Kwality Walls (india) Limited · NSE:KWIL
Kwality Walls (india) — Investor Presentation (November 2025)
47 slides from Kwality Walls (india)'s investor presentation, Nov 23, 2025
Slide 1: Hindustan Unilever Limited cover letter to stock exchanges
Hindustan Unilever Limited, Unilever House, B D Sawant Marg, Chakala, Andheri East, Mumbai 400 099 Tel: +91 (22) 50433000 | Web: www.hul.co.in | CIN: L15140MH1933PLC002030 23rd November, 2025 Stock Code BSE: 500696 NSE: HINDUNILVR ISIN: INE030A01027 BSE Limited, National Stock Exchange of India Ltd
Slide 2: Kwality Wall's (India) Limited address
Unilever House, B. D. Sawant Marg, Chakala, International Airport, Andheri East, Mumbai - 400 099. CIN U10505MH2025PLC437886 Tel : +91 (22) 5043 3000 Email : kwalitywalls.india@unilever.com
Slide 3: KWIL Value Creation Presentation
KWIL Value Creation PRESENTATION 1
Slide 4: Safe Harbour Statement
SAFE HARBOUR STATEMENT This presentation (the “Presentation”) has been prepared by and is the sole responsibility of Kwality Wall’s (India) Limited (the “Company”) and is being made solely for your information. This presentation contains information in relation to the ice cream business of Hindustan
Slide 5: Key Highlights
Key Highlights We are one of the largest1 pure play Ice Cream company in India with over 70 years2 of local expertise and global #1 Heritage heritage Ice Cream market is growing in double digits3, supported by strong category tailwinds and sizable #2 Market snacking market4 Strategy Accelerating gro
Slide 6: Heritage
1 Heritage We are one of the largest1 pure play Ice Cream company in India by Retail RSP value with over 70 years2 of local expertise and global heritage Note: 1.Kwality walls is the 2nd largest player in India by Retail RSP value basis Euromonitor International Limited, Snacks 20264 edition; 2. Kwa
Slide 7: KWIL: Heritage from Unilever's Ice Cream legacy
KWIL: Heritage from Unilever’s Ice Cream legacy Ice cream player with ~€7.9 bn #1 revenue1 and ~€1.3 bn Adj. EBITDA1 Global retail of the Top 5 ~21% value market 4 Ice cream brands are share2 Unilever’s One of the 3m 4 largest cabinet fleet globally >1000 Patents 3 Note: Adjusted EBITDA is a non-IFR
Slide 8: Unilever has 100+ years of Ice Cream heritage and expertise
Unilever has 100+ years of Ice Cream heritage and expertise One of the leading players in introducing category leading formats globally 1866 1923 1978 1989 2003 2023 Founding of Founding of Founding of Launch of Founding of Acquisition of Breyers Popsicle Ben and Jerry Magnum Talenti Yasso 1922 1959
Slide 9: KWIL's heritage and #2 Player in India
KWIL’s heritage and #21 Player in India 3th Phase • Innovation Acceleration Local Production • Localisation of Magnum production • Partnerships 2rd Phase • Geographic expansion 1st Phase • Introduction of Walls Brand • Acquisition of Kwality by • Premiumisation with Magnum Import Hindustan Lever Lim
Slide 10: Kwality Walls is well poised to capture India's Ice Cream opportunity
Kwality Walls is well poised to capture India’s Ice Cream opportunity Leading Market Share in 3 of the top 5 Global brands Our Presence Channels of Future already in India ~30% North3 ~20% East3 Modern Trade DCOM ~20% West3 #11 across top #11 across 5 retailers Platforms ~30% South3 Factory incl. co
Slide 11: Market
2 Market Ice Cream market is growing in double digits1, supported by strong category tailwinds and sizable snacking market2 Note: 1. Basis Euromonitor International Limited, Snacks 2026 edition, retail value RSP incl sales tax India Ice cream Retail value RSP Growth CAGR of 10% from 2015 till 2025;
Slide 12: India Ice Cream is a US$ 2.6 bn market, forecasted to grow at 11%
