Mar 18, 2026 6:00pm IST
Dharma Productions Bets Big On Horror: Can They Succeed in Revitalizing the Genre at Box-Office?
This year's Oscars marked a historic moment for the horror genre, with Ryan Coogler's “Sinners,” Guillermo del Toro’s “Frankenstein,” and Zach Creggar's “Weapons” winning top awards at the ceremony. The Oscars nod for these films has propelled horror back into mainstream critical discourse after being othered and ignored for years.
In contrast, the horror genre has historically struggled for such recognition in India. Although the horror films have regularly been made, and some have even achieved commercial success, the top production banners have largely stayed away due to its limited commercial viability at the box office. That seems to be changing now, as Variety India has learned that Karan Johar's Dharma Productions is betting big on horror, with at least three films in development for 2026-27 release.
The first project is believed to be a two-heroine horror thriller, directed by “Undekhi” and “Bahut Hua Sammaan” fame Ashish R. Shukla. Miss India World 2022, Sini Shetty, and television actress Reem Shaikh are said to be playing the lead roles, though the casting hasn't officially been confirmed yet. The yet-untitled film has apparently already been shot in a contained setting over a 35-day schedule.
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Dharma Productions is also doing another horror film with Aditya Roy Kapur in the lead role. This project, however, is more like a slasher — a horror subgenre blending traditional horror elements with satire, absurdity, dark humour and over-the-top gore. Collin D'Cunha, who helmed Ananya Panday's “Call Me Bae” for the banner, is making his feature directorial debut with this project, set to go on floors in May 2026.
Another project they're working on is the Hindi remake of last year's Odia horror thriller, “Bou Buttu Bhuta.” The company announced the remake rights acquisition of the film in September last year, and the film is currently in the scripting stage, with plans to take it on floors by the year-end. The original is based on the rural black magic folklore and was a massive success at the box office. They are also believed to be developing one more film, which is currently in the writing stage.
“Dharma Productions is exploring new genres, and the shift to horror films seems like a strategic decision by Karan Johar. These films are typically made on a tight, medium budget and can yield substantial profits if they resonate with audiences,” says a source close to the development. “Generally, horror hasn't been explored to its full potential and has a massive market for well-made horror movies, as seen in the past with Hollywood movies in the genre. They're also doing ‘Naagzilla’ with Kartik Aaryan, which is again in the space of creature comedy. So they're trying to explore various genres.”
Dharma’s Content Priority Shifts
The company is said to be prioritising mid-budget theatrical films while limiting the number of large-scale projects each year. Its sudden shift towards horror seems like a strategic decision in the wake of the failures of Dharma Productions' recent big-budget productions like “Bad Newz,” “Jigra,” “Sunny Sanskari Ki Tulsi Kumari” and “Tu Meri Main Tera Main Tera Tu Meri.”
Dharma Productions' track record with horror films hasn't been encouraging, though. They have produced two films in the genre — “Kaal” (2005) starring Ajay Devgn, John Abraham and Vivek Oberoi; and “Bhoot Part One: The Haunted Ship” (2020) starring Vicky Kaushal and Bhumi Satish Pednekkar — and both have been commercial flops. In fact, “Bhoot” was planned as a movie franchise, but it never went ahead following the failure of the very first part. They produced an anthology, “Ghost Stories,” for Netflix India, but that also failed to make a mark among audiences.
With its new bet on horror, Dharma aims to reverse this trend with stronger and more innovative storytelling this time and is hoping to revitalize the genre's theatrical exposure. The last box office success in the horror genre was Ajay Devgn, R. Madhavan and Jyotika's “Shaitaan” in 2024. Prior to that, only Emraan Hashmi, Bipasha Basu and Esha Gupta-starrer “Raaz 3” had worked, earning over 70 crore net twelve years ago in 2012.
More Horror Stories in the Making
While Dharma Productions is developing multiple horror projects, they're not alone in making them. As Variety India exclusively revealed recently, Siddharth Anand is also producing a folklore-based horror film with Abhishek Bachchan in the lead, while Excel Entertainment is making a horror series for Prime Video India, starring Kalki Koechlin. Ajay Devgn's “Shaitaan 2” is also in the works and is scheduled to go on floors mid-this year.
Dharma Productions remained unavailable for comment.
Read More About: Aditya Roy Kapur, Dharma Productions, Karan Johar
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