Highlights:
The wait is finally over for one of India's most anticipated films. The first trailer of Ramayana was released on July 30, offering audiences their biggest look yet at director Nitesh Tiwari's ambitious adaptation of the ancient Hindu epic.
Featuring Ranbir Kapoor as Lord Rama, Sai Pallavi as Sita, and Yash as Ravana, the film is positioned as India's most expensive movie ever made. Beyond its cinematic ambitions, Ramayana has also become a major talking point for investors, with production house Prime Focus attracting significant attention in the stock market ahead of the trailer's release.
The film now carries expectations on multiple fronts. It must satisfy audiences, perform at the global box office, and justify one of the largest investments ever made in Indian cinema.
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Trailer reveals a grand retelling of an ancient epic
The newly released trailer presents a visually rich interpretation of the Ramayana, combining mythology with large-scale visual effects and cinematic storytelling.
The story follows Lord Rama, played by Ranbir Kapoor, who accepts 14 years of exile to honor his father's promise. He is joined by his wife Sita, portrayed by Sai Pallavi, and his brother Lakshmana, played by Ravi Dubey.
The peaceful exile changes dramatically after Ravana's sister Surpanakha, played by Rakul Preet Singh, becomes infatuated with Rama. Her humiliation triggers a series of events that culminate in Ravana abducting Sita, setting the stage for the legendary battle between good and evil.
The trailer highlights massive battle sequences, mythological weapons, and elaborate visual effects while building toward Rama's promise to rescue Sita and defeat Ravana.
Both films have been shot for IMAX. Part 1 is scheduled for release during the Diwali holiday in 2026, while Part 2 will arrive during Diwali 2027.
The production also features music by Oscar-winning composers Hans Zimmer and A.R. Rahman, while visual effects are being handled by DNEG, the Academy Award-winning VFX studio known for films including Dune, Interstellar, and Inception.
Prime focus faces its biggest commercial test
The release of Ramayana is significant not only for Indian cinema but also for Prime Focus, the lead producer behind the project.
The company owns an 88.2 per cent stake in DNEG, whose work contributes more than 80% of Prime Focus' consolidated revenue. The VFX company has built an international reputation through its work on major Hollywood productions and has become one of the studio's biggest assets.
Investor enthusiasm has grown steadily ahead of the trailer launch. Prime Focus shares have climbed more than 35% this month, nearly doubled over the past year, and delivered multi-year gains as expectations around Ramayana continued to build.
The company has also expanded into artificial intelligence through Brahma AI while continuing to secure post-production contracts for leading global studios and streaming platforms.
However, financial challenges remain. Prime Focus reported losses in FY24 and FY25 before returning to profit in FY26. It also carries gross debt exceeding $580-590 million, reflecting years of acquisitions and investments in technology and studio expansion.
Analysts note that while the company's long-term business extends well beyond one film, Ramayana has become an important showcase for its production and visual effects capabilities.
Social media calls it a visual spectacle
The Ramayana trailer has received a mixed response from audiences, with several elements earning strong praise while others becoming points of debate. Yash’s portrayal of Ravana emerged as one of the biggest highlights, with viewers applauding his powerful entry, commanding screen presence, and intimidating yet regal portrayal of the legendary antagonist. Many fans called the casting a perfect choice and felt Yash brought the required intensity to the role.
The film’s grand visuals and production scale also attracted attention. Backed by producer Namit Malhotra’s VFX team, the trailer’s expansive landscapes, recreation of Lanka, and sequences featuring the Pushpak Viman were praised for their ambition, with several viewers comparing the spectacle to Hollywood fantasy films. Sai Pallavi’s first look as Mata Sita received widespread appreciation, with fans describing her appearance as graceful, divine, and emotionally connected to the character. The background score, created by Hans Zimmer and A.R. Rahman, was another major talking point, with audiences praising its powerful blend of spirituality and cinematic grandeur.
However, the trailer also faced criticism. Ranbir Kapoor’s portrayal of Lord Rama received a divided response, with some viewers appreciating his calm and composed approach while others criticized his dialogue delivery, describing it as lacking the emotional depth and authority expected for the role. Some fans on social media felt his voice did not carry the divine weight associated with Rama.
The visual effects also faced mixed reactions, with some viewers arguing that certain scenes appeared overly polished and lacked a natural, realistic feel. A few critics pointed out visible green-screen elements and artificial-looking details. Audiences also noticed that the trailer focused heavily on Ravana’s character, leading some fans to joke that Rama appeared less prominent in his own story. The absence of Sunny Deol’s Hanuman from the trailer was another point of disappointment among viewers.
