Balance sheet of Tata Steel is moderately strong, But short term working capital might become an issue for this company.

Yes, The net debt of Tata Steel is increasing.
Latest net debt of Tata Steel is ₹66,157 Crs as of Mar-25.
This is greater than Mar-24 when it was ₹64,220 Crs.

The profit is oscillating.
The profit of Tata Steel is ₹3,421 Crs for Mar 2025, -₹4,437.44 Crs for Mar 2024 and ₹8,760 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.
Tata Steel latest dividend payout ratio is 131.26% and 3yr average dividend payout ratio is 90.72%

Companies resources are allocated to majorly productive assets like Plant & Machinery and unproductive assets like Cash & Short Term Investments, Capital Work in Progress