New Delhi: It was a night of star power and cinematic pride at Vigyan Bhawan on Tuesday as President Droupadi Murmu honoured stalwarts of Indian cinema at the 71st National Film Awards.

The spotlight, however, belonged to Malayalam superstar Mohanlal, who received the Dadasaheb Phalke Award, while Bollywood icons Shah Rukh Khan, Rani Mukerji and Vikrant Massey walked away with top honours in acting categories.

Mohanlal, already decorated with the Padma Shri (2001) and Padma Bhushan (2019), was visibly moved as he accepted Indian cinema’s highest recognition. “I am deeply humbled to be the youngest recipient and only the second ever from Kerala. This moment is not mine alone, it belongs to the entire Malayalam film fraternity,” he said. Sharing the honour with colleagues, he added: “I never dared to dream of this moment. It feels magical, it feels sacred.”

President Murmu presented the award to Mohanlal amid a thunderous standing ovation. Fellow superstar Mammootty called him “a true artist who has lived and breathed cinema,” while Prime Minister Narendra Modi praised him as someone who “epitomizes excellence and versatility.”

In perhaps the most Bollywood-dominated edition of the awards, Shah Rukh Khan won his first National Award for Best Actor in over two decades for his blockbuster ‘Jawan’. “This award is a blessing. ‘Jawan’ was a film made from the heart, and I dedicate this to every fan who has stood by me through the years,” Shah Rukh said.

Actor Vikrant Massey, who shared the Best Actor award with Shah Rukh for ‘12th Fail’, credited director Vidhu Vinod Chopra for his journey. Rani Mukerji was honoured as Best Actress for ‘Mrs Chatterjee Vs Norway’. “This film was about the power of a mother’s fight. This recognition belongs to every woman who has faced injustice and refused to give up,” Rani told mediapersons.

The Evening reflected cinema’s diversity: ‘Kathal—A Jackfruit Mystery’ was named Best Hindi Film, Sudipto Sen won Best Director for ‘The Kerala Story’, while Shilpa Rao took home Best Female Playback Singer for Chaleya from ‘Jawan’.

Balaji Telefilms is restructuring its business strategy with a sharper focus on movies and digital content, aiming to reduce its reliance on traditional television, which is under pressure due to pay-TV erosion and industry consolidation impacting margins.

Historically, television has been the company’s core business, with Balaji dominating primetime for years and delivering a string of popular shows.

During the company’s Q4 and FY25 earnings call on July 4, Group CEO and CFO Sanjay Dwivedi said the company is at the cusp of a turning point, driven by internal consolidation, strategic partnerships, and a redefined content distribution strategy.

“Over the next 2.5 to 3 years, movies will become the group’s primary growth driver, followed by digital, with television as the third focus area,” Dwivedi told investors. “We look at the content business broadly, whether TV or digital, alongside our motion pictures division and our B2C digital operations, including platforms like YouTube, Meta, and our proprietary app.”

A key initiative during the year was the merger of ALT Balaji and Marinating Films into Balaji Telefilms, streamlining operations, reducing cost redundancies, and enabling significant tax benefits. This consolidation is expected to improve resource allocation across its core verticals, movies, television, and digital content.

Among the notable developments was a long-term content partnership with Netflix. Described by Dwivedi as “not a one-show, one-movie, or single-format deal,” the multi-year agreement spans various formats including direct-to-OTT films, telenovelas, binge-watch series, and reality shows. The collaboration builds on Balaji’s earlier Netflix projects such as Kathal, Pagglait, and Jaane Jaan.

Balaji also revamped its digital strategy, moving away from a purely subscription video-on-demand (SVOD) model to a hybrid framework that incorporates both SVOD and ad-supported video-on-demand (AVOD). “Relying solely on SVOD has been a financial drag,” said Dwivedi. “Our app now operates on both ad-supported and subscription-based models.”

This shift helped reduce ALT Balaji’s cash burn from over Rs. 120-145 crore annually to just Rs. 35 lakh per month. The platform currently has over two million active users and added 3.29 lakh subscriptions in Q4, including 1.73 lakh renewals. Still, Dwivedi emphasized that ALT Balaji would now form a “smaller piece” of the broader digital strategy, as the company expands its presence across platforms.

Balaji Telefilms, he said, is keeping production costs for its app-based content low, with shows costing around Rs. 2.5–3 lakh each. This means the app will not significantly burden the company’s balance sheet.

The platform is still a small part of the overall business, but the company plans to diversify its offerings and launch a cleaner, more refined version of the app in the future, he noted.

On the B2B front, Balaji has built a digital content order book worth over Rs. 300 crore, with projects commissioned by platforms such as JioHotstar. “Three shows were delivered in the last fiscal, two of which—Power of Paanch and Kull—performed strongly on JioHotstar. We are also in talks for second seasons,” said Dwivedi.

