Balance sheet of Novartis is moderately strong.

Yes, The net debt of Novartis is increasing.
Latest net debt of Novartis is -₹648.03 Crs as of Mar-25.
This is greater than Mar-24 when it was -₹1,192.14 Crs.

The profit is oscillating.
The profit of Novartis is ₹101 Crs for TTM, ₹85.19 Crs for Mar 2024 and ₹103 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.
Novartis latest dividend payout ratio is 72.43% and 3yr average dividend payout ratio is 92.92%

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