Adani pledges ₹6 lakh crore to Maharashtra. What did a SIP in Adani stocks actually do?
The news: at the Invest Maharashtra event in Mumbai, Adani Enterprises director Pranav Adani said the group has committed to an investment blueprint of more than ₹6 lakh crore in the state, reports NDTV. The money spans energy, airports, urban regeneration, data centres and coal gasification, and he said projects worth ₹2.6 lakh crore are already completed or under way.
Headlines this size pull investors toward the stocks behind them. So we asked the question that matters to a monthly investor: what did a plain SIP in Adani stocks actually do? We backtested three of the group's listed companies, each with a SIP started in January 2020, through the 2022 rally, the January 2023 short-seller crash and everything since.
What Adani announced
The figures below are the group's own, as reported by NDTV. In short:
- ₹6 lakh crore and more: the total committed to Maharashtra at the World Economic Forum in Davos and through state partnerships.
- ₹2.6 lakh crore of it is already completed or under execution, the group says.
- Airports: it runs Mumbai's airport and is building Navi Mumbai's, which it says will eventually handle more than 90 million passengers a year, with business and hotel districts around both.
- Power: Adani Electricity Mumbai supplies more than 3 million homes and businesses, with over 60% of its power from renewables, the group says.
- Dharavi: the redevelopment of Asia's largest informal settlement, which the group says will build new homes before anyone moves.
What a monthly SIP did in each, since January 2020
A fixed amount invested at each month-end from January 2020 to September 2026. Returns are money-weighted (XIRR) and before tax.
| Since Jan 2020 | A year | Worth | Worst fall |
|---|---|---|---|
| Adani Enterprises | 36.30% | 3.35× | 66.3% |
| Adani Ports | 26.17% | 2.40× | 36.5% |
| Adani Green | 12.95% | 1.54× | 83.1% |
| Nifty Infrastructure | 15.83% | 1.69× | 27.4% |
"Worth" is the SIP's value divided by the money put in: 3.35× means every ₹100 invested is now worth about ₹335. Nifty Infrastructure, the broad index of Indian infrastructure companies, is there for comparison; its data runs to August 2026.
Adani Enterprises: the biggest return, and the wildest ride
Adani Enterprises is the group's flagship and holds its airport business, the part of this story closest to Mumbai. A SIP from January 2020 has made 36.30% a year, the best of the three. But look at the path. In November 2022 the SIP was worth 8.0× the money put in. Two months later came the short-seller report, and the SIP's value fell 66.3% from that peak at its worst. Today it is worth 3.35×, and the stock is 23.2% below its November 2022 high.
Anyone who stopped their SIP in early 2023 locked in that fall. Anyone who kept going still made 36% a year. That gap is the whole lesson of SIP investing in one stock.
Adani Ports: the steady one
Adani Ports' SIP made 26.17% a year with a worst fall of 36.5%, about half that of the other two. It is now 0.5% below its all-time high of May 2026, and the SIP is worth 2.40× the money put in. Of the three, it is the one most people could have held without flinching.
Adani Green: proof that a big story is not a return
In April 2022 an Adani Green SIP started in January 2020 was worth 5.3× the money put in. By February 2023 every ₹100 put in was worth about ₹75: an 83.1% fall from the peak. It has since come back to 1.54×, or 12.95% a year, but the stock is still 54.8% below its April 2022 high. Green energy is a big part of the group's Maharashtra plan. The SIP shows how far a stock can travel in both directions while the story stays the same.
What to take from this
A ₹6 lakh crore plan tells you where a group wants to spend. It does not tell you what its shares will pay you, or how deep the falls will be on the way. Three SIPs in the same group, started on the same day, ended between 13% and 36% a year, with worst falls from 37% to 83%.
So before acting on any headline, check two things on real data: what your SIP would have made, and whether you could have held on through its worst fall. You can run all three of these in the Strategy Lab, change the start date, and test a rule that steps aside in a fall.
Questions people ask
What did Adani announce for Maharashtra?
At the Invest Maharashtra event in Mumbai, Adani Enterprises director Pranav Adani said the group has committed to an investment blueprint of more than ₹6 lakh crore in the state, across energy, airports, urban regeneration, data centres and coal gasification. He said projects worth ₹2.6 lakh crore are already completed or under way.
What has a monthly SIP in Adani Enterprises returned?
From January 2020 to September 2026, 36.30% a year, before tax. At its November 2022 peak the SIP was worth 8.0 times the money put in. It then fell 66.3% and is worth 3.35 times today.
Which Adani stock SIP was the steadiest?
Adani Ports. Its SIP returned 26.17% a year since January 2020, its worst fall was 36.5%, and the stock is 0.5% below its all-time high.
Did any Adani stock SIP fall below the money put in?
Yes. In February 2023 an Adani Green SIP started in January 2020 was worth 0.75 times the money put in, after an 83.1% fall from its April 2022 peak. It is worth 1.54 times today, a 12.95% yearly return.
Does a big investment plan mean the stock will go up?
No. A company's spending plan is a statement about its projects, not a forecast of its share price. The three SIPs here started on the same date in the same group and ended between 13% and 36% a year, with very different falls on the way.
How we measured: month-end prices adjusted for splits and bonuses, a fixed amount invested every month from January 2020, returns money-weighted (XIRR) and before tax. Adani stocks to September 2026; Nifty Infrastructure (official NSE closes) to August 2026. "Worst fall" is the largest month-end drop in the SIP's value from a previous high inside the window. Dividends are not included. Source for the news: NDTV. The investment figures are the Adani Group's own statements. Past returns are not a promise of future returns. Nothing here is a recommendation to buy or sell anything. See the disclaimer.
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