India Ice Cream is a US$ 2.6 bn market, forecasted to grow at 11% and projected to become US$ 4.4 bn by 2030 India Ice Cream Market1 (US$ bn) CAGR 4.4 ~11% 2.6 CAGR 10% 1.0 2015 2025 2030E Note: 1. Basis Euromonitor International Limited, Snacks 2026 edition, retail value RSP incl sales tax India Ic
Slide 13: Ice Cream category growth underpinned by structural tailwinds
Ice Cream category growth underpinned by structural tailwinds Low per-cap consumption1 Under indexed Cabinet Refrigerator Penetration5 footprint4 3.3x since 2006 500 ml 2 litre 5.5 litre 11 litre 1.7x ~50% Store universe 13mn India India Turkey US Metros2 2.0x 30% Stores selling Carbonates Under ind
Slide 14: Large and attractive Total Addressable Market
With a large and attractive ~US$ 26 bn Total Addressable Market Ice Cream competes in a Bulls eye of ~US$ 18 bn Indian desserts4 across the Snacking and Soft Drink market1 + of ~US$ 8.0 bn Other Drinks2 Other Snacks3 Gums Savory Biscuits Fruit Snacks Filled Biscuits Toffees Bottled Water Other Savor
Slide 15: Ice Cream growth linked to availability, occasions and affordability
Ice Cream growth is linked to better availability, developing new snacking occasions & right price value equation Availability Occasions Affordability Cabinets drives availability Q-Com drives new consumption > 3/4th of total snacking units sold at occasions magic price points1 Note: 1. Note: Compan
Slide 16: Strategy & Growth pillars
3 Strategy & Growth pillars Accelerating growth through strategic pivots, a strong snacking portfolio straddling across the price piano, global brand access, and innovative formats & technology 14
Slide 17: Our Strategic Pillars for Growth and Profitability
Our Strategic Pillars for Growth and Profitability Mission “Life tastes better with ice cream” Our vision is to strengthen our leadership in India’s ice cream category by crafting Vision 2030 experiences that turn everyday moments into happy memories GROW PREMIUMIZATION EXPAND DIGITAL LED OCCASIONS
Slide 18: KWIL's Strategic Pivots to become India's #1 Ice Cream Company
KWIL’s Strategic Pivots with an aim to become India’s #1 Ice Cream Company Earlier KWIL Organisation Multi Category Organization with multiple priorities Ice cream Experts and Front Line First Organization Portfolio Strong Impulse portfolio and Undifferentiated In- Diverse International Portfolio wi
Slide 19: Our growth Opportunities
Our growth Opportunities A B C Exciting offerings at Ice Cream availability New consumption snacking price points at arms length occasions through QCOM D E F Improving capability on Premiumisation Winning In-Home Route to market & Indulgence 17
Slide 20: Snacking thrives at accessible price points
Snacking thrives at accessible price points (INR 10 to INR 50) A Snacking price points B C D E F - - - - - - - - - - CHOCOLATES ~70% ~30% COLAS ~50% ~50% SAVOURIES ~90% ~10% BISCUITS ~90% ~10% Value for Money packs Mainstream packs Family Packs Note: Company Estimates basis market intelligence of pr
Slide 21: Portfolio aligned to key snacking price points
Portfolio aligned to key snacking price points A Snacking price points B C D E F - - - - - - - - - - CONES CONES STICKS STICKS CUPS CUPS SANDWICHES SANDWICHES Changes in price laddering and new launches at snacking price points 19
Slide 22: Our growth Opportunities
Our growth Opportunities A B C Exciting offerings at Ice Cream availability New consumption snacking price points at arms length occasions through QCOM D E F Improving capability on Premiumisation Winning In-Home Route to market & Indulgence 20
Slide 23: Rapid growth in distribution and availability
Rapid growth in distribution and availability A B Availability at Arms Length C D E F Low Distribution vs Chillers Driving Consumption through Cabinet penetration Strengthening presence in Priority geographies RETAIL STORES STORES SELLING ICE CREAM KWALITY WALLS’ CARBONATES STORES STORES ` ~13.0mn 4
