HUL Demerger: Kwality Wall’s Shares Set to List on February 16 on NSE and BSE

Kwality Wall's India shares are scheduled to debut on the stock exchanges on Monday, February 16, following the formal demerger of the ice cream division from Hindustan Unilever Limited (HUL).

Listing Approval by NSE and BSE

Pursuant to BSE letter no. DCS/AMAL/BW/4069/2025-26 and NSE letter no. NSE/LIST/190, both dated February 12, 2026, trading in the aforesaid equity shares will commence on February 16, 2026.

• Stock Exchanges: BSE and National Stock Exchange of India
• Nature of Approval: Listing and Trading Approval
• Instrument: Equity Shares
• Total Shares Listed: 2,34,95,91,262 equity shares of ₹1 each
• Approval Date: February 12, 2026

HUL turned ex–ice cream business on December 5, with shareholders receiving one equity share of Kwality Wall’s India Ltd for every share they held in HUL.

Revenue Contribution by Ice Cream Business

The ice cream segment contributed approximately 3% to HUL’s consolidated revenue. The division is estimated to generate annual revenue in the range of ₹1,800 crore to ₹2,000 crore, operating at low single-digit profit margins.

On the ex-demerger date, HUL’s share price was adjusted downward by nearly ₹44 per share to reflect the carve-out. Based on this price adjustment and prevailing market estimates, the standalone ice cream business has been valued between ₹10,000 crore and ₹12,000 crore.

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With the upcoming listing, investors will gain greater transparency into the independent valuation, performance metrics, and long-term growth potential of the ice cream business, previously embedded within HUL’s diversified FMCG portfolio.

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