The Salman Khan-starrer Sikandar, which was released earlier this year, has reportedly suffered a massive loss of ₹91 crore due to piracy, prompting the makers to consider filing a substantial insurance claim. The action entertainer, directed by A.R. Murugadoss, had high expectations surrounding its release on Eid, but it failed to resonate with critics and audiences alike.

According to reports, Sikandar, produced on an estimated budget of ₹200 crore, managed to collect only ₹103.45 crore at the domestic box office, falling significantly short of expectations. This underperformance was further compounded by the film falling victim to rampant online piracy.

Sources indicate that a high-definition print of Sikandar was leaked online the night before its theatrical release, quickly spreading across various piracy websites and encrypted messaging platforms like Tamilrockers, Movierulz, Filmyzilla and Telegram groups. The unprecedented scale of this illegal circulation is believed to have severely impacted the film's potential revenue.

Nadiadwala Grandson Entertainment (NGE), the production house behind Sikandar, has reportedly initiated internal discussions regarding activating its digital piracy insurance cover, following a comprehensive loss assessment. An audit was commissioned to evaluate the extent of the leak and its resulting impact on revenue. Ernst & Young (EnY) submitted a detailed report estimating the financial damage at approximately ₹91 crore.

The loss estimate was derived from a combination of data from ticketing platforms, distributor reports, forensic tracing of piracy dissemination, pre-release box office forecasts, regional occupancy patterns, and the abrupt revenue drop following the leak. Advanced digital tracking systems were employed to trace illegal downloads and streaming data, further validating the scale of the leak.

Interestingly, the pirated version circulating online was not the finalized version of the film. Some scenes lacked refined VFX, and there were scenes included that had been removed from the official theatrical cut. For instance, the pirated version contained scenes such as medical students meeting Sikandar in Dharavi, a longer flashback of Kamaruddin collapsing due to lung disease, and a sequence involving Sikandar learning about Rashmika's character's aspirations to become a lawyer. There was also a pre-interval scene where Sikandar's team informs him about multiple issues, giving him stronger reason to stay in Mumbai, a deleted suicide attempt, and a cab sequence that was omitted from the final cut. Moreover, the pirated version featured the original 1964 version of "Lag Ja Gale" instead of Iulia Vantur's rendition, and it did not include Salman Khan singing "Ajeeb Dastaan," which was later added to the final cut. These variations suggest that the leak likely happened post-CBFC (Central Board of Film Certification) clearance, indicating a potential insider involvement.

Whether NGE proceeds with the insurance claim remains to be seen. If pursued, it could potentially set a precedent for how piracy-related losses are addressed in Bollywood moving forward.

Sikandar is currently available for streaming on Netflix.