Kwality Walls Demerger: What Investors Can Expect from the Listing

Kwality Walls, the ice-cream business of Hindustan Unilever (HUL), is expected to list in February 2026 following its demerger. Nuvama Institutional Equities has pegged its likely listing price at ₹50–₹55 per share, implying a valuation of 5 times EV/sales. This is a discount compared to HUL’s valuation of 9 times EV/sales. As per the demerger scheme, HUL shareholders as of December 5 will receive one Kwality Walls share for every share they hold in HUL.