It's 'not looking like a Diwali lineup, which is usually grand and has superstar movies.'
Aditya Sarpotdar's Thamma is a rom-com set against the backdrop of the supernatural and myths. The film, starring Ayushmann Khurrana, Rashmika Mandanna, and Nawazuddin Siddiqui, is also the biggest Hindi release during Diwali this October.
It joins Rishab Shetty's Kantara -- A Legend Chapter 1, a Kannada film which will be released in multiple languages. Shetty, Rukmini Vasanth, and Gulshan Devaiah headline the cast.
Shashank Khaitan's Sunny Sanskari Ki Tulsi Kumari, with Varun Dhawan, Sanya Malhotra and Janhvi Kapoor, is Dharma Productions' big one this Diwali.
There are others in Tamil, Telugu and Hindi, including a re-release of S S Rajamouli's blockbuster Baahubali at the end of October.
It is, however, "not looking like a Diwali lineup, which is usually grand and has superstar movies," says Rahul Puri, managing director, Mukta Arts.
Sanjeev Bijli, executive director, PVR-Inox, says, smilingly: "Remember the days when Diwali used to be only for Shah Rukh, Aamir or Salman. Then it used to be only for Ranbir and Ranveer. But," he adds, "I'm glad that's changed. Now it is not actor-dependent but content-dependent."
That sort of captures the mood about Diwali releases this year. It also reflects the big changes in the Rs 20,000 crore (Rs 200 billion) Indian movie business post-pandemic.
The rise of streaming and the change in audience palates have meant some unexpected winners like 12th Fail and Saiyaara while Fighter and War 2, both Hrithik Roshan starrers, tanked.
It also indicates the rising dependence on franchises and sequels -- a safe space for studios globally.
"On the face of it, Diwali looks weak. But if you put it all together, the lineup is solid," says Bhuvanesh Mendiratta, managing director, Miraj Cinemas.
Thamma is Maddock Films' fifth in the whole horror-comedy genre -- after Stree (1 and 2), Bhediya and Munjya, each of them huge hits. Earlier this year it delivered the biggest hit of 2025 (so far). Chaava made almost Rs 700 crore (Rs 7 billion) at the box office.
The company's winning streak has the trade enthralled. It is banking on Thamma, which releases on October 20 to light up Diwali.
"Thamma is the ultimate Diwali treat. It is where fear meets love, fun, and a riot of comedy that will have everyone rolling on the floor with laughter yet keep them on the edge of their seat," says Dinesh Vijan, CEO and founder, Maddock Films.
"Thamma is expected to open big, but how it sustains would depend on the film. Kantara -- A Legend Chapter 1 is tracking very well, and is likely to be the biggest film of 2025. It should overtake Chaava since it is multilingual," says Shailesh Kapoor, CEO, Ormax Media. It is a prequel to the 2022 blockbuster Kantara.
"The (movie) business is doing much better than last year," says Puri.
Going by the Ormax data, Indian films made theatrical revenues of Rs 7,175 crore (Rs 71.75 billion) in the first six months of 2025. That is about 22 per cent more than the same period in 2024. The supply of films, a big issue till last year, seems to have settled.
"We are getting a lot more films because OTT is not buying as aggressively as they were," says Bijli.
Mendiratta reckons the film business should break through the Rs 12,000 crore (Rs 120 billion)box-office revenue it has been stuck at for three years to hit Rs 14,000 crore (Rs 140 billion).
Note that theatrical or box-office revenue makes up 60 to 70 per cent of the total. Another 30 to 40 per cent comes in from TV, streaming, music and overseas rights.
Growth this year has come without big stars/talent, point out people in the trade. Analysts also question the obsession with Diwali releases.
"There is no such thing as Diwali month because it comes in October/November. You can't really decide when to start the Diwali month and when to end it. In the South, Dussehra is bigger than Diwali. For the Kerala market Onam is the big period. Comparing all India Diwali releases doesn't make sense," says Kapoor.
"Not just the October/Diwali time but the whole quarter -- October, November, December -- has always been the best quarter," Bijli adds. "It covers Diwali, Christmas and all the other holidays."
Both November and December have interesting releases like James Cameron's Avatar -- Fire and Ash and Aditya Dhar's Dhurandhar.
If the market expands by the end of 2025, it will be the best sign of a return to health for Indian cinema.
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