Kwality Walls (India) Limited

Consumer Defensive — Packaged Foods · NSE

₹38.90+₹2.54 (+6.99%)

DalalBaazaar Score

30 / 100

🔴 Weak

Verdict

CAUTION

Risk

High

Driven by moderate debt load, short-term liabilities exceed short-term assets, small-cap size, which brings sharper price swings.

In simple words: Profitability data is thin for this company, with both sales and profits growing well. Short-term liquidity is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:08 pm

Mixed / neutral. No major red flags jump out, but nothing here screams "obviously cheap" either. This is a name that needs a peer comparison and a view on near-term earnings triggers before sizing a position.

Understanding the Business

Company site ↗

The 60-second version of Kwality Walls (India) Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Kwality Walls (India) Limited produces and sells ice creams in India. Its products includes cornetto, cup, family packs and tubs, feast, kids, sticks, and slow churn. It sells its products through magnum, cornetto, Kwality wall's brand names.

IndustryPackaged Foods

SectorConsumer Defensive

Who are its competitors?

The closest listed comparisons in its industry are NESTLE INDIA LIMITED, BRITANNIA INDUSTRIES LTD, TATA CONSUMER PRODUCT LTD, DABUR INDIA LTD. These are the companies its valuation and returns are measured against elsewhere in this report.

NESTLE INDIA LIMITEDP/E 59.8x · ROE 79.9%

BRITANNIA INDUSTRIES LTDP/E 44.1x · ROE 51.0%

TATA CONSUMER PRODUCT LTDP/E 59.3x · ROE 7.5%

DABUR INDIA LTDP/E 34.7x · ROE 17.2%

DalalBaazaar Score

30/ 100

Weak

Weighted across six categories. Every point is explained below.

✗ The business is lossmaking at the net level

Quality vs. Valuation

Company Quality

31/ 100

Weak

How good the business is, ignoring the share price entirely.

Valuation

25/ 100

Expensive

What you are being asked to pay, ignoring how good the business is.

Weak on business quality and not cheap enough to compensate.

vs. its own history

Not enough price and earnings history

vs. sector peers

Not enough peers with a usable P/E

vs. generic bands

No P/E available

P/E (Trailing)

—

P/B

13.60x

EV/EBITDA

—

PEG

—

Dividend Yield

None

What's Good / What's Bad

🟢 What's Going Well0

Nothing stands out as clearly improving on the years of data available.

🔴 What Needs Attention1

Short-term liquidity is tight
Current ratio of 0.77 — near-term obligations exceed near-term assets.

Red Flags

1 item require attention · 1 watch

🟡Short-term liquidity is tightFinancial
Current ratio of 0.77 — near-term obligations exceed near-term assets.

Investment Thesis

🟢 Bull CaseWhat could make this work?

No clear supporting case emerges from the available numbers.

🔴 Bear CaseWhat could go wrong?

Size brings its own risk
Small Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Free cash flow remains positive✗ not reported
Profit that never becomes cash eventually stops being profit.

Investment Checklist

4 / 7 checks passed

✗ Healthy net margin (≥ 10%)
✓ Manageable leverage (Debt/Equity < 1.0)
✗ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not buying right at the 52-week high
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

2 good · 8 neutral · 1 weak

Market Cap

₹9,140 Cr

Small Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

Not available

No data

Source didn't return this field

P/B Ratio

13.60x

Rich

Steep premium to book — needs high, durable returns to justify

EPS (TTM)

Not available

No data

Source didn't return this field

ROE

Not available

No data

Source didn't return this field

ROCE

Not available

No data

Source didn't return this field

Debt/Equity

0.82x

Moderate

Moderate leverage

Revenue Growth (YoY)

16.2%

Healthy

Healthy top-line growth

Profit Growth (YoY)

37.5%

Healthy

Profits growing at a healthy clip

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

Not available

No data

Source didn't return this field

More Metrics

CMP

₹38.9

Operating Margin

7.3%

Average

Average margins

Net Margin

-17.6%

Weak

Very little revenue reaches the bottom line

Current Ratio

0.77

Tight

Tight short-term liquidity

52W Range Position

59%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

39.1 / 40.4

Bearish alignment (short < long)

RSI (14)

40.9

Neutral momentum

Financial Trend (Annual)

Year	Revenue	Gross Profit	Net Income
2026	—	—	—

Balance Sheet & Cash Flow — FY2026

Total Assets

₹1,836 Cr

Total Liabilities

₹1,164 Cr

Total Debt

₹548 Cr

Cash & Equivalents

₹14 Cr

Operating Cash Flow

—

Capex

—

Shareholding (proxy)

Institutional Holding

10.9%

Insider Holding

61.9%

Peer Comparison

Company	P/E	ROE
NESTLE INDIA LIMITED	59.8x	79.9%
BRITANNIA INDUSTRIES LTD	44.1x	51.0%
TATA CONSUMER PRODUCT LTD	59.3x	7.5%
DABUR INDIA LTD	34.7x	17.2%

Recent News

4 mixed2 general

Five Stocks To Buy Today: Kotak Mahindra Bank, Indian Hotels, BSE, And More | October 16, 2026

NDTV Profit, 16 Oct

Kwality Wall’s Share Price Jumps 35% in June; Here’s What Shareholders Should Know

Dalal Street Investment Journal, 11 JunPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

Kwality Walls (India) (NSEI:KWIL) Stock Price

Simply Wall Street, 18 Feb

Kwality Wall's (India) Q1 FY27 Results Preview

Univest, 06 JulResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

Why Kwality Wall’s shares fallen 15% since debut?

BusinessLine, 19 FebPrice move

🟡Mixed / dependsA price move rather than a change in the business. If the figures on this page have not moved, the fall is either an opportunity or news they have yet to catch up with.

Kwality Walls (India) Ltd Q3 Results 2026 - Find Kwality Walls (India) Ltd Q3 Earnings Result | KWIL Q3 results

Livemint, 01 JunResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.
5 metrics couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.

DalalBaazaar Thesis

🔴Business QualityWeak2/20

🟡Financial HealthAdequate9.3/20

🟡GrowthModest10/20

🔴ProfitabilityWeak1.5/15

🔴ValuationDemanding3.8/15

🔴RiskHigh3.5/10

Weak on the fundamentals

Poor scores on business quality without a price low enough to compensate. There is no obvious argument for owning this over a stronger company at a similar valuation.

This thesis breaks if

✗Free cash flow remains positivenot reported