaneous assets