New Delhi: Kwality Wall’s (India) Limited on Monday announced the listing of its equity shares on the BSE Limited and the National Stock Exchange of India, marking its debut as an independent, publicly traded ice cream and frozen desserts company.
The listing follows the demerger of the ice cream business of Hindustan Unilever Limited (HUL) into Kwality Wall’s (India) Limited, effective December 1, 2025, pursuant to approval from the National Company Law Tribunal (NCLT), Mumbai Bench.
Under the approved scheme, HUL shareholders as of the December 5, 2025 record date received one equity share of Kwality Wall’s (India) Limited for every one equity share held in HUL.
A 70-Year Legacy, Now Standalone
With the completion of the demerger and listing, Kwality Wall’s emerges as a focused play in India’s fast-growing ice cream and frozen dessert market. The company houses brands such as Cornetto, Magnum and Twister, and operates across more than 400 cities, reaching over 2 lakh outlets and 15,000-plus push carts nationwide.h
The move is part of a broader trend among consumer goods majors to unlock value by carving out high-growth verticals into independent listed entities.
Ownership Transition in the Works
Separately, Unilever had earlier announced a share purchase agreement (SPA) in June 2025 between Unilever shareholders and The Magnum Ice Cream Company HoldCo 1 Netherlands B.V. (TMICC), under which TMICC would acquire all shares in Kwality Wall’s (India) Limited held by Unilever shareholders, representing a controlling stake.
The completion of this acquisition is expected after the company’s listing, subject to regulatory approvals and terms of the SPA.
The standalone structure is expected to provide Kwality Wall’s with greater operational agility to scale the category, deepen distribution and respond faster to evolving consumer preferences in the premium and impulse segments.
With rising urban consumption, premiumisation trends and expanding cold-chain infrastructure, India’s ice cream and frozen dessert market has attracted significant strategic interest in recent years.
For investors, the listing creates a pure-play vehicle in a consumption-driven segment, distinct from HUL’s diversified FMCG portfolio — potentially offering clearer valuation benchmarks and growth visibility.
As Kwality Wall’s embarks on its next phase as a listed entity, market participants will closely track execution under the new ownership structure and its ability to capitalise on India’s expanding discretionary consumption landscape.