‘Ramayana’ and the ₹4,000-crore question: Will the epic pay off?

As the November 5 release of Ramayana, the big spectacle film from Prime Focus, draws near, the buzz around its ticket sales and promotions is growing louder

As the November 5 release of Ramayana, the big spectacle film from Prime Focus, draws near, the buzz around its ticket sales and promotions is growing louder. The film held its world premiere in Los Angeles on October 27, attended by director Nitesh Tiwari, producer Namit Malhotra and lead actors Ranbir Kapoor, Sai Pallavi and Yash. Entertainment news site Koimoi reported that advance bookings had crossed two lakh tickets for day one at an estimated collection of more than ₹12 crore. Entertainment news sites said Ramayana may be lagging in ticket volumes behind Bollywood blockbuster Dhurandhar 2 but is likely to catch up in terms of revenue owing to higher average ticket pricing in premium formats like IMAX 3D, 4DX etc.

‘Ramayana’ and the ₹4,000-crore question: Will the epic pay off?

Produced by Namit Malhotra’s Prime Focus Studios, visual effects company DNEG and Yash’s Monster Mind Creations, Ramayana is envisioned as a two-part epic. Ranbir Kapoor plays Lord Rama, while Yash portrays Ravana in the two-part epic, positioned as India’s biggest film ever with a budget of ₹4,000 crore.

Film industry experts, however, aren’t buying the stated ₹4,000 crore budget for the two parts of the film but acknowledge that a spectacle of this scale, shot on special IMAX-certified digital equipment cannot be a low budget film with a star cast straddling north and south and music from directors like Hans Zimmer and A R Rehman.

So, will Ramayana be worth the hype? Can it draw audiences to theatres and recover its steep cost? Sanjeev Kumar Bijli, executive director, PVR INOX Limited, said the film’s advance bookings have crossed 2.5 lakh tickets across the PVR INOX circuit. “This early momentum reflects the anticipation surrounding the film and the audience’s interest in experiencing a story of this scale on the big screen,” he said. For a release of this magnitude, accessibility, screen allocation and the ability to accommodate demand across markets will be important in maximising its theatrical potential, he added.

A senior media industry executive agreed: “The Ramanand Sagar Ramayan happened on TV in the 80s. Another one came on the small screens 20 years later. But there’s not been any theatrical films. So, possibly, two generations have not really watched this story.”

Others said the film’s powerful star cast works in its favour. “The K.G.F-fame Yash, Ranbir Kapoor and the old favourite Sunny Deol as Hanuman makes for a very attractive cast. Add to that the special effects and an inherent interest in Lord Rama in the Hindu community, the film will be a big draw,” said an industry expert, declining to be named.

But recovering, say, an estimated ₹2,000 crore for the first part of the film if the budget is divided equally between the two, may be a tall ask. Bijli said, “Ramayana has the potential to be a significant contributor to theatrical footfalls. However, it would be premature to provide a specific revenue projection at this stage, as the eventual performance will depend on audience reception, occupancy levels, show availability and the film’s sustained performance over its theatrical run.”

A film industry expert said that since the epic is thousands of years old, it is not protected by Intellectual Property (IP) law. “So, at the cost of ₹2,000 crore, you are not even creating an IP and anyone can make a bigger and better Ramayana tomorrow. At such a steep investment, one could have created an original IP like, say, The Lord of the Rings, Avengers or Star Wars,” the person said.

Ticket prices could also limit the audience. With estimates ranging from ₹500 to ₹3,000 for premium experiences, affordability may become a concern. “For an average Indian middle class family the tickets will be unaffordable if priced steeply as this film will not be watched solo,” Girish Johar said. PVR INOX’s Bijli said ticket prices will vary by city, cinema property, auditorium format and show timing. “For a highly anticipated release such as Ramayana, our approach is to balance audience demand with the value offered across formats, while ensuring that the film remains accessible to a broad cross-section of moviegoers,” Bijli said.

The good news is that the film is being pushed in India and in the international markets in English, Hindi, Tamil Telugu, Kannada, Malayalam. Vikram Malhotra, founder and CEO at Abundantia Entertainment said, “We want the film to succeed. It will be a shot in the arm for the industry.” Malhotra is watching its performance keenly as his studio is making films in what he terms the “devotional” genre.

“Much before the genre came into light with Hanuman Ansh, we have been developing Chiranjeevi Hanuman, Jai Santoshi Mata, and, more recently, Haare Ka Sahara Baba Khatu Shyam Hamara,” Malhotra said. While Chiranjeevi Hanuman is AI-made, the other two films are live action, slated for release in 2027.

In 2025, the Ormax Box Office Report said that the multilingual devotional animation film Mahavatar Narsimha crossed ₹300 crore and Gujarati film Laalo: Krishna Sada Sahaayate, collected ₹114 crore.

Girish Johar firmly believes that stories that are working in cinemas post-Covid are the ones that have a strong emotional connect with the audiences. “The genres do not matter. Nor does AI or special effects. Audiences do not care if they are low budget or expensive spectacles. Mahavatar Narsimha did not have the same animation quality as, say, Toy Story. Hanuman Ansh was a low budget film. But both did exceedingly well,” Johar said.

As long as the film connects with them, the director, producer and cast become irrelevant, he said. “My vote is with Nitesh Tiwari who has given films like Dangal and Chhichhore. If his Ramayana connects emotionally, there is nothing stopping it,” Johar said.

Bijli added: “Ramayana has a unique cultural and emotional resonance in India, with a story that has been part of the country’s collective consciousness for generations. This gives the film the potential to connect with audiences across age groups and geographies.”