HUL Demerger: Shares of Kwality Wall's India Ltd. are all set to hit D-Street on Monday, Feb. 16, 2026, following the demerger of the ice cream business from parent Hindustan Unilever Limited (HUL). Kwality Wall's will debut on the bourses after the leading fast-moving consumer goods (FMCG) major had gone ex-ice cream business on Dec. 5, 2025, as part of the demerger process, with shareholders receiving one equity share of Kwality Wall's India Ltd for every one share held in HUL.
In a regulatory filing to the stock exchanges on Friday, Feb. 13, HUL said that it has received listing and trading approvals from BSE and NSE for 2,34,95,91,262 equity shares of its demerged ice-cream business, clearing the way for Kwality Wall's (India) to mark its stock exchange debut on Feb. 16. Hence, Kwality Wall's (India) will begin trading on BSE and NSE after the approvals.
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HUL Demerger: Kwality Wall's shares to trade publicly
HUL demerged its Kwality Wall's (ice cream) business and transferred it to a new standalone entity - Kwality Wall's (India) or KWIL. The hive-off of the ice-cream vertical became effective from Dec. 1, 2025 after regulatory approvals with Dec. 5 fixed as the record date to determine the eligible shareholders. Hence, HUL shares started trading ex-ice-cream business from the record date of Dec. 5.
In November 2024, HUL board had first approved the demerger of the ice cream business, which operates popular brands including 'Kwality Wall's', 'Cornetto' and 'Magnum'. The National Company Law Tribunal (NCLT) then approved the demerger scheme on Oct. 30, 2025. HUL's global parent entity Unilever also spun-off its own ice-cream businesses.
The share entitlement ratio was set at 1:1. Under the approved scheme, shareholders holding HUL shares at the close of Dec. 5 received one share of Kwality Wall's for every HUL share held. The ice cream business forms 3% of HUL's total yearly turnover, contributing Rs 1,800 crore to the total revenue.
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The allotment was completed on Dec. 29, 2025. Now, those shares will be available for trading from Feb. 16, 2026. The listing will lead to the public trading of the standalone ice cream business as an independent company. Investors will be able to directly buy and sell shares of Kwality Wall's (India). With the demerger, HUL will continue to concentrate on its core FMCG portfolio.
HUL Q3 Results
Hindustan Unilever Ltd.'s profit and volume growth missed market expectations in the December quarter of FY26, even as revenue and operating profit came in above estimates. The consolidated net profit of the FMCG giant was Rs 2,118 crore, down 30% year-on-year from Rs 3,027 crore. Analysts tracked by Bloomberg had estimated Rs 2,615 crore.
Underlying volume growth stood at 4% during the quarter and fell short of estimates. Analysts tracked by Bloombeg had pegged the volume growth at 4.2%. The announcement sent the company's shared declining by as much as 3%. The country's largest FMCG company separately reported profit of Rs 4,485 crore from discontinued operations for the quarter.
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Ebitda increased 2.7% to Rs 3,788 crore from Rs 3,689 crore, marginally above the Bloomberg estimate of Rs 3,770 crore. On Friday, shares of HUL settled 4.35% lower at Rs 2,305.20 apiece on the BSE against a 1.25% decline of the Sensex index. The company commands a market cap of Rs 5,41,627.78 crore, according to stock exchange data.
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