To further broaden its digital reach, Balaji launched Kutting, a short-form vertical video platform similar to Instagram Reels and is developing regional content in Tamil and Telugu. The company’s new YouTube channel crossed one million subscribers within a month of its launch.

The film division, which Balaji expects to be its main growth engine over the next three years, is gaining momentum. Using a pre-sale and co-production model, the company recovers 85-90% of production costs before release. “We don’t greenlight any movie until digital rights are secured,” Dwivedi noted. “Across our film portfolio, we’ve delivered a 22% return on capital over six years.”

The upcoming movie slate includes Vrushabha starring Mohanlal, set for a Diwali 2025 release; Bhooth Bangla featuring Akshay Kumar and directed by Priyadarshan; and Vvan, a collaboration with The Viral Fever starring Sidharth Malhotra. Balaji plans to double its annual movie output from three to six films.

Despite its legacy in television, the segment is facing yield and margin pressures. “TV yields remain under stress, still down by more than 25% compared to pre-COVID levels,” Dwivedi said. Flagship shows like Bade Achhe Lagte Hain Phir Se and Kyunki Saas Bhi Kabhi Bahu Thi are ongoing, while discussions are underway with Colors for new titles, including a fresh season of Naagin.

For FY25, Balaji reported revenue of Rs. 453 crore, down from Rs. 625 crore the previous year. However, net profit surged to Rs. 84.6 crore from Rs. 19.4 crore.

The company also raised Rs. 130.7 crore in new capital during the year, with participation from promoters. The funds are being allocated across movies (Rs. 65 crore), digital and music content (Rs. 33 crore), and general corporate purposes (Rs. 32.5 crore). “In three years, we expect movies to be our primary business, followed by digital, with television becoming the third revenue stream,” Dwivedi reiterated.

Looking ahead, Balaji is optimistic about rising content demand and platform growth. The company recently launched Kalnagri, an AI-generated show, as part of its push into tech-driven content creation.

However, Dwivedi ruled out a digital business spin-off for now. “Once the business scales and there’s enough investor interest to unlock value, we can consider evaluating that option,” he said.

As a Delhi girl in Mumbai, actor Sanya Malhotra’s style has been influenced by the two cities. “[In Delhi], I like to dress up, do my makeup and be proper, even if I am stepping out for five minutes. In Mumbai, my style is more relaxed,” she tells us, adding that her Delhi friends “get a huge shock” upon seeing her Mumbai outfits: “They’d say, ‘You look very simple’... I committed the biggest sin when I wore chappals to Khan Market in Delhi! (laughs)”

Noting that fashion lets her express herself “in a different way,” she shares, “Now, I know what I like to wear, but I am still trying to find my personal style.”

Does this reflect on her on-screen personas as well? “I used to take my own clothes on set for Badhaai Ho (2018) and I [still] do it whenever I want to add a personal touch to my characters’ [looks],” the 32-year-old reveals, adding, “At the start of my career, I didn’t have money to afford a stylist. I wore something out of my closet for an event once and got good reviews. I look the best when I style myself.”

Much has changed since Malhotra’s Bollywood debut in 2016. Ask about her journey and she replies, “I always wanted to be an actor, but my intention was never to be a star.” But it was the chance to lead films such as Pagglait (2021) and Kathal (2023) that gave her confidence.

“I didn’t believe in myself when I signed Pagglait... But with the kind of confidence Guneet (Monga, producer) and Umesh sir (Bisht, director) had in me, I decided to give it a try. That success gave me the confidence to pick films like Kathal and [the upcoming] Mrs,” she ends.

After a hectic 2022 where she shot for projects without a break, actor Sanya Malhotra has been taking it slow when it comes to work. The actor admits that it was a conscious decision to sit back and enjoy the fruits of her labour this year.

“At the moment, my career is going really well. My personal life is also amazing. It’s because I have a solid support system. This year, I intentionally wanted to sit back and enjoy all the releases,” says the 31-year-old, adding, “I got a wonderful response for Kathal and Jawan, and I’m looking forward to my other releases, too. I feel very lucky to have some really amazing projects in my kitty.”

Malhotra makes sure she doesn’t take her personal life for granted. “Whenever I’m not working non-stop, I’m able to have very healthy boundaries between work and personal life,” she says, adding that she avoids working on weekends.

“It is me time, a time that I want to spend with my family. I travel quite a bit to Delhi to spend that time with my parents,” says the actor, who made her acting debut with Dangal (2016), adding, “And the good part is that most of my close friends and family are not from the industry. In that way, it’s easier for me to disconnect.”

The Meenakshi Sundareshwar (2021) actor adds disconnecting from the glamour of the film industry is crucial for her. “It is very important for you to stay grounded and to be authentic to oneself as an actor. Because we get much attention and love as actors. But neeche bhi aana padta hai, and my family does a very good job of that. Mujhe zyaada udne nahi dete,” she quips.

