The National Stock Exchange (NSE) announced on November 28, 2025, that Kwality Wall’s India Ltd will be included in the Nifty 50 index starting December 5, following the planned demerger of Hindustan Unilever Ltd’s (HUL) ice-cream business.

Key Details:

• A special pre-open session for HUL will be conducted on December 5 to ensure orderly price discovery as shares adjust for the carve-out.
• The demerged entity, Kwality Wall’s India Ltd, will temporarily appear on 35 Nifty indices at a zero price using a dummy symbol ‘DUMMYHDLVR’, in line with NSE’s demerger methodology.
• The adjustment will affect major indices, including Nifty 50, Nifty 100, Nifty 200, Nifty 500, Nifty FMCG, Nifty Consumption, Nifty MNC, as well as ESG and factor-based indices.

About the Demerger:

• HUL’s board approved the ice-cream business carve-out on January 22, 2025, citing the unit’s distinct business model, supply chain, and capital requirements.
• The move aligns with Unilever PLC’s global strategy to spin off its ice-cream operations into a standalone business.

HUL Q2 Performance:

• Net profit: ₹2,694 crore (including a one-time gain of ₹273 crore from resolution of UK-India tax matters)
• Revenue: ₹15,585 crore (up 0.5% YoY)
• EBITDA: ₹3,563 crore (down 2.3% YoY), margin: 22.9%
• Outlook: Management expects EBITDA margins to remain 23-24%, with a 50-60 basis points benefit from the ice-cream demerger.

The move marks a major restructuring in India’s FMCG sector, with Kwality Wall’s set to emerge as a standalone publicly traded entity within one of India’s benchmark equity indices.