Kwality Wall’s is set to make its stock market debut on February 16, with shares scheduled to begin trading on the Bombay Stock Exchange (BSE) and the National Stock Exchange of India (NSE). The listing follows the formal demerger of Hindustan Unilever’s ice cream business into a separate entity.
The demerger, first approved by HUL’s board in November 2024, received clearance from the National Company Law Tribunal on October 30, 2025. The move aligns with parent company Unilever’s global strategy to separate its ice cream operations from its broader portfolio.
The ice cream division – home to brands such as Cornetto, Magnum and Kwality Wall’s – contributes around 3% to HUL’s annual turnover, generating approximately Rs 1,800 crore in revenue.
Under the approved scheme, the share entitlement ratio has been fixed at 1:1. This means shareholders holding HUL shares as of the December 5 record date will receive one share of the newly demerged ice cream entity for every HUL share owned. The allotment date was set as December 29.
In its annual report, HUL stated that the primary rationale for the demerger lies in the ice cream business’s limited synergies with its core operations. The segment operates under a distinct go-to-market model, requires dedicated cold chain infrastructure, and is marked by pronounced seasonality and higher capital intensity – factors that set it apart from HUL’s other categories.
