Debt has to go somewhere, so I think you can look at the balance sheet to know if the debt is reflected in assets, gross block, CWIP, inventories, receivables etc. Even interest and depreciation.
Also, I don’t think the assets increase if any will bring in profits soon. Profits may come but may be on a later date, for many reasons. You can check the competitors too, because too much supply can bring the profits down. So while the idea is good, it could be a long wait too.
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