Kwality Wall's to start trading on BSE, NSE from February 16

Kwality Wall's to start trading on BSE, NSE from February 16

• Kwality Wall's to list on BSE and NSE from February 16
• HUL shareholders get 1 KWIL share for each HUL share held
• HUL Q3 earnings drop 15 percent year-on-year

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FMCG major Hindustan Unilever on February 13 announced that Kwality Wall's will start trading on BSE and NSE from February 16.

In November 2024, HUL approved the demerger of the ice cream business, which operates popular brands including 'Kwality Wall's', 'Cornetto' and 'Magnum'. National Company Law Tribunal (NCLT) approved the demerger scheme on October 30, 2025. This demerger follows the decision of its global parent entity, Unilever's global separation from the ice-cream business.

The ice cream business forms 3 percent of HUL's total yearly turnover, contributing Rs 1,800 crore to the total revenue.

The share entitlement ratio has been set at 1:1. This means that every shareholder of HUL will receive one share of the ice cream business for every share of the FMCG major they own, as on the record date.

The allotment date has been fixed at December 29. The record date to determine the eligibility of the shareholders set to receive the free shares has been set on December 5. This means that those HUL shareholders whose names appear in the register of members as on the record date will be entitled to receive free shares of KWIL as part of the demerger.

"The Company, has received the Listing and Trading Approval from BSE Limited and National Stock Exchange of India Ltd (‘NSE’) on 12th February, 2026 for the listing and trading of 2,34,95,91,262 equity shares of the Company," said HUL in a stock exchange filing.

On February 13, HUL shares closed over 4% lower at Rs 2,305 apiece a day after the company announced its Q3 results.

Hindustan Unilever posted 15% YoY drop in Q3 earnings, pressured by thinner margins.

HSBC, which has a "hold" rating on the stock and target price of Rs 2,650, has cut FY27 EPS on lower growth assumptions and added that clearer guidance and stronger earnings acceleration are needed for re-rating.

Morgan Stanley, which has an "equal-weight" rating on the stock and target price of Rs 2,330, points to stable margins and gradual consumption recovery, but notes management stopped short of committing to double-digit earnings growth timelines.