Excel Entertainment

Overview

Excel Entertainment is a Mumbai-based Hindi film production company that has been operating since 1999. Founded by filmmaker Farhan Akhtar and producer Ritesh Sidhwani, the company has produced 25+ theatrical features across 25 years, with a catalog rooted in contemporary urban Indian storytelling rather than traditional masala formula. Excel reported Rs. 147.41 crore in revenue for fiscal year 2023-24, with Rs. 8.19 crore in profit on a 5.6% margin.

The company produces theatrical features and streaming series, with active projects at Amazon Prime Video and Netflix. In 2025, Excel reportedly sold a minority stake to Universal Studios as the Hollywood major seeks entry into the Indian market. The majority ownership remains with Akhtar and Sidhwani. The company is also in talks to co-produce Lalkaara with Aamir Khan and Rajkumar Hirani Films, a sports drama based on the 1952 test series between India and Pakistan.

For Hindi-language filmmakers working with stories rooted in modern India, Excel is one of the few established production houses that consistently backs unconventional material. The company accepts pitches through established industry relationships and does not operate an open submission process.

History

Founding and Dil Chahta Hai (1999 to 2005)

Akhtar and Sidhwani founded Excel Entertainment in 1999 in Mumbai. The company's debut production, Dil Chahta Hai (2001), directed by Akhtar, cost approximately Rs. 10 crore and earned Rs. 20.02 crore net at the Indian box office. Trade publications classified it as "average" commercially, but the film redefined Hindi cinema's visual language and narrative conventions for urban audiences. The National Film Award for Best Hindi Film that followed gave Excel immediate credibility.

Early productions included Lakshya (2004), a war drama that underperformed commercially, and Don (2006), a remake of the 1978 Amitabh Bachchan film that grossed approximately Rs. 106 crore worldwide on a Rs. 35 crore budget.

Critical and Commercial Expansion (2006 to 2019)

Rock On!! (2008) won the National Film Award for Best Feature Film in Hindi and grossed Rs. 55 crore worldwide. Zindagi Na Milegi Dobara (2011) grossed Rs. 153 crore worldwide and became a cultural reference point for urban Indian audiences. The Fukrey franchise (2013, 2017, 2024) proved Excel could produce profitable comedy franchises at mid-budget levels, with the first film earning Rs. 68 crore on a Rs. 18 crore budget.

Gully Boy (2019), directed by Zoya Akhtar and co-produced with Tiger Baby, was Excel's biggest critical success. The film cost Rs. 84 crore to produce and grossed Rs. 238.16 crore worldwide, including Rs. 140.25 crore net in India and Rs. 72.58 crore overseas. India selected Gully Boy as its official submission for the Academy Award for Best International Feature Film at the 92nd Academy Awards, though it did not receive a nomination.

Streaming Era and Universal Partnership (2020 to 2026)

Toofaan (2021) released directly on Amazon Prime Video after theatrical plans were abandoned during the pandemic. Excel expanded aggressively into streaming, producing Mirzapur (Amazon Prime Video, 2018-2024), one of India's most-watched original series, plus Dabba Cartel (2025) and Andhera (2025) for Netflix.

In 2025, Excel had three theatrical releases: Superboys of Malegaon (directed by Reema Kagti), Ground Zero (starring Emraan Hashmi), and 120 Bahadur (starring Akhtar). All three underperformed at the box office. However, Excel-backed Boong, a Manipuri feature, won Best Children's and Family Film at the 2026 BAFTA Awards, a first for a company primarily known for Hindi cinema.

Excel is reportedly in partnership talks with Universal Studios, with Universal acquiring a minority stake. Two of Excel's most anticipated projects, Don 3 and Jee Le Zaraa, remain delayed with no official production start dates. Mirzapur: The Movie, a theatrical adaptation of the streaming series, is in development.

Business Model

Theatrical Production

Excel produces 2 to 4 theatrical films per year, typically in the Rs. 20 to 100 crore budget range. The company finances productions through a combination of internal capital, co-production partners, and pre-sale agreements with distributors. Excel has co-produced films with Tiger Baby (Zoya Akhtar's banner), Dharma Productions, and Anil Kapoor Films.

Streaming Revenue

Excel's streaming division has become a significant revenue stream. Mirzapur ran for three seasons on Amazon Prime Video and is among the platform's highest-performing Indian originals. The company has produced series and films for both Amazon and Netflix, giving it relationships with the two largest streaming platforms operating in India.

Distribution and Music

Excel retains music rights on most of its productions, which generates ancillary revenue through streaming platforms like Spotify and JioSaavn. The company does not operate its own theatrical distribution arm, instead partnering with distributors like AA Films, Excel-managed releases, and studio partners on a per-project basis.

What Filmmakers Should Know

How to Pitch Excel

Excel does not accept unsolicited submissions. Projects reach the company through three channels:

1. Direct industry relationships: Producers, directors, and writers with prior Excel credits bring projects directly to Sidhwani or Akhtar
2. Literary agent representation: Agencies like Tulsea, Kwani, and CA Media route scripts through their client networks
3. Talent attachment: A director or actor with an existing Excel relationship can bring a project to the company

For filmmakers without industry connections, the most viable path is securing representation through a Mumbai-based literary agency or attaching a director or producer who has worked with Excel previously.

Budget Expectations

Excel typically funds films in the Rs. 20 to 100 crore range. Lower-budget productions (Rs. 10 to 30 crore) are common for first-time directors or experimental projects. Mid-budget films (Rs. 30 to 70 crore) form the core of Excel's theatrical slate. The company rarely produces films above Rs. 100 crore, though Don 3 is expected to exceed that threshold if it enters production.

Creative Profile

Excel's development priorities favor contemporary, urban, and socially aware material. The company has consistently backed films about modern Indian life: hip-hop culture (Gully Boy), male friendship and aging (Dil Chahta Hai, Zindagi Na Milegi Dobara), music and subculture (Rock On!!), and working-class comedy (Fukrey). Period films and traditional masala action are outside Excel's typical development slate, though Don and Lakshya are exceptions.

Notable Releases

Watch: Trailers & Behind the Scenes

See Also

For understanding how Bollywood production companies operate within India's distribution ecosystem, see Distribution Deals Explained. To model revenue across Indian theatrical and streaming markets, use the Revenue Forecast Calculator. For budgeting Hindi-language productions in Excel's typical range, use the Indie Film Budget Calculator.