Hindustan Unilever Limited (HUL) has officially completed the demerger of its ice-cream division—home to brands such as Kwality Wall’s, Cornetto, and Magnum—into a separate entity named Kwality Wall’s (India) Ltd (KWIL). Following the spin-off, the adjusted price for HUL shares stands at ₹2,422, effective ahead of the record date.
The demerger received approval from the NCLT Mumbai Bench on 30 October 2025, setting the stage for one of the most anticipated corporate restructurings in the FMCG sector.
Shareholder Entitlement and Key Dates
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Effective date of demerger: 1 December 2025
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Record date: 5 December 2025
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Share entitlement:
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1:1 ratio – Shareholders will receive one fully paid-up KWIL share for every HUL share held.
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Example: Holding 10 HUL shares entitles an investor to 10 KWIL shares.
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The Magnum Ice Cream Company will hold 61.9% of the issued and paid-up capital of KWIL post-transaction.
KWIL is expected to begin independent operations immediately, with its stock market listing likely by Q4 FY26, subject to regulatory approvals.
Business Impact
HUL’s ice-cream division contributed nearly 3% of total turnover, amounting to ₹1,783 crore in FY25. The separation allows the business to pursue an independent growth strategy while giving HUL sharper focus on high-margin categories such as beauty, home care, personal care, and nutrition.
CEO & MD Rohit Jawa said the ice-cream category is a high-growth segment and the demerger is designed to “unlock fair value for shareholders” while enabling the business to scale with strategic clarity.
HUL shares were up 0.58% at ₹2,462.20 on 4 December, ahead of the adjustment and record-date developments.
