Kwality Wall’s set to debut on stock exchanges following HUL demerger

Hindustan Unilever has announced that Kwality Wall's will begin trading on the Bombay Stock Exchange and National Stock Exchange of India from February 16.

In November 2024, HUL approved the demerger of its ice cream division, which houses brands such as Cornetto, Magnum and Kwality Wall’s. The demerger scheme received approval from the National Company Law Tribunal on October 30, 2025. The move aligns with parent company Unilever’s global decision to separate its ice cream business.

The ice cream segment accounts for about 3% of HUL’s annual turnover, contributing roughly Rs 1,800 crore to overall revenue.

The share entitlement ratio has been fixed at 1:1, meaning every HUL shareholder will receive one share of the ice cream business for each HUL share held as of the record date.

The allotment date was set as December 29, while December 5 was fixed as the record date to determine shareholder eligibility. Shareholders whose names appeared in the register as of the record date will receive free shares of KWIL as part of the demerger.

"The primary rationale for the demerger of the ice cream business stems from its limited complementarity and synergies with HUL’s broader business model. This business operates under a distinct model, characterised by a separate go-to-market strategy compared to the rest of HUL, and necessitates a dedicated cold chain infrastructure for both its supply chain and points of sale. Furthermore, its pronounced seasonality and capital intensity distinguish it significantly from other segments," the company said in its latest annual report.