KWALITY WALL'S (INDIA) L

Sells branded ice cream in India under multiple consumer brands including Kwality Wall's, Cornetto, Magnum, Carte D'Or, Feast and Twister, targeting retail consumers through general trade and food-service channels typical of the category. The entity was created through the demerger of Hindustan Unilever's ice cream business, with the demerger effective 1 December 2025 and listing on BSE and NSE on 16 February 2026. Its parent, Magnum Ice Cream Company HoldCo 1 Netherlands B.V., holds 61.91% as promoter after the open offer concluded in May 2026. The company operates a 13,000 sq ft Research, Design and Innovation centre in Whitefield, Bengaluru, set up to support product, packaging, sensory and cold-chain testing for Indian conditions, working alongside the parent group's global centres in the UK and Turkey. Brand and product intellectual property is licensed in from a related party, Magnum IP Holdings B.V., under a 3-year agreement running to March 2029, with royalty set at 0% until March 2027 and 1% of turnover from FY28. For the reporting period ending 31 March 2026, the company recorded total income of ₹2,245.3 crore but a net loss of ₹368.8 crore, with materials at 35.2% of revenue, other operating expenses at 43.0%, employees at 8.3%, depreciation at 7.7% and capex at 9.5% of revenue.