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

Yes, The debt of Ultracab is increasing.
Latest debt of Ultracab is ₹51.19 Crs as of Sep-24.
This is greater than Mar-24 when it was ₹47.16 Crs.

Yes, profit is increasing.
The profit of Ultracab is ₹9.1 Crs for TTM, ₹5.98 Crs for Mar 2024 and ₹5.82 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.
Ultracab latest dividend payout ratio is 0% and 3yr average dividend payout ratio is 0%

Companies resources are allocated to majorly unproductive assets like Accounts Receivable