Hindustan Unilever's adjusted share price stands at ₹2,422 after the ice-cream business demerger into Kwality Wall's (India) Ltd on Dec 5 record date. 1:1 share allotment creates India's first pure-play listed ice-cream firm, refocusing HUL on core FMCG amid 15% sector CAGR outlook.
Demerger Mechanics
December 5 marks the record date for HUL's ice-cream spin-off, approved by NCLT Oct 30. Shareholders receive 1 KWIL share per HUL share held at close, with special pre-open session adjusting prices. Scheme effective Dec 1; KWIL listing expected Jan 2026 on NSE/BSE. Ice-cream (3% HUL revenue, ~₹1,800 Cr) gets dedicated cold-chain focus.
Strategic Value
HUL sheds seasonal, lower-margin ice-cream (Kwality Wall's, Cornetto, Magnum) for sharper FMCG execution in beauty, foods. KWIL valued at ₹50-55/share (5x EV/sales vs HUL's 9x), boosted by GST cut (18%→5%). Nuvama sees HUL rally to ₹3,195; ice-cream market grows 15% CAGR to 2031.
Key Highlights
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Adjusted Price: ₹2,422 (ex-KWIL value).
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Ratio: 1:1 HUL:KWIL shares.
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Record Date: Dec 5, 2025; listing Jan 2026.
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Business: ₹1,800 Cr revenue; 15% CAGR ahead.
Sources: Economic Times, Republic World, Business Standard