India’s first pure-play ice cream stock enlists on NSE and BSE

Sweet treats are no longer a freezer-only phenomenon; they are now a part of the Indian stock market. On Monday, Kwality Wall’s (India) Ltd (KWIL) made its much-awaited entry into the National Stock Exchange and the BSE. The listing is the final move in a significant portfolio restructuring by FMCG major Hindustan Unilever (HUL), making KWIL the first standalone listed ice cream company in the country.

Kwality Walls debuts in NSE and BSE with landmark demerger

The process of entering the stock market started in late 2024 when HUL cleared the demerger of its ice cream business—the force behind famous brands such as Cornetto and Magnum. After the National Company Law Tribunal gave its nod in November 2025, the demerger was completed on December 1.

As per the 1:1 ratio entitlement, every shareholder of HUL received one share of the new company in exchange for their existing shares. Although the stock opened at £0.30 (₹29.80) on the NSE—a slight discount to some of the earlier indicative prices—it started trading with an initial market capitalisation of approximately £700 million (₹7,001.78 crore).

Cooling down or heating up?

The ice cream segment has always been a 3 percent contributor to HUL’s annual business turnover, raking in about £180 million (INR 1,800 crore) every year. Although the segment has its own set of challenges, including seasonality and lower margins, the recent cut in GST rates from 18 percent to 5 p[percent is expected to make the offering more attractive to consumers and investors alike.

Priya Nair, CEO & Managing Director, pointed out that early signs of recovery are being witnessed in demand trends. Priya highlighted that the company is concentrating on high-demand categories and new-gen distribution models such as quick commerce.

With the demerger complete, HUL looks toward a "stronger FY27," while ice cream lovers and investors watch to see if Kwality Wall’s can maintain its cool on the trading floor.

For more updates, join/follow our WhatsApp, Telegram and YouTube channels.