Hindustan Unilever Limited (HUL)’s ice cream business Quality Walls India will be included in the Nifty 50 index from December 5. The National Stock Exchange (NSE) said in a circular that NSE will hold a special pre-open session for HUL on December 5. Earlier this year, HUL had incorporated a new subsidiary, Quality Walls (India) Limited (KWIL), for the proposed demerger of the ice cream business.
As part of the index adjustment, KWIL will be added to 35 Nifty indices at zero price for some time. The list includes Nifty 50, Nifty 100, Nifty 200, Nifty 500, Nifty FMCG, Nifty Consumption, Nifty MNC along with big benchmarks like ESG, Shariah, Factor-Based, Equal-Weight, Volatility and Quality Index. A dummy symbol ‘DUMMYHDLVR’ will be used for inclusion. This inclusion will be applicable from 5th December based on the closing date of 4th December.
for demerger HUL share will be adjusted
NSE said the special pre-open session will help ensure correct price discovery in HUL shares. The share price is being adjusted to spin off the ice cream business into a separate listed entity. After demerger, HUL will have complete ownership of KWIL i.e. 100 percent. The board of Hindustan Unilever had given in-principle approval for the demerger of its ice cream business on November 25, 2024. Final approval was given on January 22, 2025.
What will change for shareholders
Hindustan Unilever has said that its existing shareholders will get shares in the ratio of 1:1 in the new entity i.e. KWIL. This means that existing shareholders of HUL will get one additional share of the ice cream business after the listing for every share they hold. The ice cream business is a high-growth segment for HUL, with strong brands like Kwality Walls, Cornetto and Magnum and it is profitable. Unilever owns both the brand and technology for the ice cream business. Unilever has announced the separation of its global ice cream business.
HUL’s net profit for the September 2025 quarter stood at ₹2694 crore. Revenue stood at ₹15585 crore on standalone basis. EBITDA declined 2.3% year-on-year to ₹3563 crore. EBITDA margin stood at 22.9%, which is 60 basis points lower than last year.
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