Yashowardhan Mishra is understandably emotional as his maiden directorial feature, Kathal, starring Sanya Malhotra, drops online today. But the significance of his emotions is fully understood when he reveals that he lived with the subject for a decade.

“I had come across this news piece that an influential person’s jackfruits had gone missing, and the police and state machinery were deployed to find them. At that time, I had felt it made for a great satire. I had written a short story [based on it],” recollects Mishra.

The incident stayed with him, becoming a part of his subconscious. A few years ago, he decided that it could lend itself to a movie, one that could highlight the power wielded by the influential.

“On the surface, it’s a satire about the police being deployed to find jackfruits, but underneath, there are layers and subtext. We met people, found stories that mattered, and juxtaposed them with the [central incident].”

For the Netflix film, the director couldn’t ask for a better cast than Malhotra, Vijay Raaz and Rajpal Yadav. While he has long been an admirer of Yadav’s skills, he found an able artiste in his leading lady.  

“Without Sanya, Kathal wouldn’t have been possible. She got hooked on to the subject quickly. She is sharp and aware of the world around her. Her comic timing is superb. At the same time, she is humble about the gaps she has to fill in, to bring truth to her character. As for Rajpal sir, we didn’t want to have him as a comic relief. He showed his strength as an actor with this role.”

To Anant V Joshi, Kathal feels like the result of his hard work of years. After foraying into showbiz in 2011, the actor featured in several television shows and web offerings, including Virgin Bhasskar, and Cobalt Blue (2022), before landing the Sanya Malhotra-starrer. The Netflix satire revolves around a small-town police officer who is assigned a case of missing jackfruits.

“I [was called for] a screen test. They shared all the details of the project, including that it’s based on a true story. I saw the clip of the incident, and couldn’t believe it was real. That was my main kick,” says Joshi, who found a perfect collaborator in debutant director Yashowardhan Mishra.

“Yasho told me that he found me honest in my audition. During all these years, I never worked towards fame or popularity. I was focused on doing good work. After this film, my belief has only got stronger about wanting to work with talented people and telling good stories.”

The actor is all praise for his co-star Malhotra. Admitting that he was under the impression that movie stars carry huge egos on sets, Joshi says his perception was challenged by her work ethic. “Sanya is so grounded and giving. She is dedicated and extremely hard-working. She would always be on set on time, would do her homework, and have her heart in the right place.”

Sanya Malhotra has no time to pause. With four films slated to release next year, she is moving one from movie set to another. Does the frenetic pace get to her? Far from it. “There is no other way I would like it to be,” the actor grins.

“This is something that I had always imagined myself doing. [The shoots] are back-to-back. I had mentally prepared myself to live a life like this.”

Her line-up for 2023 is promising — she has Jawan that sees her share screen space with Shah Rukh Khan, the Hindi adaptation of acclaimed Malayalam film The Great Indian Kitchen (2021), a comedy in Kathal, and a period drama in Sam Bahadur. Malhotra counts herself lucky to be a part of such eclectic stories.

“These films are so diverse, yet rich in their storytelling. To reunite with Guneet Monga for Kathal [after Pagglait], work with Meghna Gulzar ma’am and Vicky [Kaushal in the Sam Manekshaw biopic], and headline a big film like The Great Indian Kitchen — [these films] helped me check many boxes on my wish list.”

In comparison, 2022 was a tepid year for the actor. Though Love Hostel with Vikrant Massey received positive reviews, it failed to attract viewers. Her second release, Hit - The First Case opposite Rajkummar Rao, didn’t make an impact at the box office either. Malhotra, however, is unfazed, continuing to front subjects that speak to her.

“I don’t look at choices as risks; I only see them as opportunities. Also, today, I feel everything is mainstream, or nothing is. My journey began with an unconventional character [in Dangal], and what followed was a natural progression. Comfort scares me. In my personal life, I like being easy-going, but professionally, anything uncomfortable excites me because I know those are the areas where I will grow in life. Growth, as it is, is not a comfortable experience. I’m constantly seeking to grow as an actor, and I hope that never stops.”

Sanya Malhotra’s life changed gears over the last two years, with several releases on OTT platforms and a theatrical release earlier this year. She’s currently working on a host of projects, including the remake of The Great Indian Kitchen, Atlee’s next with Shah Rukh Khan and Meghna Gulzar’s Sam Bahadur. In a chat with BT, she talks about how she interprets her roles, some of the unputdownable offers and more. Excerpts:

I’m shooting non-stop. So, I’ve not really drawn out any plans. But it’s exciting to think that I might spend Diwali in front of the camera. It will be magical if that happens. If I have a day off, I will go back home to Delhi and spend some time with my family, eat ghar ka khaana and participate in all the revelry. My perfect Diwali is being around my loved ones. I love all the shebang — rangoli, decoration, making diyas and the food. If I am not doing this, I’m sure I will be shooting in front of the camera.

