February 16, 2026
admin
Kwality Wall’s India (KWIL), the demerged ice-cream business of Hindustan Unilever, made a weak stock market debut, listing at Rs. 29.8 — a discount of around 26% to its indicative price. Despite the muted start, management remains optimistic about long-term growth, driven by deeper distribution, regionalised supply chains and sharper pricing in the mass Rs. 10–30 segment. The company plans to introduce the premium Ben & Jerry’s brand once scale economics improve, while expanding freezer-led reach by adding nearly 100,000 outlets over the next three years.
India’s ice-cream consumption remains low at around 500–600 ml per capita, offering strong structural growth potential, especially as quick-commerce and e-commerce channels gain traction. Currently, Kwality Wall’s services around 200,000 outlets directly through its freezer network, compared to industry giants like Amul with over 1 million retail touchpoints through cooperative channels and Vadilal Industries, which operates a distribution network spanning more than 150,000 outlets across India.
With rising penetration, stronger digital demand and improved cold-chain infrastructure, KWIL aims to compete more effectively with cooperative players such as Amul and established private brands like Vadilal, positioning itself for sustained expansion in India’s fast-growing ice-cream category.
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