Magnum Ice Cream Company completes 61.9% acquisition of Kwality Wall’s India

Synopsis: Magnum Ice Cream takes 61.9% control of Kwality Wall’s India! With a ₹21.3 open offer underway, can global expertise scoop up profits for this struggling micro-cap?

The Magnum Ice Cream Company (TMICC) officially completed its acquisition of a 61.9% equity stake in Kwality Wall’s (India) Limited (KWIL) from Unilever on March 31, 2026. 

This transition of promoter control follows a June 2025 Share Purchase Agreement, making the Amsterdam-based giant the majority owner of the Indian entity. The company, which listed on February 16, 2026, following its demerger from Hindustan Unilever (HUL), currently maintains a market capitalization of approximately ₹5,357.07 crore.

TMICC has initiated a mandatory open offer to acquire an additional 26% stake (61.08 crore shares) at a price of ₹21.3 per share. The tendering period is scheduled from April 15 to April 28, 2026. Should TMICC’s total holding exceed 75% following this offer, the promoter will be required to dilute its stake within one year to meet minimum public shareholding norms.

Moving forward, KWIL intends to leverage TMICC’s global R&D and manufacturing scale to expand its core brands, including Cornetto and Magnum, across the Indian market.

Kwality Wall’s share price

As of the closing bell on Monda, March 30, 2026 the final session before the Mahavir Jayanti holiday Kwality Wall’s (India) Limited (KWIL) shares ended lower at ₹22.47 on the NSE.

The stock has faced a challenging month; over the last 30 days, it showed a significant decline of 14.85%, extending a downward trend since its recent debut. Over a 3-month period and on a year-to-date (YTD) basis, the stock has declined by approximately 24.60%, as the shares were only officially listed in mid-February and have continued to fluctuate well below their previous peaks.

The 52-week high for the stock stands at ₹31.29, while the 52-week low is ₹22.24, according to data on the NSE. The stock was listed on the exchanges on February 16, 2026.

Company Overview

Incorporated on January 10, 2025, to house Hindustan Unilever’s demerged ice cream business, Kwality Wall’s (India) Limited operates a vast network across 400 cities and 200,000 outlets through its core brands: Kwality Wall’s, Magnum, and Cornetto.

Despite reporting a Q3 FY26 revenue of ₹222.34 crore and a net loss of ₹178.38 crore impacted by one-off establishment costs and asset impairments the company is now poised for a strategic turnaround. Under the new leadership of TMICC, the firm is expected to leverage a global 34-factory manufacturing network and advanced R&D capabilities to accelerate growth in India’s under-penetrated frozen dessert market. Moving forward, this transition from a diversified conglomerate to a specialized global subsidiary is likely to sharpen the company’s competitive edge and drive long-term value in the high-growth consumer segment.

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