Once anointed the flagbearer of grandeur, glamor, and family drama, Dharma Productions, founded by Yash Johar and headed by Karan Johar, became Bollywood’s hallmark of cinematic polish. However, after Bad NewzZ, the company has only seen a decline in its critical and commercial fortunes. And with successive theatrical failures, the brand is struggling for brand relevance.
In October 2024, the storm finally set in. To counterbalance Liger so far, and then with Brahmāstra, Karan Johar sold 50% of Dharma Productions to Adar Poonawalla. While Serum Institute head hoped to set things right, on ground things have seen more disarray. With every major release since, nothing worked with the audience.
Jigra, with an ₹80 crore budget, struggled to go anywhere beyond ₹30 crore in India. Kesari 2 has completely flopped and made no recovery on its ₹150 crore investment. Homebound could not cross even ₹2 crore. Dhadak 2 settled for ₹22 crores before getting perished, and Sunny Sanskari Ki Tulsi Kumari is still gasping for survival. Even with OTT, satellite, and music rights bring some buffer to the losses, the drought at the box office is still piercing through.
Johar’s insistence on “nepo-driven” storytelling and glossy but hollow narratives have led to an estrangement from the core of audience. Many suspect Karan sold his stake not for strategic diversification but to fund more personal projects-and he might continue until there’s nothing left to sell.
With no hit in half a decade, Dharma basically stands at crossroads. Should Adar Poonawalla take full control and steer it with a business sense? Or will Karan Johar’s cinematic ego script the company’s doom?
Also Read: Is Karan Johar the Real Villain of Modern Bollywood?
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