NSE: KWIL · BSE: 544622
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Ice cream sales in India. Branded FMCG ice cream business in India, recently demerged from Hindustan Unilever and brought under the Magnum Ice Cream Company group.
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY26 |
|---|---|
| Revenue | 2,245 |
| EBITDA (ex other income) | (224) |
| margin % | (10.0) |
| Owners' profit | (369) |
| EPS, as reported (₹) | (1.57) |
| ROE % · ROCE % | (54.9) · (34.8) |
| Debt / equity (x) | 0.07 |
| Cash from operations | (46) |
| Capex | (214) |
Exhibit 2: Quarterly performance, last 3 quarters
| ₹ crore | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|
| Revenue | 223 | 486 | 878 |
| Profit before tax | (203) | (143) | 68 |
| Net profit | (178) | (107) | 51 |
| EPS (₹) | (0.76) | (0.46) | 0.22 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| HATSUN AGRO PRODUCT LTD. | 21,739 | 62.4 | 11.89 | 23.1 | 13.4 | 10.5 | — | 10.9 |
| KWALITY WALL'S (INDIA) L ◆ | 8,528 | — | 12.69 | — | (54.9) | (37.5) | — | 13.5 |
| DODLA DAIRY LIMITED | 5,974 | 24.4 | 3.57 | 16.2 | 15.9 | 15.7 | 16.2 | 6.6 |
| VADILAL INDUSTRIES LTD | 5,280 | 23.6 | 6.21 | 19.7 | 18.2 | 19.3 | 26.5 | 28.4 |
| HERITAGE FOODS LTD | 3,331 | 24.7 | 3.01 | 12.0 | 13.5 | 13.8 | 12.8 | 5.1 |
| PARAG MILK FOODS LTD. | 2,985 | 22.6 | 2.37 | 11.6 | 10.7 | 10.1 | 15.7 | 7.4 |
| VADILAL ENTERPRISES LTD. | 817 | 78.4 | 24.69 | — | 31.6 | 17.4 | — | 0.7 |
| MILKFOOD LTD. | 222 | 19.2 | 1.31 | 13.1 | (5.1) | (3.2) | (4.1) | (3.0) |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 12.7 | 3.0 | 10 of 11 | 10% |
| ROCE | (37.5) | 10.1 | 13 of 13 | 0% |
| ROE | (54.9) | 10.7 | 11 of 11 | 0% |
| Debt / Equity | 0.1 | 0.3 | 2 of 11 | 90% |
| EBITDA margin | 13.5 | 6.5 | 2 of 11 | 90% |
| Market cap | 8528 | 817 | 2 of 13 | 92% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Sept 2026 · Trading window closed for Q2 FY27 results | compliance | minimal | — | — |
| 14 Aug 2026 · Kwality Wall's Q1 FY27: revenue 868 cr, EBITDA 105 cr, 16.6% growth | compliance | low | — | — |
| 14 Aug 2026 · Kwality Wall Q1 FY27 PAT up 35% at Rs 507 mn; revenue grows 17% | results | high | — | — |
| 10 Aug 2026 · Board meeting on 14 Aug 2026 to consider Q1 FY27 results | results | low | — | — |
| 6 Jul 2026 · Kwality Wall's parent opens new R&D and innovation centre in Bengaluru | compliance | low | — | — |
| 6 Jul 2026 · Press release issued by company | compliance | low | — | — |
| 30 Jun 2026 · Postal ballot results: 2 director appointments approved | board shareholder meetings | medium | — | — |
| 30 Jun 2026 · Two director appointments approved via postal ballot with over 99.7% support | board shareholder meetings | medium | — | — |
| 29 Jun 2026 · Kwality Wall's board approves 3-yr IP deal; royalty 0% till Mar 2027 | management changes | high | — | — |
| 29 Jun 2026 · Board approves 0% royalty IP deal with Magnum IP, key SMP exit | management changes | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.