VMS TMT balance sheet is weak and might have solvency issues

Yes, The net debt of VMS TMT is increasing.
Latest net debt of VMS TMT is ₹254 Crs as of Mar-25.
This is greater than Mar-24 when it was ₹182 Crs.

Yes, profit is increasing.
The profit of VMS TMT is ₹14.74 Crs for Mar 2025, ₹13.47 Crs for Mar 2024 and ₹4.2 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.
VMS TMT latest dividend payout ratio is 0% and 3yr average dividend payout ratio is 0%

Companies resources are allocated to majorly productive assets like Plant & Machinery and unproductive assets like Inventory