Delhi EV policy: Tata Motors PV, Ather, M&M among key gainers; likely losers explained
Eicher Motors (Royal Enfield) and Hero MotoCorp appear most vulnerable due to their domestic-heavy franchises and higher exposure to motorcycles, a brokerage said.
- Jun 30, 2026,
- Updated Jun 30, 2026 1:08 PM IST
Mahindra & Mahindra Ltd (M&M), Tata Motors Passenger Vehicles Ltd (TMPV), Ather Energy and Sona BLW Precision Forgings Ltd are seen as some of the key potential beneficiaries of the new Delhi EV policy, a couple of brokerages said on Tuesday. The Delhi EV Policy 2.0 focused on complete transition to electric three-wheelers and electric two-wheelers from January 2027 and April 2028, with a staggered transition across other categories.
For Emkay Global, Ather Energy stands out as a key beneficiary, given its growing focus on expanding beyond South India, supported by the upcoming EL platform aimed at the mass-market segment. Among two-wheeler incumbents, Eicher Motors (Royal Enfield) and Hero MotoCorp appear most vulnerable due to their domestic-heavy franchises and higher exposure to motorcycles, the domestic brokerage said.
"TVS Motor and Bajaj Auto are better insulated given their higher export exposure and rapidly growing E-2W franchise; both are also gaining ground in E-3Ws. In E-PVs, M&M and TMPV are better placed," the brokerage said.
Nomura India said M&M should benefit through its passenger vehicle EV portfolio, with EVs already accounting for 31 per cent of its PV sales in Delhi (FY27 YTD). TMPV has also seen its EV mix in Delhi increase from 14 per cent in FY26 to 22 per cent in FY27 YTD and should also gain share.
"In the two-wheeler segment, Ather Energy being a pure-play EV 2W OEM is one of the key beneficiaries, while incumbents may lose volumes. In particular, Royal Enfield may be more impacted due to this policy due to its higher Delhi exposure and very low EV mix potential. In addition, CAFE norms for EV 2Ws may also impact it the most. One concern though may be availability of enough EV capacity by 2027," Nomura said.
In the CV space the incentives for electric commercial vehicles, along with investments in charging infrastructure, is seen supporting EV adoption in the CV segment and could be beneficial for TMCV which has 5.5 per cent EV LCV mix in Delhi in FY27 YTD.
"We also view the policy as positive for suppliers such as Sona Comstar (SONACOMS IN, Buy), Motherson Sumi (MSUMI IN, Buy) and Uno Minda (UNOMINDA IN, Buy) given their EV component exposure," Nomura said.
The policy will come into effect from 1 July 2026 and will remain applicable until 31 March 2030. As part of the policy, the government has outlined an investment of Rs 15,000 crore over FY27-30, comprising Rs 7,000 crore towards EV purchase incentives and Rs 8,000 crore towards charging infrastructure development and tax concessions.
Mahindra & Mahindra Ltd (M&M), Tata Motors Passenger Vehicles Ltd (TMPV), Ather Energy and Sona BLW Precision Forgings Ltd are seen as some of the key potential beneficiaries of the new Delhi EV policy, a couple of brokerages said on Tuesday. The Delhi EV Policy 2.0 focused on complete transition to electric three-wheelers and electric two-wheelers from January 2027 and April 2028, with a staggered transition across other categories.
For Emkay Global, Ather Energy stands out as a key beneficiary, given its growing focus on expanding beyond South India, supported by the upcoming EL platform aimed at the mass-market segment. Among two-wheeler incumbents, Eicher Motors (Royal Enfield) and Hero MotoCorp appear most vulnerable due to their domestic-heavy franchises and higher exposure to motorcycles, the domestic brokerage said.
"TVS Motor and Bajaj Auto are better insulated given their higher export exposure and rapidly growing E-2W franchise; both are also gaining ground in E-3Ws. In E-PVs, M&M and TMPV are better placed," the brokerage said.
Nomura India said M&M should benefit through its passenger vehicle EV portfolio, with EVs already accounting for 31 per cent of its PV sales in Delhi (FY27 YTD). TMPV has also seen its EV mix in Delhi increase from 14 per cent in FY26 to 22 per cent in FY27 YTD and should also gain share.
"In the two-wheeler segment, Ather Energy being a pure-play EV 2W OEM is one of the key beneficiaries, while incumbents may lose volumes. In particular, Royal Enfield may be more impacted due to this policy due to its higher Delhi exposure and very low EV mix potential. In addition, CAFE norms for EV 2Ws may also impact it the most. One concern though may be availability of enough EV capacity by 2027," Nomura said.
In the CV space the incentives for electric commercial vehicles, along with investments in charging infrastructure, is seen supporting EV adoption in the CV segment and could be beneficial for TMCV which has 5.5 per cent EV LCV mix in Delhi in FY27 YTD.
"We also view the policy as positive for suppliers such as Sona Comstar (SONACOMS IN, Buy), Motherson Sumi (MSUMI IN, Buy) and Uno Minda (UNOMINDA IN, Buy) given their EV component exposure," Nomura said.
The policy will come into effect from 1 July 2026 and will remain applicable until 31 March 2030. As part of the policy, the government has outlined an investment of Rs 15,000 crore over FY27-30, comprising Rs 7,000 crore towards EV purchase incentives and Rs 8,000 crore towards charging infrastructure development and tax concessions.