Slide 24: Our growth Opportunities
Our growth Opportunities A B C Exciting offerings at Ice Cream availability New consumption snacking price points at arms length occasions through QCOM D E F Improving capability on Premiumisation Winning In-Home Route to market & Indulgence 22
Slide 25: Driving new consumption occasions through Q-Com
Driving new consumption occasions through Q-Com A B C Consumption through QCOM D E F D4C Portfolio Consumer Activation Influencers Kwality walls E-Com 1 Business >10% ` ~0% FY2019-20 FY2024-25 Note: 1. Internal Company Data for FY 19-20 and FY 24-25 Exclusive premium offerings 23
Slide 26: Our growth Opportunities
Our growth Opportunities A B C Exciting offerings at Ice Cream availability New consumption snacking price points at arms length occasions through QCOM D E F Improving capability on Premiumisation Winning In-Home Route to market & Indulgence 24
Slide 27: Strengthening route to Market capability
Strengthening route to Market capability A B C D Route to Market Capability E F A dedicated sales force focused on demand Technology to identify right snacking stores capture 18001+ Salesman (In-direct+Direct) Partnerships with leading technology Experts Superior In Store Execution Digital Demand Ca
Slide 28: Our growth Opportunities
Our growth Opportunities A B C Exciting offerings at Ice Cream availability New consumption snacking price points at arms length occasions through QCOM D E F Improving capability on Premiumisation Winning In-Home Route to market & Indulgence 26
Slide 29: Accelerating Magnum growth in India
Accelerating Magnum growth in India A B C D E Premiumisation & Indulgence F Range expansion & Exciting Innovation Activations Price Laddering Roadmap Multi Layered Multi Packs Pints Cones Bites 27
Slide 30: Expanding portfolio with Global and In-licensed brands
Expanding portfolio with Global and In-licensed brands A B C D E Premiumisation & Indulgence F Focus Licensing to tap into adjacent Introduction of Global Brands categories 28
Slide 31: Our growth Opportunities
Our growth Opportunities A B C Exciting offerings at Ice Cream availability New consumption snacking price points at arms length occasions through QCOM D E F Improving capability on Premiumisation Winning In-Home Route to market & Indulgence 29
Slide 32: Capturing the In-Home opportunity
Capturing the In-Home opportunity A B C D E F In Home Consumption Mainstream Premium Exclusive Kwality Walls continues to delight Made with the best of ingredients for Super premium with mainstream offerings an Indulgent Ice Cream experience All-Natural Ice Cream 30
Slide 33: Value Creation Model
4 Value Creation Model We have a robust margin improvement roadmap that enables us to re-invest in growth 31
Slide 34: Strong Historical performance; Recent performance impacted
Strong Historical performance; Recent performance impacted Underlying Sales Growth1 Volume Led Growth1 EBITDA Margins1 12.6% 0 0 8.5% 0 0 6.5% ` 0 ` 0 7.1% ` 0 4.5% 0 0 0 0 0 0 0 0 0.0% 0 0 FY 19-20-FY 24-25 H1' FY 25-26 FY 19-20-FY 24-25 H1' FY 25-26 FY 24-25 H1 FY 25-26 CAGr CAGr (0) (0) Factors I
Slide 35: Our value creation framework
Our value creation framework 1 KWIL aims to grow ahead of Market KWIL aims to drive Profitability growth expansion1 2 Distribution Expansion2 Capacity and Productivity Investment behind POS Expansion Invest behind capacity enhancement & productivity 3 Cash conversion ROCE Improving Free Cash flow3 C
Slide 36: Sustaining volume led growth momentum
