BMW Ventures balance sheet is weak and might have solvency issues

The net debt of BMW Ventures is decreasing.
Latest net debt of BMW Ventures is ₹222 Crs as of Sep-25.
This is less than Mar-25 when it was ₹396 Crs.

The profit is oscillating.
The profit of BMW Ventures is ₹29.06 Crs for TTM, ₹32.82 Crs for Mar 2025 and ₹29.94 Crs for Mar 2024.

The company seems to be paying a very low dividend.
Investors need to see where the company is allocating its profits.
BMW Ventures latest dividend payout ratio is 28.93% and 3yr average dividend payout ratio is 28.93%

Companies resources are allocated to majorly productive assets like Plant & Machinery and unproductive assets like Cash & Short Term Investments, Accounts Receivable