The Kerala Story 2 Budget Breakdown

The Kerala Story 2 Budget Breakdown: Star Cast Fees, Box Office Predictions, and Profit Analysis

When a small-budget film triggers a nationwide socio-political earthquake and goes on to mint over ₹300 crore globally, a sequel isn’t just a possibility—it becomes a cinematic inevitability. Enter The Kerala Story 2 – Goes Beyond.

Slated for a worldwide theatrical release on February 27, 2026, this highly anticipated (and equally debated) sequel shifts the directorial baton from Sudipto Sen to National Award-winner Kamakhya Narayan Singh. Backed once again by Vipul Amrutlal Shah and Aashin A. Shah under the Sunshine Pictures banner, the film abandons the singular geographical focus of its predecessor to paint a pan-India canvas, tracking stories of alleged forced religious conversions across Rajasthan, Madhya Pradesh, and Kerala.

But beyond the heated prime-time debates, the legal notices, and the polarized public discourse lies a fascinating case study in film economics. How do you replicate a “Black Swan” box office event? How do you manage production costs when the entire nation is watching?

Here at B20masala, we have crunched the numbers, spoken to trade insiders, and analyzed the pre-release data to bring you the ultimate financial breakdown of The Kerala Story 2.

Production Budget Breakdown: The Economics of Restraint

In an era where Bollywood tentpoles routinely bloat past the ₹200 crore mark—often struggling to recover their astronomical marketing costs—The Kerala Story franchise operates on a radically different financial model. The strategy is simple: prioritize narrative shock value and word-of-mouth over high-end production design and A-list celebrity paychecks.

According to verified trade reports and production filings, the total budget for The Kerala Story 2 is locked at a modest ₹20 Crore. This mirrors the exact financial blueprint of the 2023 original, proving that the producers have resisted the urge to inflate the budget despite the franchise’s newfound blockbuster status.

Itemized Budget Estimate

BUDGET CATEGORY	ESTIMATED COST (IN ₹ CRORES)	DETAILS
Core Production	₹11.00 Cr	Filming across multiple states (Rajasthan, MP, Kerala) under tight security, equipment, permits, and daily crew wages.
Pre & Post-Production	₹4.00 Cr	Editing, sound design, background score (by Mannan Shaah), and minimal VFX requirements.
Cast & Director Remuneration	₹1.50 Cr	Combined fees for the primary cast, supporting actors, and the director.
Prints & Advertising (P&A)	₹3.50 Cr	Digital marketing, trailer launches, poster distributions, and targeted social media campaigns.
Total Landed Cost	₹20.00 Cr	The final amount required for the film to hit theater screens.

Why is the Budget So Low?

The filmmakers have strategically opted for guerrilla-style filmmaking and controlled schedules. By casting fresh faces and popular television actors rather than established Bollywood superstars, the talent acquisition costs remain negligible. Furthermore, the film relies heavily on “organic marketing”—a polite industry term for the massive free publicity generated by political controversies. When figures like Kerala Chief Minister Pinarayi Vijayan publicly denounce the film as “false propaganda,” or filmmakers like Anurag Kashyap openly criticize the trailer, it dominates the news cycle, saving the producers millions in traditional advertising.

Star Cast Salaries: Investing in Fresh Faces

The original film catapulted Adah Sharma back into the limelight. However, for the sequel, the makers have introduced an entirely new trio of leading ladies: Ulka Gupta (playing Surekha Nair), Aditi Bhatia (playing Divya Paliwal), and Aishwarya Ojha (playing Neha Sant).

By casting actors who are well-known in the television circuit but are considered fresh faces in mainstream Bollywood, Sunshine Pictures has kept the talent budget incredibly lean. While exact contractual figures are closely guarded, industry standards and trade estimates provide a clear picture of their remuneration.

Ulka Gupta: Known for her powerful performances in historical TV dramas, Gupta is taking on a highly intense role as a Keralite victim. Her estimated remuneration for the film falls in the bracket of ₹20 Lakhs – ₹30 Lakhs.
Aditi Bhatia: Making her major adult feature film debut (having previously worked as a child actor in films like Shootout at Lokhandwala and the hit TV show Yeh Hai Mohabbatein), Bhatia plays a Rajasthan-based character. Her fee is estimated to be around ₹15 Lakhs – ₹25 Lakhs.
Aishwarya Ojha: As a relative newcomer stepping into a complex narrative set in Madhya Pradesh, Ojha’s remuneration is estimated at ₹10 Lakhs – ₹15 Lakhs.
Kamakhya Narayan Singh (Director): The National Award-winning director, taking over the reins for this sensitive project, is estimated to have charged around ₹40 Lakhs – ₹50 Lakhs, alongside potential backend profit-sharing clauses.

Note: These figures are based on current market rates for television-to-film transitions and the standardized pay scale for mid-budget socio-political dramas.

Box Office Predictions & Advance Booking Trends [February 2026]

As of February 24, 2026—just three days ahead of its theatrical release—the advance booking trends for The Kerala Story 2 are showing massive traction on platforms like BookMyShow and Paytm Movies.

