Delhi's EV-Only Push Starts Tomorrow: 6 Stocks With the Strongest Filing-Backed Tailwinds

Delhi's EV-Only Push Starts Tomorrow: 6 Stocks With the Strongest Filing-Backed Tailwinds

Delhi's new Electric Vehicle Policy 2026 takes effect on July 1, and it is one of the most aggressive state-level EV pushes India has seen. The policy offers a 100% road tax and registration fee waiver on electric vehicles priced under ₹30 lakh, purchase incentives of up to ₹1 lakh on electric four-wheelers, and a separate ₹1 lakh scrappage bonus for consumers trading in old ICE vehicles. Electric two-wheelers get subsidies of ₹30,000 to ₹50,000, and electric three-wheelers up to ₹50,000. The total budget: ₹15,000 crore. The ambition: 95% EV sales in Delhi by 2027, with a ban on new petrol two-wheeler and three-wheeler registrations from 2028.

Crucially, hybrids are excluded. This is an EV-only policy.

Markets reacted immediately — MSTC surged 7% on Monday on scrappage incentive expectations. But the real beneficiaries run deeper. We searched company filings to find which listed companies have the strongest positioning for this tailwind.

Tata Motors: The EV Leader Riding Record Volumes

Tata Motors is India's dominant EV player, and their filings show a business accelerating into this moment. Per their FY26 annual report, the PV business (including EVs) delivered its highest-ever sales of 6,41,586 units. Q4 FY26 was a step-change, with record volumes exceeding 2 lakh units for the first time — a 37% year-on-year jump. The company crossed 14% domestic PV market share during the year.

On EVs specifically, their Q1 FY24 board outcome disclosed EV volumes of 19,300 units in a single quarter with 76% EV registration market share. Tata has since expanded the portfolio to Nexon EV, Punch EV, Curvv EV, and the Sierra — the last attracting 70,000 bookings on day one. A 100% road tax waiver in Delhi, India's largest car market by value, directly reduces the cost of every Tata EV sold there.

Mahindra & Mahindra: #1 in EV SUV Revenue, and Pulling Away

M&M's FY26 investor presentation puts a fine point on their EV momentum: 55,000 eSUVs sold since launch, with the company claiming the #1 revenue market share position in the eSUV segment. Their E-SUV penetration climbed from 1.4% in Q2 FY25 to 12.7% by Q2 FY26, and their E-SUV volume market share hit 25%.

The XEV 9E won the Green Car Award 2026, while the BE 6 Batman Edition — 999 units — sold out in 135 seconds. The Delhi policy's EV-only focus and exclusion of hybrids is a direct tailwind for M&M's Born Electric platform, which competes head-on with Tata in the ₹15–30 lakh SUV segment where the road tax waiver has the highest absolute impact.

Exide Industries: Betting ₹6,000 Crore on Lithium-Ion Cells

Exide's pivot into lithium-ion is one of the largest capex bets in Indian battery manufacturing. Per their May 2025 investor presentation, the company is building a 12 GWh lithium-ion cell manufacturing plant in Bengaluru through subsidiary Exide Energy Solutions, with a total investment of ₹6,000 crore. Phase 1 capacity is 6 GWh. Equity invested so far: ₹3,602 crore as of April 2025. The company already operates a 1.5 GWh module and pack assembly facility in Gujarat.

Notably, Exide's Q4 FY26 investor presentation explicitly cites the Delhi EV Policy 2026–30 as a catalyst for EV adoption. Their FY25 annual report notes total EV registrations in India reached 19.7 lakh, up 16.9% year-on-year, with electric passenger vehicles crossing 1 lakh units. Every EV sold in Delhi under this policy needs a lithium-ion battery — and Exide is positioning to be a domestic supplier rather than an importer.

Exicom Tele-Systems: Charging Infrastructure's Biggest Domestic Play

If EVs are the vehicle, chargers are the fuel station. Exicom's Q3 FY26 investor presentation reports over 26,000 chargers manufactured and sold globally in the quarter. Their standalone EVSE revenue reached ₹69.5 crore in Q3 FY26, while consolidated EVSE revenue stood at ₹106.3 crore.

But the bigger story is in the market sizing. Per CRISIL estimates cited in Exicom's filings, the Indian EV charger market is projected to grow from ₹1,300–1,400 crore in FY24 to ₹9,000–9,500 crore by FY28 — roughly a 7x expansion. Public charging is expected to grow at 45–50% CAGR, e-bus charging at 80–85%, and fleet charging at 65–70%. Delhi's ₹15,000-crore policy explicitly allocates funds for charging infrastructure, and the city's density makes it one of the most commercially viable markets for charge-point operators.

Olectra Greentech: 9,400 Electric Buses in the Order Book

Delhi's EV ambitions extend to public transport, and Olectra is India's largest pure-play electric bus manufacturer. Per their FY26 investor presentation, Olectra has 3,600+ EVs on the road with an order book of 9,400+ electric buses. Revenue growth was 45%, adjusted EBITDA growth 106%, and PAT growth 58% in the period. The company was awarded the world's largest single e-bus order of 5,150 buses and has commissioned a new 150-acre manufacturing plant with initial capacity of 5,000 electric vehicles per year.

Delhi already has the PM E-Bus Sewa scheme underway, but a state EV policy with a ₹15,000 crore budget and an explicit goal of phasing out ICE transport creates incremental demand for electric bus procurement.

MSTC: The Scrappage Platform Nobody's Watching

MSTC surged 7% on the Delhi EV news — and for good reason. Per their FY25 earnings transcript, MSTC holds the government mandate for all public sector and government vehicles over 15 years to be auctioned through its e-commerce platform. The company has a 50:50 joint venture with Mahindra Auto that operates registered vehicle scrapping facilities. Management estimates 27 lakh government vehicles could flow through the portal, with MSTC charging a 3% commission.

Their FY25 PAT jumped to ₹407 crore from ₹165 crore in FY24, and FY25 revenue from operations of ₹369.66 crore was the highest in four years. With Delhi's scrappage bonus of ₹1 lakh per old vehicle traded in, the formal scrappage ecosystem — which MSTC dominates on the government side — gets a direct demand boost.

What Retail Investors Should Do

Delhi's EV policy is aggressive, but it is one state. The real signal here is the direction of travel: state-level EV mandates are accelerating, not slowing. Investors should look beyond the immediate Delhi impact and ask which companies have built the infrastructure — manufacturing plants, order books, charging networks — to compound as other states follow suit. The companies with the strongest filing evidence of EV readiness are the ones most likely to benefit from this wave, not just in Delhi, but nationally.