Raam Reddy's Jugnuma, presented by Guneet Monga Kapoor and Anurag Kashyap, is set to release theatrically in India on September 12, 2025. The film, earlier titled The Fable, has already garnered attention on the festival circuit, premiering at the Berlin Film Festival and winning Best Film at the Leeds International Film Festival, as well as the Special Jury Award at the MAMI Mumbai Film Festival.

Set in the late 1980s in the Indian Himalayas, Jugnuma tells the story of Dev (Manoj Bajpayee), the patriarch of an orchard estate, who faces a series of mysterious fires that disrupt his world. As Dev investigates the cause, he becomes entangled in local legends, family secrets, and mystical forces. The film explores the fragile balance between man, nature, and myth. Jugnuma also features Deepak Dobriyal, Priyanka Bose, Tillotama Shome, Hiral Sidhu, and Awan Pookot.

Manoj Bajpayee's performance is already generating buzz, with some calling it one of his most memorable. According to Ranjan Singh of Flip Films, Bajpayee's performance in Jugnuma will be ranked alongside his finest works, such as Aligarh, Satya, and Gangs of Wasseypur. Kashyap describes Bajpayee's performance as restrained, enigmatic, and profoundly moving. Bajpayee grew a real beard for his role and spent weeks in the mountains to embody his character.

While Bajpayee's performance is central to the film, Deepak Dobriyal's portrayal of Mohan, the house manager, is also drawing significant praise. Dobriyal's narration lends the film a mystic charm, elevating the storytelling. One reviewer noted Dobriyal's versatility and strong performance. Dobriyal's narration was recorded at his home in a reclined position to capture a bedridden character's tone.

The film blends magic realism with political commentary. Jugnuma explores themes of climate change and the presence of indigenous communities. The cinematography, shot in 16mm film by Sunil Borkar, evokes a nostalgic feel, lending a dream-like aura to the film. The film is also stellar in the art and sound departments. Juhi Agarwal Reddy's production design creates interiors that feel authentic to the 1990s. Sound designer Nithin Lukose uses a 64-channel Dolby Atmos mix to create a soundscape equivalent to an aural imagination of a modern fable with many mystic elements.

Piyush Mishra has contributed a title track to the film, which is described as philosophical and unsettling. Mishra says he was captivated by the narrative, visuals, and performances.

Jugnuma is directed by National Award-winning director Raam Reddy, known for blending realism with layered storytelling. Reddy's debut film, Thithi, won a National Award in 2016. The screenplay for Jugnuma went through 36 drafts over nine years. Reddy chose to shoot the film on 16mm film instead of digital. Reddy feels that the only thing that makes the film an 'indie' is that it was made independent of external influence.

Jugnuma promises to be a visually rich and emotionally layered journey into magic, fear, and Indian folklore.