The film is releasing during a complex window. On one hand, it faces the scrutiny of releasing near the Ramzan season, which has drawn objections from various political and social groups. On the other hand, the trailer—featuring the tagline “Ab Sahenge Nahin… Ladenge” (We will not tolerate… We will fight)—has resonated deeply with a specific demographic that championed the first film.

Pre-Release Trade Projections

Trade analysts are closely monitoring the screen count and multiplex allocations. Unlike a massive action thriller that opens across 4,000 screens, The Kerala Story 2 is expected to have a targeted release of around 1,500 to 2,000 screens across India, with a heavy focus on Hindi heartland states (Madhya Pradesh, Uttar Pradesh, Rajasthan, and Maharashtra).

BOX OFFICE METRIC	PROJECTED FIGURES	CONTEXT
Opening Day (India Nett)	₹3.00 Cr – ₹7.00 Cr	Pinpoint estimates suggest a ₹5 Crore Day 1. Driven largely by walk-ins and evening shows.
Opening Weekend (India Nett)	₹18.00 Cr – ₹25.00 Cr	Highly dependent on Friday night word-of-mouth. If the audience connects, Saturday and Sunday will see a 60-80% jump.
Lifetime Prediction (India Nett)	₹60.00 Cr – ₹120.00 Cr	A wide variance. If the controversy peaks post-release, it could easily cross the ₹100 crore mark.
Overseas Opening Weekend	$500K – $800K	Strong interest in the US, UK, and Australian markets, as seen by advance screenings listed on international chains like HOYTS.

The “Sequel Factor”: It is crucial to remember that the 2023 original opened at ₹8.03 crore and trended spectacularly to finish at ₹242.20 crore (India Nett). Sequels to content-driven films rarely match the shock value of the original (think The Kashmir Files vs. The Vaccine War). However, pre-release forecasts of ₹5 crore for The Kerala Story 2 indicate a very solid footing.

The Economics of Controversy: Profit & Loss Analysis

To understand the financial safety net of The Kerala Story 2, we must look at the break-even math.

Total Budget: ₹20 Crore
Theatrical Break-Even Point: For a film budgeted at ₹20 crore, the Indian theatrical share required to break even is roughly ₹10-12 crore (since distributors and exhibitors take approximately 50% of the gross). This means the film only needs to collect around ₹20-25 Crore Nett at the Indian box office to recover its production costs purely from theatrical runs.
Non-Theatrical Revenues: This is where the producers have already struck gold. The satellite, digital (OTT), and music rights for a sequel to a ₹300-crore grosser are highly lucrative. Trade sources suggest that the OTT and satellite rights for The Kerala Story 2 have already been negotiated for an estimated ₹25 to ₹35 Crore.

The Verdict: The Kerala Story 2 is already in the green before a single ticket is torn. Every rupee earned at the box office beyond the ₹25 crore mark will be pure profit for Sunshine Pictures and the distributors. From a purely business perspective, Vipul Amrutlal Shah has masterfully mitigated all financial risks.

Behind the Scenes: The Ripple Effect of Cinema and Politics

The making and marketing of The Kerala Story 2 have been as dramatic as its on-screen narrative.

The Trailer Impact

The trailer, released in mid-February 2026, sets a dark tone, opening with a provocative claim about the demographic future of India. It showcases a Hindu family in Rajasthan attempting to file a POCSO case, a young woman in Madhya Pradesh manipulated into a deceptive marriage, and a violent confrontation over a live-in relationship in Kerala.

The Pushback

The pushback was instantaneous. Kerala Chief Minister Pinarayi Vijayan publicly slammed the film, warning that it undermines the state’s long-standing reputation for communal harmony and secular values. Meanwhile, in the film fraternity, director Anurag Kashyap was caught on camera at the Kochi airport heavily criticizing the sequel, calling it a “nonsense film” and accusing the makers of being greedy and divisive. Kamakhya Narayan Singh fired back, stating that the film is based on seven months of meticulous research, including verified Indian court documents.

Security Measures

Due to the sensitive nature of the script, the production was reportedly carried out under tight security. Locations were kept under wraps, and the cast—particularly the young leads—were shielded from media interactions during the filming process to prevent any on-set disruptions.

Final Trade Verdict

The Kerala Story 2 – Goes Beyond is not just a movie; it is a meticulously calculated socio-political event tailored for the big screen. By keeping the budget strictly tethered to ₹20 crore, utilizing fresh talent like Aditi Bhatia and Ulka Gupta, and leveraging the immense cultural friction surrounding its subject matter, the producers have engineered a financially bulletproof project.

Whether it matches the ₹300 crore global juggernaut status of its predecessor remains. However, with advance bookings indicating strong interest and a break-even point

Written by the Editorial Team

The Kerala Story 2 Budget Breakdown

The Kerala Story 2 Budget Breakdown: Star Cast Fees, Box Office Predictions, and Profit Analysis