Mumbai, Saturday night: The second Saturday of February has just wrapped up and the mood in the trade circuits is a mix of relief and massive anxiety.

Today is 21 February 2026 and we are reporting from the heart of the industry where the numbers are flying in from every single territory. O Romeo has seen a decent jump to 3.29 Crore today taking its total to 53.33 Crore, while the new kids on the block Do Deewane Seher Mein and Assi have moved up slightly to 1.7 Crore and 1.65 Crore respectively.

Meanwhile, the low-budget wonder With Love has crossed the 25 Crore mark on its 16th day with a solid 1.15 Crore collection, and the legendary Border 2 is still pulling in crowds on its 30th day with a steady 0.52 Crore. It is a crowded house at the cinemas but the money is being split so many ways that nobody is truly celebrating yet.

This report is vital for the industry because it shows a very dangerous trend where big stars are struggling to justify their massive price tags while small, content-driven films are quietly becoming the real gold mines. Fan wars are currently peaking on social media because Shahid Kapoor fans are highlighting the 50 Crore milestone but the critics are pointing at the 150 Crore budget.

This gap between cost and recovery is the biggest talking point right now because if a film doesn’t double its numbers on a Saturday, it usually means the audience has given a “thumbs down” to the content. You need to look at the per-screen occupancy today to understand why some producers are going to have a very sleepless Sunday night.

My take?

The industry is delusional if it thinks “star power” alone can carry a 150 Crore film anymore. We are seeing a 10 Crore film like With Love trending better than films five times its size. It is honestly embarrassing for the big studios.

Everyone is chasing the “Event Film” tag but nobody is focusing on the “Event Script.” Is the audience finally tired of over-hyped dramas, or are we just seeing too many movies releasing at the same time and killing each other?

O Romeo: The 50 Crore Mark is Here but the Mountain is High

The Shahid Kapoor starrer finally saw some sunlight today as the Saturday crowds showed up in the multiplexes.

“A jump is a jump, but when you are swimming in a 150 Crore ocean, a small wave won’t save you from drowning.”

Fact: O Romeo earned 3.29 Crore on its 9th day. Analysis: The film needed to touch at least 5 Crore today to have any hope of a respectable lifetime total. Data:

• Budget: 150 Crore
• Day 9 Collection: 3.29 Crore
• India Net Total: 53.33 Crore
• Worldwide (WW) Total: 81.04 Crore

The film has crossed the 50 Crore mark in India which sounds great for a headline but look at the math. It hasn’t even recovered 40% of its production cost from the domestic market. The producers are now banking heavily on digital and satellite rights to break even. For Shahid, this is a “stable” performance but for the industry, it is a sign that high-budget experimental films are a huge risk right now.

The Newcomers: Saturday Growth or Stagnation?

The new releases Do Deewane Seher Mein and Assi were expected to grow by at least 50% today but the growth was quite muted.

Do Deewane Seher Mein, with its 35 Crore budget, earned 1.7 Crore today.

• Day 2: 1.7 Crore
• India Net: 3.15 Crore
• WW Total: 3.71 Crore

Assi, the Taapsee Pannu courtroom drama made on 25 Crore, followed a similar path with 1.65 Crore.

• Day 2: 1.65 Crore
• India Net: 2.85 Crore
• WW Total: 3.40 Crore

Both films are struggling because they are niche. They are not mass-market films. They are competing for the same multiplex audience that is already watching O Romeo or With Love. If they don’t hit 3 Crore each on Sunday, it is game over.

The Surprise Elements: Hey Bhagawan and Bambukat 2

We have two more films in the mix that are actually doing decent business relative to their costs. Hey Bhagawan, a social comedy made on 15 Crore, earned 1.27 Crore today.

• Day 2: 1.27 Crore
• India Net: 2.19 Crore
• WW Total: 2.57 Crore

Then there is the Punjabi sequel Bambukat 2. It is a powerhouse in the North. On an 8 Crore budget, it earned 0.77 Crore today but its worldwide total is already 3.39 Crore in just two days. This is how you make a profit.

The Veterans: Border 2 and With Love

This is where the real lesson lies. Border 2 is on Day 30. It earned 52 Lakhs today. This film is a beast. Fact: Border 2 has a total India Net of 327.17 Crore. Analysis: It is still getting footfalls in single screens where the new films are not even playing. Data:

• Day 30: 0.52 Crore
• WW Total: 442.7 Crore

With Love is the Super Hit of the year. On Day 16, it earned 1.15 Crore. This is insane. It earned more than some films that were released yesterday!

• Budget: 10 Crore
• India Net: 25.16 Crore
• WW Total: 32.93 Crore

This film has already given a 150% return on investment to its producers. This is the definition of a box office winner.

Mardaani 3: The Final Stretch

Rani Mukerji’s thriller is finally breathing its last in the theaters. On Day 23, it managed 42 Lakhs.

• Budget: 70 Crore
• India Net: 46.88 Crore
• WW Total: 69.49 Crore

The film will finish its run just short of its 70 Crore budget in India. It is a “Below Average” verdict for a franchise that usually does much better.

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The Analyst’s Closing Note

I am looking at these numbers and I see a very clear message. The audience is done with “filler” movies. They want either a massive experience like Border 2 or a very honest story like With Love. The middle ground is a graveyard.

O Romeo will likely end its run around 65-70 Crore India Net, which is a massive loss for a 150 Crore project. The new releases like Assi and Do Deewane Seher Mein are going to be washed away by the new week’s releases.

Tomorrow is Sunday, the biggest day of the week. If O Romeo doesn’t hit 4.5 Crore tomorrow, the producers should start preparing the OTT release posters immediately. The era of long theatrical runs for average star-vehicles is officially dead.

Do you think O Romeo’s failure is because of the dark theme, or did the 150 Crore budget set it up for a fall from the start? Let me know in the comments below!