City Gas Distribution: Delhi EV Policy – CNG faces terminal value risk Quick Note

研报英文原文证据摘录

City Gas Distribution: Delhi EV Policy – CNG faces terminal value risk Quick Note

Global Markets Research

29 June 2026City Gas Distribution

EQUITY: OIL & GAS/ CHEMICALS ASIA

Delhi EV Policy – CNG faces terminal value risk Research Analysts

India Oil & Gas/Chemicals

Bineet Banka, CFA - NFASLQuick Note bineet.banka@nomura.com

+91(22)4037 4044The Delhi Cabinet approved its ‘EV Policy 2026–30’ on 29 June, effective 1 July, committing

INR150bn over a period of four years in the form of subsidies, tax waivers, and charging

infrastructure. The policy marks a structural shift from incentive-led to mandate-led EV

adoption.

Key timelines

• 1 Jul 2026: policy comes into effect.

• 1 Jan 2027 onwards: only new electric (no petrol/diesel/CNG/hybrid) auto-rickshaws and

N1 vehicles (small goods carriers) will be registered in Delhi.

• 1 Apr 2028 onwards: only new electric two-wheelers (no petrol/CNG) will be eligible for

registration in Delhi.

• 31 Mar 2030: policy expires.

Incentives structure

• 100% road tax and registration fee waiver on EVs priced up to INR3mn (ex showroom);

strong hybrids get no incentives.

• Electric two-wheeler purchase subsidies of INR30,000/INR20,000/INR10,000 in years

1/2/3, restricted to models priced below INR225,000 ex-showroom.

• Electric three-wheeler purchase subsidies of INR50,000/INR40,000/INR30,000 in years

1/2/3.

• Full road tax and registration fee exemptions on EV cars priced up to INR3mn

• Scrappage incentive of INR100,000/INR50,000/INR25,000/INR10,000 for four-wheeler/N1

commercial trucks/3-wheelers/2-wheelers. Scrappage incentive of INR100,000 for

scrapping a BS-IV or older Delhi-registered car and purchasing an EV under INR3mn.

• All eligible incentives will be transferred directly to beneficiaries' bank accounts through the