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

Yes, The net debt of Physicswallah is increasing.
Latest net debt of Physicswallah is -₹98.64 Crs as of Sep-25.
This is greater than Mar-25 when it was -₹343.36 Crs.

Yes, profit is increasing.
The profit of Physicswallah is ₹111 Crs for TTM, -₹215.9 Crs for Mar 2025 and -₹1,040.43 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.
Physicswallah 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