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

Yes, The net debt of HPCL is increasing.
Latest net debt of HPCL is ₹65,930 Crs as of Mar-25.
This is greater than Mar-24 when it was ₹61,874 Crs.

The profit is oscillating.
The profit of HPCL is ₹6,736 Crs for Mar 2025, ₹16,015 Crs for Mar 2024 and -₹6,980.23 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.
HPCL latest dividend payout ratio is 33.17% and 3yr average dividend payout ratio is 30.54%

Companies resources are allocated to majorly productive assets like Plant & Machinery and unproductive assets like Inventory