Kwality Walls share price zooms 5%, locked in upper circuit after swing from lower band — Check details

Shares of Kwality Wall’s (India) Ltd (KWIL) made their stock market debut on February 16 following the demerger of the ice cream business from Hindustan Unilever Ltd (HUL).

The stock was listed on both the BSE Ltd and the National Stock Exchange of India Ltd after receiving the necessary approvals earlier this month.

Kwality Walls Share Price Today

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On the BSE, the stock opened at Rs 29.90, which was also the lower circuit level under the 5 per cent price band. It later rebounded sharply to hit the upper circuit at Rs 31.39, up Rs 1.49 or 4.98 per cent from the opening price.

The intraday low stood at Rs 28.41, while the day’s high matched the upper band at Rs 31.39. Despite the recovery, the stock remains about 17–18 per cent below its earlier reference price of Rs 38.15. The company’s full market capitalisation on BSE stood at Rs 7,375.37 crore.

On the NSE, the stock showed a similar trend. It opened at Rs 29.80 near the lower band of Rs 28.31 and later climbed to the upper circuit of Rs 31.29, gaining Rs 1.49 or 5 per cent over the opening price.

The day’s low was Rs 28.31, which was also the lower circuit level. The previous close was Rs 40.20, and the stock is trading about 22 per cent below that level. The total market capitalisation on NSE was Rs 7,351.87 crore.

Share Listing and Business Structure

The exchanges have approved the listing and trading of 2,34,95,91,262 equity shares of KWIL with a face value of Re 1 each. The listing allows investors to directly participate in the standalone ice cream business, which was earlier part of HUL’s broader fast-moving consumer goods portfolio.

The demerged entity houses well-known brands such as Kwality Wall’s, Cornetto and Magnum. The ice cream business will now operate with a separate management team and an independent growth roadmap. The move is aimed at providing a sharper focus to the category, which has a distinct supply chain, distribution model and seasonal demand pattern compared to HUL’s core home and personal care segments.

Demerger Details and Shareholder Entitlement

The demerger became effective on December 1, 2025. Under the approved scheme, shareholders received one share of Kwality Wall’s for every one share of HUL held, in a 1:1 entitlement ratio. The record date for determining eligible shareholders was December 5, 2025, and the new shares were allotted on December 29, 2025.

Market participants said the listing provides clarity to investors who wish to take exposure specifically to the ice cream segment. Analysts had earlier estimated the valuation of the ice cream business at around Rs 12,000–15,000 crore and indicated a potential share price range of Rs 50–60.

HUL Q3 Results and Margin Impact

Meanwhile, HUL recently reported its financial results for the December quarter of FY26. The company posted a two-fold rise in consolidated net profit to Rs 6,603 crore, largely due to a one-time positive impact from the ice cream demerger. In the year-ago period, net profit stood at Rs 2,989 crore.

Excluding exceptional items, profit after tax rose 1 per cent year-on-year to Rs 2,562 crore. Revenue from product sales increased 5.71 per cent to Rs 16,197 crore, while total expenses climbed 6.37 per cent to Rs 13,078 crore.

HUL CEO and Managing Director Priya Nair said, "During the quarter, demand trends reflected early signs of recovery. Against this backdrop, we delivered 6 per cent revenue growth and 4 per cent Underlying Volume Growth."

The separation of the ice cream business is expected to have a marginal positive impact on HUL’s overall margins. As the ice cream segment operates at a low single-digit EBITDA margin, HUL’s consolidated EBITDA margin is estimated to improve by 50–60 basis points after the demerger.

In a separate development, HUL has acquired the remaining 49 per cent stake in Zywie Ventures Private Limited for Rs 824 crore, giving it full ownership of the digital and nutrition-focused venture.