Kwality Wall’s Share Price Debuts at 26% Discount as Ice Cream Maker Anticipates Double-Digit Growth

The Indian frozen desserts company behind Cornetto and Magnum made a disappointing market debut on Monday, Feb. 16.

Kwality Wall’s shares listed on the National Stock Exchange (NSE) at Rs 29.80, or around $0.33, marking a discount of 25.87% to its indicative price of Rs 40.20 ($0.44). The listing price brings the company’s total market capitalization to Rs 7,001.78 crore, or around $772.43 million.

Demerger from the Hindustan Unilever Limited 

The stock made its market debut following its demerger from the Hindustan Unilever Limited (HUL). The decision aligns with global parent company Unilever’s own move to separate its ice cream operations worldwide. 

HUL approved to separate its ice cream business into an independently listed entity in November 2024. The National Company Law Tribunal (NCLT) eventually greenlighted the strategic decision on Oct. 30, 2025.

Prior to the demerger, Kwality Wall’s accounts for around 3% of HUL’s annual turnover. 

Double-Digit Growth

Kwality Wall’s sees opportunity for double digit growth following the demerger from HUL. This comes amid optimism by the Indian Ice-Cream Manufacturers’ Association’s (IICMA) that the nation's ice cream market will see significant growth in the next three years. 

During an interview with Business Standard, Kwality Wall’s deputy managing director and executive director Chitrank Goel said that the ice cream category is still under-penetrated in India.

“When you look at various consumable categories in India, not many have the story of good double-digit volume growth for the next decade and a half or so. And we feel we are best poised right now to take this opportunity as we move forward,” Goel said.

The firm’s CFO Prashant Premrajka added that half of the nation’s ice cream market also remains unorganized, which gives the company plenty of opportunity to grow and premiumize.

Kwality Wall’s currently holds the number two spot in the Indian ice cream market. Amul holds the top spot with a market share of 10%.