Synopsis: Delhi’s EV Policy 2030 mandates electrification of two-wheelers, three-wheelers, and school buses, boosting growth visibility for EV makers, battery suppliers, and charging infrastructure stocks across the electric mobility ecosystem.
The electric vehicle (EV) sector is emerging as one of the fastest-growing segments within India’s automobile industry, driven by supportive government policies, rising fuel costs, improving battery economics, and the need to reduce urban pollution. EV adoption is especially gaining momentum across two-wheelers, three-wheelers, and public transport vehicles, where operating costs are significantly lower than internal combustion engine vehicles. Policy support remains the key catalyst, and Delhi’s latest roadmap reinforces this long-term growth theme
What is the NEWS:
Delhi’s draft EV Policy 2026–2030 lays out an aggressive roadmap to accelerate electric mobility adoption across key transport segments in the capital. A major provision in the draft states that from 2027, only electric three-wheelers will be permitted for new registrations, signaling a decisive shift toward cleaner last-mile and commercial mobility solutions.
The policy further proposes that from 2028, only electric two-wheelers will be allowed for new registrations. Since two-wheelers constitute a significant share of daily urban transport, this measure is aimed at reducing vehicular emissions and improving air quality in the city over the long term.
Another important component of the policy is the public transport and institutional mobility push. The draft mandates that at least 30 percent of school buses operating in Delhi must be electric by 2030. This move is intended to promote cleaner transport for students while also reducing pollution from conventional diesel-powered buses.
Delhi’s EV Policy 2030 offers strong monetary benefits to the public, including a 100 percent waiver on road tax and registration fees for EVs priced up to Rs. 30 lakh, subsidies of up to Rs. 30,000 for electric two-wheelers, and scrappage incentives of up to Rs. 1 lakh for replacing old vehicles with new EVs
Overall, the policy reflects Delhi’s broader objective of building a sustainable urban transport ecosystem through phased electrification, reduced dependence on fossil fuels, and stronger environmental compliance. If implemented as proposed, it could significantly transform the city’s mobility landscape by the end of the decade.
Stocks to benefit:
Ola Electric Mobility Ltd:
Ola Electric Mobility Limited is an Indian electric vehicle company focused on manufacturing electric two-wheelers and key EV components, including battery packs, motors, and vehicle frames, at its integrated Ola Futurefactory in Tamil Nadu. The company remains one of the leading players in India’s electric two-wheeler segment, with an installed production capacity of 1 million units annually and a strong presence in the fast-growing EV mobility ecosystem
With the market capitalization of Rs. 16,951 Crores, the shares of Ola Electric Mobility Ltd were trading at around Rs. 38.4 per share, which is 46 percent discount from its 52 weeks high of Rs. 71.2 per share
Ather Energy Ltd:
Ather Energy Ltd engaged in the design, development, and in-house assembly of electric scooters, battery packs, charging infrastructure, and supporting software systems has around 20 percent market share in the electric two wheeler segment. The company has over 500 service centers and 5000 plus charging points and sold around 68,000 units during Q3 FY26.
With the market capitalization of Rs. 34,653 Crores, the shares of Ather Energy Ltd were trading around 920 per share which is almost near to its 52 weeks high of Rs. 924 per share.
Olectra Greentech Ltd:
Olectra Greentech, founded in 2000 offers 135+ product variants across insulators and e-vehicles, with 3,600+ EVs on roads. It has delivered over 50 crore clean kilometers and maintains a strong order book exceeding 9,400 units, reflecting robust growth and rising adoption in India’s electric mobility sector.
With the market capitalization of Rs. 10,024 Crores, the shares of Olectra Greentech Ltd were trading at around Rs. 1221 per share which is 28 percent discount from its 52 weeks high of Rs. 1714 per share and is trading at a P/E of 70 whereas industry P/E stands at 30
Bajaj Auto Ltd:
Bajaj Auto Ltd is a leading two- and three-wheeler manufacturer headquartered in Pune, India, with exports spanning 79 countries across Latin America, Southeast Asia, and other regions. It is among the world’s largest three-wheeler producers and the biggest exporter of two- and three-wheelers from India.
With the market capitalization of Rs. 2,71,781 Crores, the shares of Bajaj Auto Ltd were trading at around Rs. 9724 Crores per share which is 4.5 percent discount from its 52 weeks high of Rs. 10,187 per share and is trading at a P/E of 30.4 where as industry P/E stands at 30.7
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