Zelio E-Mobility balance sheet is weak and might have solvency issues

Yes, The net debt of Zelio E-Mobility is increasing.
Latest net debt of Zelio E-Mobility is ₹30.3 Crs as of Mar-25.
This is greater than Mar-24 when it was ₹14.01 Crs.

Yes, profit is increasing.
The profit of Zelio E-Mobility is ₹16.01 Crs for Mar 2025, ₹6.31 Crs for Mar 2024 and ₹3.06 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.
Zelio E-Mobility latest dividend payout ratio is 0% and 3yr average dividend payout ratio is 0%

Companies resources are allocated to majorly unproductive assets like Inventory