As the first part of Nitesh Tiwari’s adaptation of the Indian epic Ramayana nears its worldwide theatrical release this Diwali, co-producers Namit Malhotra’s DNGE and Yash’s Monster Mind Creations have reportedly locked a major distribution deal with Karan Johar’s Dharma Productions, which will distribute the film across India. According to Variety India, the deal is valued at ₹250 crore after negotiations that reportedly began at ₹500 crore. The two-part epic has been widely reported as one of the biggest and most expensive film projects ever mounted in Indian cinema.
According to Variety India, Malhotra showcased around 30 minutes of edited footage from Ramayana to prospective distributors before finalising the agreement. The discussions with Dharma Productions reportedly started at a staggering ₹500 crore before eventually settling at ₹250 crore for the film’s India distribution rights.
The deal strengthens Dharma Productions’ position as one of India’s leading distributors of large-scale event films. Over the years, the company has handled the distribution of major pan-India releases including S.S. Rajamouli’s Baahubali franchise, Sankalp Reddy’s The Ghazi Attack, S. Shankar’s 2.0 and Koratala Siva’s Devara: Part 1. Dharma also significantly expanded its financial strength after Adar Poonawalla’s Serum Institute of India acquired a 50% stake in the production house for ₹1,000 crore.
IMDb recently named Ramayana: Part 1 as the most anticipated Indian film of 2026. The epic features an ensemble cast led by Ranbir Kapoor as Rama, Sai Pallavi as Sita and Yash as Ravana. The film also stars Sunny Deol as Hanuman, Ravi Dubey as Lakshman, Arun Govil as Dasharatha, Lara Dutta as Kaikeyi, Kajal Aggarwal as Mandodari, Vivek Oberoi as Vidyutjiva, Rakul Preet Singh as Surpanakha, Sheeba Chaddha as Manthara, Indira Krishnan as Kausalya and Kunal Kapoor as Indra, among others.
One of the film’s biggest creative attractions is its music. Oscar-winning composers A.R. Rahman and Hans Zimmer are collaborating for the first time on an Indian feature film, with the duo composing the score for both parts of the epic adaptation.
While Ramayana: Part 1 has completed filming and is currently in post-production, work on the second installment is underway in pre-production. Producer Namit Malhotra is personally overseeing the film’s extensive post-production and visual effects work as the ambitious adaptation enters its final stretch. The makers are also reportedly working on the theatrical trailer ahead of the film’s worldwide release.
The financial value of the distribution deal has also become a talking point within the trade. While Variety India reported that Dharma Productions acquired the India distribution rights for ₹250 crore, another industry report from Bollywood Hungama reported the Hindi distribution rights were acquired for ₹350 crore, describing it as the biggest theatrical distribution deal in Indian cinema. Neither Dharma Productions nor the producers have officially confirmed the financial terms.
According to the same report, Dharma Productions is planning one of its biggest theatrical rollouts for the film, with preparations already underway for a nationwide release. The report also claims there is strong exhibitor interest from across the country as anticipation continues to build around the project.
Ramayana: Part 1 is scheduled for a worldwide theatrical release on October 30, 2026, coinciding with the Diwali holiday period, while the second installment is expected to follow in 2027.
