HUL–Kwality Wall’s demerger set for Dec 5; here’s how recently demerged entities have performed

As Hindustan Unilever Ltd’s (HUL) much-awaited ice-cream demerger is set to take place on December 5, all eyes are now on the listing of Kwality Wall’s (India) on the stock exchanges. The FMCG major has fixed the same date as the record date for the scheme of arrangement, under which shareholders will receive one share of Kwality Wall’s for every HUL share held, following a 1:1 entitlement ratio.

The demerger will create India’s first listed multinational ice-cream company, and it comes at a time when India Inc. is witnessing a steady stream of big-ticket spin-offs. From Reliance to Raymond, ITC and Tata Motors, several groups have carved out standalone units in the hope of unlocking value and giving each business sharper strategic focus and independent capital allocation.

Exchange data shows that recently listed demerged entities have delivered mixed performance, with some companies gaining investor confidence while others continue to face competitive or valuation pressures.

Here’s the performance snapshot of key recently listed demerged entities:

Jio Financial Services — the demerged financial services arm of Mukesh Ambani–led Reliance Industries (RIL) and one of the most closely tracked demergers in recent years — has delivered steady gains since listing. The stock has risen 15.56% since its August 2023 debut, supported by strong institutional interest and the company’s strategic positioning in digital lending and financial services. It listed at ₹265 on the BSE and was trading at ₹306.25 apiece at the close on November 27, 2025.

In contrast, the Raymond Group’s two demerged entities — Raymond Lifestyle and Raymond Realty — have seen a sharp erosion in value. While Raymond’s corporate restructuring was one of the most talked-about moves in 2024–25, its two listed entities have struggled to hold investor confidence. Raymond Lifestyle, which houses the branded apparel business, has seen a steep correction of 62.7% from its listing price of ₹3,000. Raymond Realty has also declined significantly, falling 50% from its listing level.

Meanwhile, ITC Hotels, the demerged hotels division of FMCG major ITC , debuted on the bourses in January 2025, listing at ₹188 apiece on the BSE. Since then, the stock has inched up around 11.1% to ₹208.85 on the BSE as of November 27.

Tata Motors ’ long-awaited split into passenger and commercial vehicle businesses has received a mixed response from the market. Tata Motors Passenger Vehicles, listed on October 14, 2025, is down 10.78% from its listing price of ₹400 on the BSE. Tata Motors Commercial Vehicles, listed on November 12, 2025, has fared better with a modest 6.6% gain from its issue price of ₹330.25, supported by a revival in heavy-vehicle demand and improving fleet utilisation.

On the other hand, Siemens Energy India, demerged from Siemens Ltd, has managed to hold firm despite global volatility in the energy sector. Since its June 2025 listing, the stock has gained 9.16%, rising from its discovery price of ₹2,850 to ₹3,111.15 as on November 27, 2025.

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