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

Yes, The net debt of Lupin is increasing.
Latest net debt of Lupin is ₹1,934 Crs as of Mar-25.
This is greater than Mar-24 when it was ₹286 Crs.

Yes, profit is increasing.
The profit of Lupin is ₹3,306 Crs for TTM, ₹1,914 Crs for Mar 2024 and ₹430 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.
Lupin latest dividend payout ratio is 19.04% and 3yr average dividend payout ratio is 30.68%

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