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

Yes, The net debt of Shalby is increasing.
Latest net debt of Shalby is ₹363 Crs as of Mar-25.
This is greater than Mar-24 when it was ₹268 Crs.

No, profit is decreasing.
The profit of Shalby is -₹5.14 Crs for TTM, ₹6.22 Crs for Mar 2025 and ₹84.08 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.
Shalby latest dividend payout ratio is 15.33% and 3yr average dividend payout ratio is 17.18%

Companies resources are allocated to majorly unproductive assets like Cash & Short Term Investments, Capital Work in Progress, Inventory, Accounts Receivable