Kamala, a Hindu flower seller, shares her life with her grandfather, a watchmaker, and her sister, Tara, a young girl attending school. After escaping a forced child marriage to an old wealthy man, Kamala migrated to Bombay with her family in search of a better future. To support her family, she also takes on a job as a dancer at a bar named Pyaasa, where she catches the eye of Mike, a pimp who wishes to exploit her talent further by arranging a job for her as a maid in Dubai. Mike demands half of her two lakh rupees salary, revealing his greed.
Tara has formed a special connection with Shirley D'Souza, a once-celebrated actress from the 1950s, who teaches her English and often walks with her to a cemetery. Here, Shirley lovingly leaves a red rose at the grave of her lost lover but struggles with the daily frustration of someone stealing her flowers.
Haunted by dreams of being a Hindu princess in the Mughal era entangled in a romance with a Muslim prince, Kamala meets Salim, another flower seller across the street. Salim, who has fled Kashmir following the tragic loss of his parents, develops feelings for Kamala, though their connection remains unspoken, communicated only through stolen glances and flowers. In a separate yet intertwining subplot, Tara protects Tipu, a deafmute orphan, from the police, allowing him to stay with them despite her grandfather’s initial objections.
One day, Mike witnesses Kamala and Salim together. Later that evening, he deceives Salim into visiting Pyaasa and reveals Kamala’s secret life as a dancer, leaving Salim feeling betrayed for not being told the truth. The situation worsens when Kamala discovers Salim’s involvement in stealing flowers, including Shirley’s precious red roses. This revelation drives a wedge between them just as Kamala learns about the impending closure of Pyaasa, leaving Mike offering her the only way out—employment in Dubai.
Amidst these turbulent events, Tara and Shirley visit an antique shop run by Anthony Pereira, who harbors feelings for Shirley. Tara suggests seeking help from her grandfather to restore Shirley’s toys, leading to a budding relationship between Anthony and Shirley as they plan a date. Meanwhile, Tara and Tipu bond as he assists her grandfather, leading to a heartwarming connection.
In a moment of redemption, Salim meets Kamala at the cemetery, where he returns the flowers he had previously taken, signaling his desire to make amends. Their rekindled bond is swiftly threatened when chaos erupts at Pyaasa, leading to a police raid initiated by Mike. As they attempt to escape, Salim is tragically struck by a car driven by the film actor he idolized, Raja Khan. Kamala is left devastated, embracing Salim as he breathes his last, while Anthony discovers Shirley dead in her home.
As the story unfolds, Shirley bequeaths her belongings to Anthony, including a beloved piano and funds for Tara’s education. When Anthony suggests transforming their shared grief into a toy repair shop, Mike interrupts the conversation by presenting Kamala with tickets to Dubai. In a powerful moment of defiance, Kamala tears up the tickets and confronts Mike, asserting her newfound freedom as the bar is no longer operating. Ultimately, Kamala and her grandfather thrive, running a toy repair and watchmaking business named "Bombay Rose", with Anthony’s encouraging support, symbolizing hope and resilience amidst their struggles.
