A third Ramayana film does not exist on paper. Nobody has announced it, and the producer has been careful not to promise one. Still, with the first instalment two days from release, the people behind the project are talking like a team that has not shut the door.
The comments came during a conversation with international media at the film's recent Los Angeles premiere. Malhotra explained that the production began with a three-part structure in mind. Later, the creative approach changed and the story was reshaped into two films.
He did not stop there. Malhotra said the team is still in the middle of filming and will not give away spoilers, but that once the response to the film comes in, the makers may "sit back" at the drawing board and look at whether anything needs to be added or removed, depending on how the world receives it.
That is a long way from a confirmation. It is also a lot more than a flat denial.
Fans did not need much encouragement. In a separate interview with Review Nation, Ranbir Kapoor, who plays Lord Rama, said he has already finished roughly half of his work on Part Two. In the same breath he mentioned finishing "part two or part three, if there is one".
Clips of the remark spread quickly on social media. Some users called it an accidental spoiler. Others pointed out that the line is conditional, and several entertainment outlets were quick to note that it should not be read as proof the makers are planning a trilogy.
Both readings can be true. The phrasing is hedged, yet it suggests that a third film is at least a topic of conversation inside the project.
The more concrete revelation may be about the film opening this week. Malhotra confirmed that the makers currently hold two versions of Ramayana: Part One, each with a different running time.
His stated preference is simple. He would rather not release two versions at all, and said director Nitesh Tiwari would likely agree that one version for the whole world is the cleaner outcome. How the next round of audience feedback goes will help settle that.
If the answer is no, an extended cut remains an option. Malhotra pointed to the extended editions of The Lord of the Rings as a model and said the team has enough material to justify a longer version sitting inside the same master cut.
Ramayana: Part One, subtitled Rise of a Legend, is directed by Nitesh Tiwari. Ranbir Kapoor plays Rama, Sai Pallavi is Sita, Yash plays Ravana, Sunny Deol is Hanuman and Ravie Dubey plays Lakshman. The score is by Hans Zimmer and A.R. Rahman.
It is produced by Malhotra's Prime Focus Studios with DNEG and Monster Mind Creations, and it is slated for a worldwide release in standard and IMAX formats. Reports have put the budget at roughly Rs 4,000 crore, which would make it one of the most expensive productions in Indian cinema, though that figure has been carried by media outlets and not confirmed in the comments covered here.
The road to release has not been smooth. When the first teaser landed in April, a section of viewers criticised the visual effects. Malhotra responded publicly, saying the team was listening closely and taking feedback seriously. A rough cut shown to a select audience in Los Angeles was framed the same way, as a chance to gather reactions and refine the film.
Seen against that history, his latest comments fit a pattern. This is a production that keeps telling audiences their reaction matters.
With the release date close, the Bombay High Court has granted anti-piracy protection to the film. Orders of this kind are now routine for big-ticket releases, but they underline how much is riding on the opening.
For now, the official plan has not changed. Ramayana is a two-part release, with Part One arriving on November 5 and Part Two following at Diwali 2027.
Any decision on a third film, a different structure or an extended cut will depend on how audiences and the box office respond over the coming weeks. Malhotra has said the makers will wait for that response before deciding. Until a formal announcement comes from the production house, Ramayana Part 3 stays in the category of possibility.
