Brands
Tendulkar’s Smaaash acquires SVM Bowling and Gaming
MUMBAI: Smaaash, a sports-based virtual entertainment company co-owned by Sachin Tendulkar, has acquired a 100 per cent stake in SVM Bowling and Gaming, a popular bowling and entertainment format operated by SVM Private Limited.
Fractal Capital acted as the sole advisor to Smaaash for the PVR bluO and SVM deals.
The new acquisition will add 13 centers to Smaaash’s blueprint in India, across Hyderabad, Mysore, Madurai, Vijaywada, Mangalore and Pune, and Smaaash will introduce its signature games at all locations.
The deal is a part of the national growth strategy, and Smaaash will now be present in 26 centers across 13 cities in India, besides the one in the Mall Of America – the largest mall in the US.
SVM’s strategy in Tier B and C towns and cities is what attracted Smaaash to the proposition, and theirstrong market relationships and customer-focused approach present a fantastic geographic, strategic and cultural fit for Smaaash.
Smaaash Entertainment founder and chief imagination officer Shripal Morakhia said, “Our endeavour is to provide aspirational active experience and sports throughout India, whether it is a big metropolis or a small town. We are totally committed to “un-pause” the play button of all Indians. As consumer behaviours and expectations continue to be reshaped by experiences, we are sure that SVM’s infrastructure, coupled with Smaaash’s leadership in innovation will make this association unlock transformational synergies in the gaming space.
SVM chairman Vijayender Tulla said, “The gaming and entertainment business will benefit greatly from consolidation, as the scale significantly enhances operational efficiencies and brand value.
The transaction would enable us to focus more on our malls, multiplexes and medical sector businesses. I have been invited to be part of Smaaash Board.”
Brands
Kwality Wall’s reports standalone losses following strategic HUL demerger
Ice cream major faces Rs 64 crore Ebitda loss amid commodity inflation and muted Q3 sales
MUMBAI: Kwality Wall’s (India) Limited (KWIL) has released its first set of financial results as a standalone entity, revealing a challenging start to its independent journey. Following its successful demerger from Hindustan Unilever Limited (HUL) on 1st December 2025 and its subsequent listing on 16th February 2026, the company is navigating a transition period marked by structural changes and high input costs.
For the quarter ended 31st December 2025, the company reported revenue of Rs 222 crores. Despite the revenue base, the bottom line was impacted by several factors, resulting in an Ebitda loss of Rs 64.2 crores. When calculated on a Pre-IND AS 116 basis, the Ebitda loss stood at Rs 83.8 crores.
Organic Sales Growth (OSG) declined by 6.5 per cent year-on-year during the quarter. Volume growth, however, saw a marginal increase of 1.2 per cent. The company reported a gross margin of 41.5 per cent. Additionally, exceptional expenses amounting to Rs 94 crores were recorded, primarily linked to non-recurring costs during the transition phase.
Performance across portfolios and channels was mixed. Within the impulse portfolio, brands such as Magnum and Cornetto recorded mid-single digit volume growth, indicating steady demand in on-the-go consumption. However, the in-home portfolio, which includes take-home packs, experienced muted consumption. The company is planning a relaunch of this category with improved offerings ahead of the 2026 season.
Quick commerce (Q-Com) continued to emerge as a strong growth driver, delivering robust double-digit growth during the quarter. Meanwhile, the company also expanded its physical distribution network by increasing the number of company-owned cabinets across markets.
Margin pressure during the quarter was driven by a combination of one-off factors and broader cost inflation. Gross margins were impacted by around 600 basis points due to trade investments made for stock liquidation. Additionally, cocoa price inflation contributed to another 400 basis points of pressure on margins.
Deputy managing director Chitrank Goel attributed the muted performance partly to prolonged monsoons and transitional challenges linked to the GST framework. Operating expenses also increased as the company invested in establishing its standalone supply chain, operational systems and corporate infrastructure following the demerger.
Looking ahead, the management remains focused on a volume-driven growth strategy. To restore profitability, the company has initiated a cost productivity programme aimed at reducing non-consumer-facing costs. It is also working on building regional manufacturing networks to optimise logistics expenses and improve operational efficiency.
The commodity outlook for the near term remains mixed. Dairy prices are expected to remain firm due to tight supply conditions and rising fodder costs. Sugar prices may also move higher following increases in the Minimum Selling Price (MSP). While cocoa prices have moderated recently, currency depreciation has offset some of the potential cost relief for the company.
