Is Karan Johar planning a new strategy or feeling defeated after a tough phase for Dharma Productions? The filmmaker has finally addressed questions about falling revenues and his partnership with Adar Poonawalla amid back-to-back box office failures.
Over the last two years, Dharma has struggled at the box office. Films like Selfiee (2023), Yodha (2024) and Jigra (2024) did not perform as expected in cinemas. Alia Bhatt starrer Jigra earned around Rs 30 crore against a reported Rs 80 crore budget. In 2025, movies such as Dhadak 2, Homebound and Tu Meri Main Tera Main Tera Tu Meri were also labelled big flops.
Although Rocky Aur Rani Kii Prem Kahaani brought some relief, the overall financial picture reportedly weakened. Industry reports claim Dharma’s FY24 revenue dropped sharply. Profits also declined as audiences showed a stronger preference for content-driven films instead of star-led projects.
Karan Johar Says Adar Poonawalla Might Exit Dharma Productions
In late 2024, Dharma sold 50 percent equity to Adar Poonawalla for Rs 1,000 crore. The move surprised many in the industry. Since then, other production houses have also explored similar corporate partnerships.
Speaking in a recent chat with Sarthak Ahuja, Karan Johar explained the thinking behind the deal. He said, “I think this was a move towards diversification, but with him, it’s a balance. I’m sure at some point he is looking for an exit out of this deal because he is a businessman and this is a business. But also, I think he is a lover of the arts. But he is very clear. Maybe the return at that point, after 8 or 10 years or whenever he is looking at it is not magnificently huge but enough to have satiated him, to have satiated his creativity or rather his diversification needs as well as given him that kind of glory.”
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He then spoke honestly about perception in the film industry. KJo said, “You look at my bank balance. I am nothing compared to a gazillion business heads but there is a love that people have for the work we do, and that kind of glory cannot be monetised.”
He further added, “I may live a certain life and project a certain lifestyle but please look at my accounts and it will be ‘yeh toh naam bada hai darshan chota hai’.”
He also stressed that reputation matters more than money. The filmmaker said, “I don’t associate name with power. I associate name with respect and I always think that respect is bigger than love. Reputation and respect are so much bigger than love, and when you earn that, it is more than what any IP can give me.”
KJo On Changing Business Models In Bollywood
During the same interaction, Karan Johar discussed changing business models in Bollywood. He referred to partnerships such as Excel Entertainment teaming up with Universal Music Group and Sanjay Leela Bhansali aligning with Saregama.
Speaking about Bhansali’s move, Johar said, “I think there was a need for everyone to be self-sufficient. I think he was just bogged down perhaps by the system of going to streaming service with every film, seeking a musical partnership, getting the best value. I feel that he said – Let me find a home. Feel that was more for Bhansali’s comfort.”
Despite recent setbacks, Johar is preparing for a strong comeback. He will return to direction in late 2026 with a large-scale family drama. The film is said to be inspired by the emotional world of his 2001 classic Kabhi Khushi Kabhie Gham.
Pre-production will begin in mid-2026. Johar has promised a return to “old-fashioned Hindi cinema” filled with strong emotions and family values.
