Systematic Inds. balance sheet is weak and might have solvency issues

Yes, The net debt of Systematic Inds. is increasing.
Latest net debt of Systematic Inds. is ₹77.38 Crs as of Mar-24.
This is greater than Mar-23 when it was ₹61.24 Crs.

Yes, profit is increasing.
The profit of Systematic Inds. is ₹12.39 Crs for Mar 2024, ₹6.5 Crs for Mar 2023 and ₹3.89 Crs for Mar 2022

The company seems to be paying a very low dividend.
Investors need to see where the company is allocating its profits.
Systematic Inds. latest dividend payout ratio is 0% and 3yr average dividend payout ratio is 0%

Companies resources are allocated to majorly unproductive assets like Capital Work in Progress