Rs 450 crore for Ramayana? Makers aim for Bollywood's biggest theatrical deal yet

Nitesh Tiwari's Ramayana is in talks for a record Rs 450 crore Hindi theatrical deal. The negotiations have sharpened industry focus on the film's scale, valuation and wider rights strategy.

In Short

• Nitesh Tiwari's Ramayana eyes Rs 450 crore for Hindi theatrical rights
• Dharma Productions and others in talks with producer Namit Malhotra
• Film stars Ranbir Kapoor, Yash, Sai Pallavi, Sunny Deol

Nitesh Tiwari's Ramayana is drawing strong interest in trade circles ahead of its Diwali 2026 release, with discussions around its domestic distribution rights now gathering pace. According to a report by Variety India, some of the country's biggest distribution houses are in talks to secure the film, which is being positioned as the most expensive Indian film ever made.

The key point in those discussions is the reported asking price. The makers are said to be seeking Rs 450 crore for the Hindi theatrical distribution rights alone, a figure that, if achieved, would set a new record for a Hindi film. The report has put the spotlight firmly on the scale of the deal being pursued for the two-part epic.

Rs 450 crore ask for Hindi theatrical rights

The report mentioned that Dharma Productions, AA Films and Pen Studios are among the major players currently in talks with producer Namit Malhotra. The reported demand of Rs 450 crore for the Hindi theatrical rights has become the centre of the negotiations. For comparison, the current benchmark for a Hindi film distribution deal is said to be Shah Rukh Khan's upcoming film King, which was reportedly acquired for around Rs 250 crore.

Even if the final deal were to close at Rs 300 crore or Rs 400 crore, it would still mark a major new benchmark for the Hindi film trade. While distributors such as Anil Thadani and Jayantilal Gada are reportedly pushing for a price they see as more commercially viable, the producers are said to be holding firm to their valuation.

Why the makers are holding their ground

The confidence around the valuation is tied to the scale of the project and its cast. Ramayana stars Ranbir Kapoor as Lord Ram, Yash as Ravana, Sai Pallavi as Goddess Sita and Sunny Deol as Lord Hanuman. Trade estimates cited in the report have projected a domestic nett collection in the range of Rs 1,000 crore to Rs 1,500 crore, with the worldwide gross pegged at more than Rs 2,500 crore.

Digital and satellite plans under discussion

Beyond theatrical rights, there is also considerable discussion around the film's digital and satellite strategy. Reports have said that Namit Malhotra has already turned down a Rs 700 crore offer from Netflix for the combined digital rights of both parts. The stated target, according to those reports, is a deal worth Rs 1,000 crore for the digital rights alone.

There is also talk of a phased strategy for the film's post-theatrical business, similar to the model followed by the team behind Dhurandhar. Under that approach, the rights for Part 1 would be sold first, with a decision on Part 2 to follow after the first film's performance becomes clear. The thinking, according to the report, is that digital sales should recover around 25 per cent of the overall investment, with the remaining amount to be recovered through theatrical, satellite and music rights.

Global rollout plans

The report also outlined the project's international ambitions. Rumours suggest that Warner Bros. could handle distribution in the US and Canada, while China Film Group may oversee promotion in China. The makers are also said to be targeting a worldwide presence across more than 42,000 screens, with dubbed versions in over 45 languages.

The total production budget for the two-part saga has been estimated at Rs 4,000 crore. With that scale in view, the negotiations over distribution and rights are being watched closely across the industry as the film moves towards release.

What happens next

As the industry awaits the film's next promotional asset, discussions around its distribution are expected to continue. Whether the market meets the reported Rs 450 crore valuation remains unclear, but the current negotiations have already placed Ramayana at the centre of a larger conversation about the scale, pricing and business model of big-ticket Indian films.

- Ends