After regulatory approvals and prolonged shareholder anticipation, Hindustan Unilever’s (HUL) demerged ice cream business is now set to begin trading independently on the bourses.
Kwality Wall’s (India) will begin trading on the exchanges from February 16, 2026. The newly formed company has received listing and trading approvals from BSE and NSE.
The company in an exchange filing today (Feb 13) said, “…has received the Listing and Trading Approval from BSE Limited (‘BSE’) and National Stock Exchange of India Ltd (‘NSE’) on 12th February, 2026 for the listing and trading of 2,34,95,91,262 equity shares of the Company.”
Let’s take a look at the key things investors need to watch out for –
From household name to independent company
HUL, known for its wide range of daily-use products, decided in November 2024 to separate its ice cream portfolio into a distinct entity.
The portfolio includes familiar brands such as Kwality Wall’s, Cornetto and Magnum. These names that are easily recognised in freezers across the country.
The plan received approval from the National Company Law Tribunal (NCLT) on October 30, 2025. The demerger became effective from December 1, 2025, and HUL shares started trading without the ice cream business from December 5, which was fixed as the record date.
What shareholders received
Under the approved arrangement, shareholders received one equity share of Kwality Wall’s (India) for every one share held in HUL as of the record date.
The allotment was completed on December 29, 2025.
Now, those shares will be available for trading from February 16.
This officially opens the door for public trading of the standalone ice cream business.
How important is the ice cream vertical?
Although ice cream is a visible and popular segment, but it represents a relatively small slice of HUL’s overall operations.
The division contributes about 3% of HUL’s total annual turnover, generating close to Rs 1,800 crore in revenue.
By separating the business, HUL will continue to concentrate on its core fast-moving consumer goods portfolio, while Kwality Wall’s (India) can independently shape its strategy, investments and growth plans in the seasonal and competitive ice cream market.
Timing alongside quarterly results
The listing news comes just after HUL announced its December quarter results for FY25–26. The company reported revenue of Rs 16,235 crore, a 6% year-on-year growth.
The profit after tax surged sharply to Rs 6,603 crore.
The share price of HUL closed over 4% lower at Rs 2,305 in today’s trading session.
Conclusion
The February 16 listing will formally mark the market debut of Kwality Wall’s (India) as an independent company. For the first time, investors will be able to directly buy and sell shares of the ice cream business that was once part of HUL.