Bollywood projects in limbo amid financial challenges, unpredictable box office

While a big-budget period drama like Karna, which was to feature Suriya and be directed by Rakeysh Omprakash Mehra has been shelved, several others like Sony’s Shaktimaan trilogy, Ranveer Singh’s venture with Tamil director Shankar, and Kartik Aaryan’s film with Dharma Productions are yet to be taken to the floors.

Producers do not wish to take the risk of filming without finalising a streaming platform as a buyer, which has meant that a number of projects have fallen by the wayside.

“A lot of high-budget films, especially those requiring heavy VFX (visual effects) work started out with great ambition, but the makers soon realised the effects would need skill and expertise for which there weren’t adequate budgets. Especially with the kind of fee A-list stars demand, the projects just weren’t viable,” said a senior film producer, declining to be named.

The producer added that while studios had done mental calculations on how much the stars and production would cost while making announcements, VFX expenses ballooned in the process of pre-production, making recoveries seem impossible. 

High-risk ventures face market realities

A similar challenge has hit the future instalments of the Brahmastra franchise that were also announced, but haven’t made progress. “Currently, producers aren’t finding the cost model at which these films can be made,” the producer said.

To be sure, entertainment industry experts emphasize that not all shelved films belong to the larger-than-life spectacle genre, but this category does seem to bear the brunt of financial challenges, as it often requires significant investment. Such films need sprawling sets, cutting-edge VFX, and ensemble casts, all of which require massive budgets that are increasingly difficult to justify in an uncertain market. 

That said, even mid-budget and niche films are impacted, as they struggle to tie up funding in a system that prioritizes projects with guaranteed box-office or streaming appeal. The spectacle genre, however, suffers most visibly, as its success hinges on high-risk, high-reward scenarios that feel less sustainable in today’s cautious environment.

“It’s not just about budget constraints—it’s about grappling with the hard truth of market realities. With shifting audience preferences, rising production costs, and the unpredictability of box-office recoveries, we’re forced to think beyond just creative aspirations. Streaming platforms offer some solace, but they come with their own set of challenges,” said Sarthak Dasgupta, founder and chief creative officer, The Salt Inc., an independent content and design agency. 

“As much as we want to push boundaries, there’s a growing awareness that taking on high-risk ventures without a guaranteed return on investment could risk future opportunities,” Dasgupta added.

Trade experts say that titles that are currently in cold storage will go on the floors as soon as funding comes through. While OTT platforms are refraining from big buys, not too many stars are willing to take pay cuts even though there is no certainty on what could work at the box office.

“The theatrical ecosystem is in the doldrums, non-theatrical revenue is no longer guaranteed, and stars aren’t really driving returns. Producers have to pause and rethink how to get the equilibrium right, and if the vision for a particular film carries enough weight,” film producer, trade and exhibition expert Girish Johar said.