Can you imagine a better way to start the year than with a blockbuster? In late January, Shah Rukh Khan arrived in cinemas with Pathaan, ready to decimate the box office. The spy thriller, which saw the superstar returning to the big screen after a four-year hiatus, went on to reportedly collect over Rs 500 crores, becoming the biggest hit of Hindi cinema. With it, the film industry and trade circuit felt that the debacle of 2022 was behind them. Three months into the year, however, it’s a different story.

Veteran trade analyst Amod Mehra notes that the Khan-starrer is the only bright spot in the first quarter. “Its success was encouraging, and made everyone feel like things would change. But subsequent films crashed. So, it is back to square one,” says Mehra.

February saw two big Hindi releases, Kartik Aaryan’s Shehzada, and Akshay Kumar-Emraan Hashmi’s Selfiee. The former came with high expectations — it was Aaryan’s first theatrical release since last year’s surprise hit Bhool Bhulaiyaa 2. Additionally, it was the remake of Allu Arjun’s Telugu movie, Ala Vaikunthapurramuloo (2020).

Producer and film business expert Girish Johar attributes the failure of Shehzada and Selfiee to sub-par content. “Shehzada was a copy-paste remake with no new elements. Selfiee was completely dated, despite having big names and being backed by a big banner [Dharma Productions]. People rejected it from the word go. The Q1 business was down by 30 per cent compared to the pre-pandemic times,” says Johar. While Shehzada’s lifetime domestic collections read Rs 30 crores, Selfiee reportedly ended its run at Rs 14 crores.

Ranbir Kapoor and Shraddha Kapoor’s March release, Tu Jhoothi Main Makkaar, had better luck at the cinemas. Despite having made approximately Rs 120 crore, Luv Ranjan’s rom-com isn’t considered a hit due to its high cost. Johar, instead, dubs Rani Mukerji’s Mrs Chatterjee vs Norway “a winner” as the small-budget film is heading towards collections of Rs 25 crores.

Ajay Devgn, who delivered a blockbuster in Drishyam 2 (2022), rounded off this year’s first quarter with Bholaa, which collected Rs 44.28 crore (nett) over its four-day weekend. However, Telugu star Nani’s Dasara, which released across India on the same day, has accumulated a cool Rs 55 crore across all languages.

Johar says the two can’t be compared. “Dasara is a reasonably budgeted film, while Bholaa, which released in 2D, 3D, and IMAX has a much higher landing cost. Plus, Bholaa, being an adaptation of Tamil film Kaithi (2019), hasn’t got the audience in south India flocking to the theatres.”

In the coming months, Manoj Desai, executive director of Maratha Mandir and G7 cineplex, will be banking on Salman Khan’s Eid offering Kisi Ka Bhai Kisi Ki Jaan, Ajay Devgn’s Maidaan, and Shah Rukh Khan’s Jawan that arrives in June. He says, “The public wants entertainment. They don’t want to go to theatres and get bored. A good film will always work.”