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

Yes, The net debt of Mahickra Chemicals is increasing.
Latest net debt of Mahickra Chemicals is ₹15.21 Crs as of Mar-25.
This is greater than Mar-24 when it was ₹13.42 Crs.

The profit is oscillating.
The profit of Mahickra Chemicals is ₹2.53 Crs for Mar 2025, ₹1.07 Crs for Mar 2024 and ₹3.29 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.
Mahickra Chemicals latest dividend payout ratio is 6.41% and 3yr average dividend payout ratio is 15.06%

Companies resources are allocated to majorly unproductive assets like Inventory