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

Yes, The debt of SPIC is increasing.
Latest debt of SPIC is ₹434 Crs as of Sep-24.
This is greater than Mar-24 when it was ₹121 Crs.

No, profit is decreasing.
The profit of SPIC is ₹84.13 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