BPL balance sheet is weak and might have solvency issues

Yes, The debt of BPL is increasing.
Latest debt of BPL is ₹23.52 Crs as of Sep-24.
This is greater than Mar-24 when it was ₹11.5 Crs.

Yes, profit is increasing.
The profit of BPL is ₹18.07 Crs for TTM, ₹13.41 Crs for Mar 2024 and ₹5.06 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.
BPL 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, Accounts Receivable