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

Yes, The net debt of Panjon is increasing.
Latest net debt of Panjon is ₹2.2 Crs as of Mar-25.
This is greater than Mar-24 when it was -₹3.83 Crs.

The profit is oscillating.
The profit of Panjon is ₹0.53 Crs for TTM, ₹0.15 Crs for Mar 2024 and ₹0.82 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.
Panjon latest dividend payout ratio is 0% and 3yr average dividend payout ratio is 0%

Companies resources are allocated to majorly unproductive assets like Cash & Short Term Investments