i would vote for may or may not. it depends on the car actually.
i would compare the innova D-4D & scorpio mHawk - the scorpio is heavier, has 20 bhp more & is geared for performance, compared to the innova. everything suggests the FE of innova should be higher but its the other way round.
maybe the reason is scorpio's engine is 2.2 & innova's engine is 2.5, but i dont think thats the actual reason. i feel, since the scorpio has more torque, it needs only a light tap on the throttle to get it moving in the city. so overall, it runs at a much lesser rpm throughout compared to the innova. so it turns out to be more fuel efficient.
of course, but engine size would matter if we compare a 1.2 petrol to a 3.0 V6 petrol!