Despite crossing the Rs 1,000 crore mark at the global box office within eight days of its release, questions are emerging over the financial success of Ramayana: Part One, one of the most expensive films in Indian cinema history.

Directed by Nitesh Tiwari, the film stars Ranbir Kapoor as Rama and Yash as Ravana. However, its enormous production budget, criticism of the screenplay and lower-than-expected performance in international markets have sparked debate over whether its box office earnings will be enough to make it commercially successful.

Huge budget poses major challenge

According to a report by NDTV Profit, the combined budget of the two-part Ramayana project is approximately Rs 4,000 crore. With the first instalment's production cost estimated at around Rs 2,000 crore, the film would need to earn nearly Rs 5,000 crore worldwide from theatrical releases alone to recover that investment.

As of November 12, the film had grossed Rs 1,033.55 crore worldwide. However, the producers' share from theatrical earnings was estimated at only Rs 400–450 crore. Even after accounting for streaming and satellite rights, questions remain about its eventual profitability.

Opening-day expectations and criticism

According to Hindustan Times, the film was projected to earn Rs 160 crore worldwide on its opening day but collected approximately Rs 127 crore.

Although its box office performance gathered momentum in the following days, criticism of its storytelling continued. A review by NDTV India praised the production design and presentation of lesser-known episodes from the epic but criticised the screenplay as weak, the background score as excessively loud and the emotional depth as lacking.

Ranbir Kapoor reportedly took time to settle into the role of Rama, while Yash's portrayal of Ravana emerged as one of the film's strongest aspects.

Visual effects versus storytelling

The film was jointly produced by Namit Malhotra's Prime Focus Studios and Oscar-winning visual effects company DNEG. It features high-end visual effects designed to deliver a Hollywood-style cinematic experience.

However, analysts argue that impressive visuals alone cannot create a lasting impact on audiences if the emotional and moral dimensions of the story fail to connect with them.

The film has also faced challenges in establishing itself as a global franchise. According to The Economic Times, it earned Rs 403.9 crore in India during its first six days, while overseas markets contributed only Rs 260 crore.

Film trade analyst Girish Wankhede told The Economic Times that the film had failed to meet expectations of connecting with Western audiences.

Producer remains confident

Despite questions over the film's financial returns, producer Namit Malhotra has said he is not worried about its profitability.

In a recent interview with Haroon Rashid on BBC Asian Network, Malhotra said the second instalment could make up for any shortfall in the first.

Comparing the film's significance to landmarks such as the Tower of London and the Taj Mahal, he described Ramayana as a once-in-a-lifetime opportunity and an act of divine intervention. He also suggested that calculating its value strictly in financial terms would be inappropriate.

Asked what would happen if the first instalment failed to meet its targets, Malhotra said the film journey was only halfway complete. He argued that the second instalment would be even bigger and that the commercial performance of the two films should be assessed together.

He added that if the film received audience appreciation but failed to meet all financial expectations, the second instalment could help compensate for the shortfall.

Overall, Ramayana: Part One cannot yet be described as a box office flop. However, its financial performance and global impact remain under scrutiny in view of the scale of the investment.