Balance sheet of Max India is moderately strong.

Yes, The debt of Max India is increasing.
Latest debt of Max India is -₹217.56 Crs as of Mar-25.
This is greater than Mar-24 when it was -₹416.78 Crs.

The profit is oscillating.
The profit of Max India is -₹138.91 Crs for TTM, -₹140.39 Crs for Mar 2025 and -₹56.38 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.
Max India latest dividend payout ratio is 0% and 3yr average dividend payout ratio is 0%

Companies resources are allocated to majorly productive assets like Plant & Machinery and unproductive assets like Capital Work in Progress, Inventory, Accounts Receivable, Short Term Loans & Advances