1 Sustaining volume led growth momentum TO GROW AHEAD OF MARKET Growth drivers 1 Exciting offerings at snacking price points 1 2 Premiumization & Indulgence 3 Ice Cream availability at arms length 4 New consumption occasions through QCOM 5 Winning Multi consumption units 6 Improving Route to market
Slide 37: Kwality Walls: Strong competitiveness across the value chain
1 Kwality Walls: Strong competitiveness across the value chain Trade Spend Consumer Price Material Margin Manufacturing & Distribution Fixed costs & overheads Advertising & Promotion 35
Slide 38: Stronger Revenue realization driving top tier gross margins
1 Stronger Revenue realization driving top tier gross margins Superior Per Unit Realisation Top Tier Gross Margins Gross Margins (2023-24)2 Portfolio price vs competition1 Low At Par ` Unique ` SKUs High C1 C2 C3 C4 C5 C6 C7 C8 C9 Note: 1. Internal benchmarking of competition SKUs; 2 Internal analys
Slide 39: Premiumization and procurement productivity to further expand margins
1 Premiumization and procurement productivity to further expand margins Runway for further Gross Margin Improved Mix and Smart product specifications expansion Optimize Specifications Strategic Supplier Partnerships Improved Mix 2024-25 2025-26 2027-28 2030-31 (E) (E) (E) SPI led price correction an
Slide 40: Unlocking Efficiencies in Conversion and Distribution costs
1 Unlocking Efficiencies in Conversion and Distribution costs Asset Local for Local Reimagine Productivity Network Logistics Conversion and Distr. Cost % of turnover Margin Opportunity Automation Global IC Benchmark1 Regionalized warehouses and upgraded infrastructure Professional transporters and G
Slide 41: Operating leverage driving enhanced cost efficiencies
1 Operating leverage driving enhanced cost efficiencies Indirect Cost reductions Turnover Leverage TO Growth > Fixed costs Increase Turnover 2024-25 2025-26 2027-28 2030-31 Fixed Costs (E) (E) (E) Cost of Creating Standalone organization Leverage fixed cost through better absorption Investing ahead
Slide 42: Prioritizing Capital allocation for growth and productivity
2 Prioritizing Capital allocation for growth and productivity Rapid Cabinet Expansion Increase and Regionalize Capacity 2024-25 2027-28 2030-31 (E) (E) More factories Regionalize mfg. Lines (E): Estimate More Cabinets 40
Slide 43: A multi-pronged strategy to drive growth and returns
3 A multi-pronged strategy to drive growth and returns Improving Strategic Capital Profitability Allocation (Capex) Significant Volume & premiumization led EBITDA growth Focused Capital Allocation to Expansion drive Volume led Growth Cost Effective Supply Chain Accelerated Capacity Turnover Leverage
Slide 44: Our value creation plan: Key takeaways
Our value creation plan: Key takeaways 1 Our strategic plan has already started to deliver Volume led growth Driving growth, delivering productivity and reinvesting is key to 2 sustainable value creation 3 Balanced Capital allocation focused on driving profitable organic growth In the medium term, o
Slide 45: Expertise
5 Expertise We have a professional leadership team supported by an upgraded frontline first organization 43
Slide 46: Board of Directors
Board of Directors Chitrank Goel Prashant Premrajka Ritesh Tiwari Deputy Managing Director Executive Director & CFO Non Executive Director Ravi Pisharody J.V. Raman Mahadevan Hariharan Shukla Wassan Independent Director Independent Director Independent Director Independent Director 44
Slide 47: Our Context … our Future
Our Context … … our Future Attractive Market A plan focused on growth • Fast growing Ice Cream Business • Innovation & Occasions • Attractive returns • Availability expansion • Part of attractive snacking category • Global offerings & Premiumisation Strengths Self-help as a main value driver • Marke
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