Balance sheet of SPIC is strong.
But short term working capital might become an issue for this company.

Yes, The net debt of SPIC is increasing.
Latest net debt of SPIC is ₹666 Crs as of Mar-25.
This is greater than Mar-24 when it was ₹121 Crs.

The profit is oscillating.
The profit of SPIC is ₹123 Crs for TTM, ₹113 Crs for Mar 2024 and ₹301 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.
SPIC latest dividend payout ratio is 27.02% and 3yr average dividend payout ratio is 14.47%

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