Hindustan Unilever Limited (HUL) has received final listing and trading approvals from the BSE and National Stock Exchange for its demerged ice cream entity, Kwality Wall’s (India) Limited. The new stock is scheduled to debut on the exchanges on February 16, 2026. This listing completes a structural separation that began in late 2025. Shareholders who held HUL stock as of the December 5 record date were allotted shares in the new company at a 1:1 ratio. This move establishes India’s first pure-play listed ice cream firm. The demerger has already made a significant impact on HUL’s financial statements. In its latest Q3 FY26 results, HUL reported a 121% surge in consolidated net profit to **6,603 crore**. This jump was primarily driven by a one-time exceptional gain of **4,611 crore** recognized from the transfer of the ice cream business at fair value. Excluding this accounting gain, HUL's underlying profit grew by a modest 1% to **2,562 crore**. The company's revenue for the quarter stood at **16,441 crore**, representing a 6% year-on-year increase. Underlying volume growth was recorded at 4%. The standalone ice cream business, which includes brands like Magnum and Cornetto, currently operates with a massive cold-chain network of over 2 lakh cabinets. Following the listing, The Magnum Ice Cream Company will hold a 61.9% stake in the entity, providing it with global strategic support. Analysts have highlighted a mixed outlook for the new stock. While the sector benefits from a recent GST cut from 18% to 5%, the business remains highly seasonal. Kwality Wall’s reported an EBITDA margin of 7.1% in FY25, significantly lower than HUL’s core FMCG margins, which maintained a steady 23.3% in the recent quarter. Market valuations for the new shares are estimated by some brokerages in the range of **50 to 55 per share**. This reflects a valuation of roughly 5x enterprise value to sales, a discount compared to HUL’s broader 9x multiple, accounting for the capital-intensive nature of the frozen goods segment. For HUL, the separation allows for a sharper focus on its high-growth Beauty, Wellbeing, and Home Care segments. The company continues to pivot its portfolio, recently gaining full ownership of the nutrition brand OZiva while exiting underperforming joint ventures. HUL shares ended the most recent trading session at **2,305.00**, down 2.22%, as the market absorbed the latest earnings data and the final timeline for the spin-off. Investors are now focused on the February 16 debut to gauge the independent market value of the ice cream vertical.