Kwality Wall’s Lists at Around 26% Discount After Demerger from Hindustan Unilever

Kwality Wall’s India Limited made its stock market debut on 16 February 2026, listing on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE), but the ice cream major began trading at a sharp discount compared to its reference price.

On the NSE, the stock opened at ₹29.80 per share, marking a 25.87% decline from the discovered reference price of ₹40.20. On the BSE, it listed at ₹29.90, reflecting a 21.6% drop from its reference price of ₹38.15.

The weaker-than-expected debut comes after the demerger of the ice cream business from Hindustan Unilever Limited (HUL), making Kwality Wall’s a standalone listed company for the first time.

Kwality Wall’s Listing Details: Market Cap, Share Allotment and Trading Approval

At the NSE listing price, Kwality Wall’s India was valued at approximately ₹7,000 crore in market capitalisation.

The exchanges had approved the listing and trading of around 234.96 crore equity shares on 12 February 2026. Trading officially commenced on 16 February.

Under the demerger scheme, shareholders of Hindustan Unilever received one share of Kwality Wall’s India for every one HUL share held as of the record date, which was fixed at 5 December 2025. The scheme of arrangement became effective from 1 December 2025.

This meant that existing HUL investors automatically became shareholders of the newly carved-out ice cream business.

HUL Demerger Timeline: How the Ice Cream Business Became Independent

Hindustan Unilever had announced the separation of its ice cream division in January 2025 as part of a broader strategic restructuring aligned with parent company Unilever’s global move to streamline operations.

Key milestones in the process included:

• January 2025 - Demerger announcement
• 1 December 2025 - Scheme became effective
• 5 December 2025 - Record date for share entitlement
• 12 February 2026 - NSE and BSE granted listing approval
• 16 February 2026 - Shares listed on both exchanges

With the listing complete, Kwality Wall’s India now operates as a standalone listed entity focused solely on the ice cream segment.

The company owns and markets well-known brands, including Cornetto, Magnum, Feast and Creamy Delight, positioning it as one of India’s largest organised ice cream businesses.

Why Did Kwality Wall’s Shares List at a Discount?

Market participants attributed the discounted debut to investor caution around the standalone prospects of the ice cream business.

Unlike diversified FMCG companies such as HUL, a pure-play ice cream business is more seasonal in nature and exposed to fluctuations in input costs such as milk, packaging and cold-chain logistics. Competition from cooperative players and regional brands also remains strong in India’s fast-growing but price-sensitive market.

The lower listing price suggests investors are reassessing the company’s valuation outside HUL’s broader consumer portfolio.

During early trade on listing day, the stock largely hovered around its opening range, with steady volumes and no extreme volatility reported in initial sessions.

Open Offer Announcement and What Lies Ahead

Alongside the listing, a Unilever group entity has announced an open offer to acquire up to 26% additional stake in Kwality Wall’s India at ₹21.33 per share. If fully subscribed, this could increase promoter shareholding significantly, though no plans for delisting have been indicated.

Going forward, the company is expected to focus on expanding distribution, strengthening cold-chain infrastructure, and introducing new product launches to tap rising urban demand and premiumisation trends in India’s ice cream market.

Investors will now watch upcoming quarterly results to assess revenue growth, margin performance and standalone operational efficiency.

For now, Kwality Wall’s India’s discounted debut marks a cautious start to its journey as an independent listed ice cream company, with the market signalling a wait-and-watch approach.