Mumbai-based model and aspiring actress, Ria (Mahima Chaudhary), meets with stuntman, Dev (Dino Morea), and both fall in love. Shortly thereafter, she gets an offer to act as a lead actress with renowned film-maker, Muni Gandhi, and accordingly re-locates to Shimla to start the filming. Enroute, she excitedly telephones Dev and tells him of the scenic surroundings as well as the echo of bells in a tunnel that emanate from a Hanumanji Mandir. Several days later, when he does not hear from her, he decides to travel there. But before he could do so, he does get her telephone call in which she sounds distressed and asks him to help her. When he asks about her location, she is unable to provide any, and the phone gets disconnected. The question that haunts Dev is: Where is Ria, and how is he going to assist her when he does not even know her location?

After a below average Mohenjo Daro. Bollywood’s favorite historian, Ashutosh Gowarikar makes a good comeback with Panipat. Like his previous films he has given a detailed description of the events that were prevailing at its time. Small artistic liberties were taken to show Peshwas in a good light but still it was engaging to watch the film till the very end showing their valor in the battle despite their limited resources.. The action scenes though not on par with Hollywood films, were effective when compared to the over-top action scenes shown in films Manikarnika or Bajirao Mastani.

When the trailer was released many had compared it to Bajirao Mastani & Padmavat, but the similarity between Bajirao Mastani & Panipat was found because it was set in the same kingdom i.e. Marathas, due to this comparison between both these films was inevitable and its casting was heavily criticized.