Delhi just fired the starting gun on India's most aggressive electric vehicle push. The Delhi government approved its EV Policy 2026 on June 30, banning the sale of new petrol two-wheelers by 2028. The market reacted immediately — Ola Electric and Ather Energy surged up to 11%, while Eicher Motors crashed 6.5% and gas utility IGL slipped on fears of structural demand erosion.

But beyond the headlines, which companies are actually ready for this shift? We dug into corporate filings to separate the EV-ready from the EV-exposed.

The Winners: Already Building the EV Revenue Base

Bajaj Auto is the standout. Per their Q4 FY25 earnings call, Chetak hit leadership in the electric two-wheeler market, and the company ended FY25 with over Rs 5,500 crores of electric vehicle revenue across two-wheelers and three-wheelers — making it the country's largest EV revenue generator in the segment. Their Q3 FY25 transcript reveals that EVs now account for 22% of domestic revenue, and the broader green energy portfolio (electric plus CNG) stands at 44% of domestic revenue. For FY26, the company reported record volumes exceeding 5 million units, with double-digit growth across all businesses including electric two-wheelers. Bajaj isn't pivoting to EVs — it's already there. Hero MotoCorp has accelerated faster than most expected. Per their FY26 board outcome filing, VIDA — Hero's electric scooter brand — achieved its highest-ever annual retail of 151,748 units in FY26, a 2.9x jump (roughly 190% growth) over FY25. Market share leapt from 6.1% in March FY25 to 11.2% in March FY26. They also launched the VIDA VX2, a Battery-as-a-Service subscription model, and unveiled the VIDA NOVUS electric motorcycle portfolio. Hero's massive existing dealer network gives it a distribution advantage that pure-play EV makers struggle to match. Ather Energy, the pure-play EV scooter maker, is a direct policy beneficiary. Per their FY25 annual report, the company projects the electric two-wheeler market will grow at roughly 41% CAGR, with E2Ws anticipated to account for a significant share of total two-wheeler sales by FY31. Ather has been steadily gaining market share — from 7.6% nationally in Q1 FY25 to 13.6% by Q4 FY25. In south India, where they have the deepest penetration, they command 22% market share and are the number one brand in Karnataka at 25.8%. Ola Electric remains India's largest electric two-wheeler OEM by volume, with over 3.4 lakh units registered and 30% market share in FY25 per their Q4 FY25 investor presentation. They also entered the EV motorcycle segment with the Roadster, capturing 50% of that nascent market. However, their Q4 FY25 numbers show a still-negative EBITDA margin of -101.4% on a consolidated basis, and they've guided to rebuild national market share to 15-20% in the near term. Scale is there; profitability isn't yet.

The Losers: Caught Without an EV Playbook

Eicher Motors is the most vulnerable name. Royal Enfield sells exclusively ICE motorcycles — and Delhi is a key market for its commuter and leisure bikes. Per their FY25 earnings call, Eicher crossed 1 million motorcycles sold and posted revenue of Rs 18,870 crores with EBITDA of Rs 4,712 crores. The company only entered the EV space in FY26 with the Flying Flea, a city-oriented electric brand that opened its first store in Bangalore. Per their FY26 earnings call, the combined revenue of EML and VECV crossed Rs 50,000 crores. But Flying Flea is in its infancy — the first store launched abroad in Paris, and product availability is limited. For a company that derives 100% of its two-wheeler revenue from petrol motorcycles, a 2028 ICE ban in Delhi is a direct headwind, even if Delhi is a fraction of their total market. Indraprastha Gas (IGL) faces a slower-burning but structurally important threat. Per their FY24 annual report, CNG accounts for approximately 75% of total sales volume, and IGL is the sole distributor in the National Capital Territory. Their gross turnover stood at Rs 15,403 crores in FY24. Two-wheelers make up a small share of CNG consumption, but the policy signals a broader direction — Delhi has made clear that electrification is the future of urban transport. Every CNG auto-rickshaw that eventually converts to electric is revenue IGL cannot replace. Nomura's analysts have already called the Delhi EV policy "structurally negative" for IGL.

What Retail Investors Should Watch

This policy may be Delhi-specific today, but it signals where regulation is heading nationally. India's stated goal is 30% EV sales penetration by 2030. Investors should focus on two things: EV revenue as a percentage of total revenue (Bajaj at 22% leads; Eicher at 0% trails) and unit economics trajectory (Bajaj and Hero are profitable on EVs; Ola and Ather are still burning cash).

The companies that have already built EV revenue at scale — Bajaj Auto, Hero MotoCorp, TVS Motor — are better positioned than pure-play EV makers who have volume but not margins, or legacy ICE players who have margins but no EV products. The Delhi ban is a 2028 event. The time to check your portfolio's EV readiness is now.

Data sourced from company filings on NSE via Xaro.