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

Yes, The debt of Shivalik Rasayan is increasing.
Latest debt of Shivalik Rasayan is ₹38.34 Crs as of Mar-24.
This is greater than Mar-23 when it was ₹4.22 Crs.

The profit is oscillating.
The profit of Shivalik Rasayan is ₹15.46 Crs for TTM, ₹29.83 Crs for Mar 2023 and ₹25.61 Crs for Mar 2022.

The company seems to be paying a very low dividend.
Investors need to see where the company is allocating its profits.
Shivalik Rasayan latest dividend payout ratio is 2.43% and 3yr average dividend payout ratio is 3.06%

Companies resources are allocated to majorly unproductive assets like Capital Work in Progress, Inventory