The shares of Kwality Wall’s (India) began trading today on the NSE and BSE, listing at Rs 29.80 per share on the NSE. The debut came at a sharp discount of about 25% compared to its issue price of Rs 40 per share. The listing follows the demerger of the ice-cream business from Hindustan Unilever and also marks a structural shift for both companies.
For the first time, investors will see the ice-cream arm valued independently on Dalal Street.
Let’s take a look at the key factors every investors need to know –
How the demerger worked
The demerger came into effect on December 1, 2025. This was after the company received approval from the National Company Law Tribunal.
Following this, December 5 was fixed as the record date, and from that day HUL shares began trading without the ice-cream business attached.
Under the approved scheme, shareholders received shares of the new company in a 1:1 ratio.
Simply put, anyone holding one HUL share on the record date received one share of Kwality Wall’s. The allotment process was completed in December, and the exchanges cleared over 234.95 crore equity shares for listing earlier this week.
From demerger to standalone company
Until now, Kwality Wall’s operated as one segment within HUL’s wider FMCG portfolio.
Moreover, the ice-cream business contributed around Rs 1,800 crore in revenue, accounting for nearly 3% of HUL’s annual turnover.
Although relatively small within HUL’s vast operations, it is a distinct consumer category with seasonal demand patterns and separate cost structures.
The new entity will house brands such as Cornetto and Magnum, along with Kwality Wall’s products.
As a listed company, it will now report its earnings and performance independently.
What changes for HUL
Following the spin-off, HUL will continue focusing on its core segments such as home care, personal care and packaged foods. Its global parent, Unilever, has also been reshaping parts of its international ice-cream operations.
Conclusion
The market will now determine how the standalone business is valued. Furthermore, factors such as seasonal sales cycles, input costs like milk and sugar, distribution expansion, and profitability trends will be closely watched.