I do many things that I keep changing depending on the characters I’m playing. Like I’ve worked in a movie called Kathal, for which I drew inspiration from the interactions I had with actual policewomen in Gwalior. I could understand their approach to life and who they are beyond the uniforms that give them authority and power. They’re human, too. The idea is to get to know characters psychologically and emotionally.

Sometimes, I create memory banks for them. Like I wrote diary entries for Sandhya’s character in Pagglait. I didn’t have any experience or any emotional reference point for her. So, I started writing, and I ended up writing poetry, too, which I don’t write in my personal life. I imagine my character’s daily life, put myself in their shoes and think of what would have happened in their lives before. I love doing this exercise where I go deep into their emotional coffers.

When it comes to remakes, I think of my own way of interpreting the character, matching it with the director’s vision and the space of the film. Like The Great Indian Kitchen is something I was looking forward to diving deep into. The original was fantastic, and Nimisha Sajayan was so good in it. But I don’t know how to improvise on that. And that’s also not the intention. I just want to interpret it well without a sense of competition. I treat it as a new story and character.

I just wanted to work with Meghna Gulzar. And you have to trust a director like her who doesn’t take any character lightly. Each one is important. I knew that I would learn something new when I work with her. It was an unputdownable offer. I’ve started shooting for it, and it’s a different experience to surrender myself to her vision. I know she’ll pull me out of my comfort zone, and I look forward to that.

We’re all going through a challenging phase, which means this is the time to explore new things through scripts, new mediums and unique stories. As an industry, it’s important to push one another to do better. No one can survive this individually. It’s time to stand together, and this happens in every business. We have to see what we all can bring to the table. The ecosystem of the industry has expanded and made room for so much that we can do. We need to work on it and good will come out of this. It will pull us out of complacency and push us to experiment. Had I been stubborn about where my films (the platform) were released, my career wouldn’t have been on the upswing. Transition is about being flexible and collaborative. You have to adapt constantly. It’s pretty much like picking up the emotional spaces of different characters at different times. Being flexible pushes me to take up characters that are completely unexpected of me, and yet, people accept what I turn in. People love artistes who push their boundaries.

That’s my biggest fear and kabhi na kabhi aisa hoga that I will end up being in a space that I have been in before. Woh main kabhi bhi karna nahi chahti. People say that I’m making unconventional choices. It has been a conscious move to not fit into a box which would’ve been easier to do. There’s so much advice that comes to me from various corners on how to dress a certain way or put things out on social media, which I’ve never followed. I work with a fabulous team that advises me, and there are seniors I reach out to periodically, but eventually, I listen to my gut. I’ve been consistently doing that for the five-six years that I’ve been here. One shouldn’t blame anyone else for anything that goes south, right? I wanted to do every kind of film and character and I have stuck to that. I’ll never put myself in a box, and no one can do that to me.

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This year, actor Sanya Malhotra will be celebrating Diwali with her filmy family, and she is pretty excited about it. She says being on set is nothing less than a celebration for her, as it reminds her of the passion she has for acting.

The actor will be shooting for the Hindi remake of the critically acclaimed Malayalam movie The Great Indian Kitchen (2021) on Diwali.

“I am very excited to spend this Diwali on the sets of my film because I absolutely love my team and I am having a blast shooting this film. On set wali Diwali will be a very special and a new experience for me,” Malhotra says.

The 30-year-old continues, “This is only because I’m working with such nice people. I am not homesick, but rather I feel at home. I love being on the set. But it’s not that I don’t like being around my family. I get very excited to work on holidays and festivals for some reason. I think it’s because being on set is nothing less than a celebration.”

“I feel extremely grateful around this time. No matter how cliché and cheesy it sounds, but it’s hard to believe that my dreams have actually come true and I’m living my dream life right now,” says the actor, who was last seen in HIT: The First Case.

However, this is not the first time that she will be spending Diwali away from her family. Earlier, while shooting for Dangal (2016) in Ludhiana, she had to be away from her closed ones during the festival. “You find that feeling of solace and being at home only with the people that you’re working with. I’m really looking forward to spending this festival with the team that I’m absolutely loving, and I know that I will have lots of fun,” says the actor.

When not working, her ideal way to celebrate the festival is to spend some time with her family during Diwali and gorge on some home-made food and sweets.

“I’m a homebody. So whenever I’m back in Delhi, around my family and friends, I don’t usually step out. I have a very close circle in Delhi. I just love being at home and around my people. It’s the most grounding thing for me as an actor because I’m constantly working and hopping from one set to the other,” she says, adding, “My perfect Diwali is around my loved ones, eating rajma chawal and mithai, which my mother makes every Diwali”.