MUMBAI (Feb 14, 2026) — India’s ice cream landscape is set for a historic shift on Monday, February 16, as Kwality Wall’s (India) Limited (KWIL) makes its debut on the BSE and NSE. The listing marks the formal completion of the demerger of the ice cream business from FMCG giant Hindustan Unilever Limited (HUL).
The stock exchanges have cleared the listing and trading of 234.95 crore equity shares, creating India’s first large-scale, pure-play listed ice cream company.
Listing & Valuation Details
The market is closely watching the debut of this carved-out entity, which houses iconic brands like Cornetto, Magnum, and Feast.
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Share Entitlement: HUL shareholders as of the December 5, 2025 record date were allotted shares in a 1:1 ratio (one share of KWIL for every one share of HUL).
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Expected Price: Analysts at Nuvama Equities and other brokerages estimate the listing price to be in the range of ₹50–₹55 per share.
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HUL Adjustment: On the demerger date, HUL’s share price was historically adjusted downward by approximately ₹44 to account for the value of the spun-off division.
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Current Valuation: The standalone business is estimated to be worth between ₹10,000 crore and ₹12,000 crore.
Strategic Rationale
HUL’s decision to separate the business stems from the unique operational requirements of the ice cream category compared to soaps and detergents:
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Distinct Supply Chain: Ice cream requires a specialized cold-chain infrastructure (KWIL operates over 2 lakh freezer cabinets nationwide).
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Seasonality: Unlike HUL’s core personal care products, ice cream is highly seasonal and capital-intensive.
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GST Tailwinds: The industry recently benefited from a structural boost as GST on ice cream was slashed from 18% to 5%, which is expected to drive affordability and volume growth.
Management & Future Outlook
Post-listing, Magnum Ice Cream Company (a Unilever affiliate) will hold a 61.9% stake in the new entity. The leadership team, headed by Deputy MD Chitrank Goel and CFO Prashant Premrajka, plans to aggressively target the premium segment, with brands like Magnum and Cornetto expected to grow from 15% to over 20% of the sales mix by 2031.
