India, Oct. 5 -- The Kolkata-based steel processor has finally put a long-planned expansion into motion, switching on a new line in Jharkhand that could change how it makes its money. The launch follows a quarter in which profit jumped but margins and working capital sent mixed signals. Debt is climbing, and a project worth hundreds of crores is still only partly built. So what does this first step actually deliver, and what is left to prove before the numbers start to show it?

Shares of BMW Industries closed at Rs. 55.54, up 4.56 percent on Monday. The stock touched the intraday high of Rs. 56.35 after opening at Rs. 52.45 before slipping to a low of Rs. 52.44. The company commands a market capitalization of Rs. 1250.13 crore.

BMW Ind...