- Kwality Walls (India) Ltd. listed on NSE and BSE at Rs 28.5 after demerger from HUL
- The demerger of HUL's ice-cream division took effect on December 1, 2025, post approvals
- Shareholders received KWIL shares in a 1:1 ratio based on HUL shares held on December 5
Shares of Kwality Wall's (India) Ltd. (KWIL) have listed on the NSE and BSE at Rs 28.5. This follows the demerger of the ice-cream division from its parent Hindustan Unilever Ltd. (HUL).
The demerger became effective on December 1, 2025, following all regulatory clearances. The company set December 5 as the record date to determine eligible shareholders, and HUL shares began trading ex-ice-cream business from that day.
HUL's board had first cleared the hive-off in November 2024, carving out a portfolio that includes popular brands such as Kwality Wall's, Cornetto and Magnum. The National Company Law Tribunal approved the scheme on October 30, 2025, coinciding with global parent Unilever's own move to separate its ice-cream operations worldwide.
Shareholders received KWIL shares in a 1:1 ratio. Investors holding HUL shares at the close of trading on December 5 were allotted one KWIL share for every HUL share held. The ice-cream vertical accounts for about 3% of HUL's annual revenue, contributing roughly Rs 1,800 crore.
Share allotment was completed on December 29, 2025, and the stock will begin trading on the exchanges from February 16, 2026. The listing will allow investors to directly trade in the standalone ice-cream business, while HUL sharpens its focus on its core FMCG portfolio.
HUL Q3 Results: Profit Misses Estimates
HUL's December-quarter performance fell short of market expectations on key metrics, despite revenue and operating profit coming in marginally ahead of estimates. The company reported a consolidated net profit of Rs 2,118 crore, a 30% decline from Rs 3,027 crore a year earlier, and below the Rs 2,615 crore projected by analysts.
Underlying volume growth stood at 4%, slightly weaker than consensus expectations of 4.2%. The earnings announcement sent the stock lower by up to 3% during the session. Separately, HUL reported Rs 4,485 crore in profit from discontinued operations for the quarter-reflecting adjustments tied to the ice-cream business carve-out.
EBITDA rose 2.7% year-on-year to Rs 3,788 crore, marginally above Bloomberg's estimate of Rs 3,770 crore. On Friday, HUL shares closed 4.35% lower at Rs 2,305.20 on the BSE, compared with a 1.25% decline in the Sensex. The company's market capitalisation stood at Rs 5.41 lakh crore, according to exchange data.
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