Shares of electric vehicle (EV) makers saw a pronounced uplift on Monday, April 13, following the unveiling of the draft Electric Vehicle (EV) Policy 2026-2030 by the Delhi government. The major policy announcement catalyzed a significant breakout rally among key players in the domestic EV segment.
Ather Energy soared over 5 percent, reaching Rs 906.80. JBM Auto also gapped up by more than 2.5 percent, trading at Rs 626.85. Olectra Greentech advanced closely by 3 percent, settling at Rs 1,218.85.
Mandatory Shift: Delhi's Landmark EV Policy Details
The draft policy, released for public consultation on Saturday, outlines a radical transformation of the capital's transport ecosystem. It mandates a systematic shift to electric mobility across key categories.Key provisions include a complete ban on the registration of new petrol two-wheelers starting from April 2028. Furthermore, the policy mandates phasing out new CNG three-wheelers from January 2027.
This transition is set to significantly impact daily commuters and the vast network of gig workers, particularly given that two-wheelers form a substantial part of Delhi's vehicle base. The policy also specifically highlights that three-wheelers, commercial cars, and goods carriers are disproportionate contributors to urban emissions.
Financial Incentives and Stakeholder Consultation
While the policy does not extend direct subsidies on electric cars for private buyers, it offers immediate financial relief through a waiver on road tax. Additionally, the policy provides a 50 percent road tax concession for hybrid vehicles priced up to Rs 30 lakh.Delhi Chief Minister Rekha Gupta stated that the proposed draft policy is a monumental step toward establishing a clean, accessible, and sustainable transport system in the capital. She emphasized that the plan incorporates extensive financial incentives, mandatory provisions, and infrastructure development to robustly promote EVs.
The government has opened the consultation window to gather feedback from citizens and various stakeholders, with the input period running until May 10.
Impact on Commercial and Urban Mobility Segments
The policy’s focus on high-usage segments—including three-wheelers, commercial cars, and goods carriers—underlines a systemic overhaul of urban mobility goals. This strategic pivot positions the commercial electric vehicle segment for rapid growth.JBM Auto and Olectra Greentech, both heavily involved in electric buses and commercial solutions, are poised to be major beneficiaries of this mandated transformation. Ather Energy, focusing on urban scooters and its proprietary Ather Grid, is set to capitalize on the two-wheeler shift.
The draft policy represents a comprehensive framework aimed at tackling vehicular pollution, a critical concern for the massive commuter base of Delhi.
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