Raymond balance sheet is weak and might have solvency issues

The net debt of Raymond is decreasing.
Latest net debt of Raymond is ₹79.93 Crs as of Mar-25.
This is less than Mar-24 when it was ₹2,375 Crs.

Yes, profit is increasing.
The profit of Raymond is ₹7,631 Crs for Mar 2025, ₹1,638 Crs for Mar 2024 and ₹529 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.
Raymond latest dividend payout ratio is 4.06% and 3yr average dividend payout ratio is 3.92%

Companies resources are majorly tied in miscellaneous assets