Kwality Wall's shares list at 26% discount on NSE post demerger from HUL

Kwality Wall’s, the demerged ice cream business of Hindustan Unilever (HUL), made a weak market debut on February 16, 2026. On the National Stock Exchange (NSE), the stock listed at ₹29.8 per share, marking a discount of ₹10.4 or 25.8 per cent. This marks a discount of 25.87 percent over the indicative price of ₹40.2.

 

On the BSE, Kwality Wall’s share price began trading at ₹29.9 per share, down 21.6 per cent or ₹8.25. 

Kwality Wall’s shares were listed on the bourses, following its demerger from HUL. The move came after HUL received approval from the NSE and BSE on February 12, 2026, to list 2,34,95,91,262 equity shares of ₹ 1 each.   CATCH STOCK MARKET UPDATES TODAY LIVE 

“This is to inform you that the company (HUL), has received the Listing and Trading Approval from BSE and NSE on February 12, 2026, for the listing and trading of 2,34,95,91,262 equity shares of the Company,” the filing read.  

In January 2025, HUL announced that its board approved the spin off of its ice cream business, Kwality Wall’s (India), which was to become a separately listed entity, the company.

 

Under the terms of the demerger, HUL shareholders were to receive one share of Kwality Wall’s for every HUL share they own. Following the demerger and Kwality Wall’s listing, the entire shareholding of Kwality Wall’s will be held directly by HUL’s shareholders. “Pursuant to the scheme, one equity share of Kwality Wall’s will be allotted for every one equity share held in HUL. Upon demerger and listing of Kwality Wall’s, the entire shareholding of Kwality Wall’s will be held directly by shareholders of HUL,” the filing stated.

 

“Kwality Wall’s will be a leading listed ice cream company in India, with an experienced management equipped with greater focus and flexibility to deploy strategies suited to its distinctive business model and market dynamics, thus realising its full potential,” the release said.

 

HUL mentioned that the ice cream business will continue to benefit from its portfolio, brand, and innovation expertise as part of the world’s largest ice cream enterprise, helping it maintain its competitive edge.

Open offer details 

That apart, an open offer has been announced to buy up to 61,08,93,729 equity shares (face value ₹1 each) of the Kwality Wall’s from its public shareholders. This represents 26 per cent of the company’s voting share capital.

 

The offer is being made by de R V Finance The Magnum Ice Cream Company HoldCo 1 Netherlands B.V. (the Acquirer), along with Magnum ICC Finance B.V. and The Magnum Ice Cream Company N.V. (together, the persons acting in concert/PACs).

 

Kotak Mahindra Capital Company Limited (the merchant banker) has submitted the Public Announcement dated February 16, 2026, for this Open Offer.

HUL Q3 recap

In the December quarter results (Q3FY26), HUL posted a 30 per cent decline in consolidated net profit (from continuing business) to ₹2,118 crore, compared to ₹3,027 crore year-on-year (Y-o-Y). 

 

Reported profit after tax came in at ₹6,603 crore, up 121 per cent Y-o-Y, primarily driven by one-off positive impact arising from the Ice Cream business (Kwality Wall’s) demerger. The revenue of the company came in at ₹16,441 crore, compared to ₹15,556 crore a year ago, up 5.6 per cent.