After detailing the events of KGF: Chapter 1, Anand Ingalagi suffers a stroke, and his son Vijayendra Ingalgi takes over to narrate the rest of the story. The saga continues with Rocky harshly eliminating the heir apparent Virat and seizing control of the Kolar Gold Fields. He keeps Reena hostage to secure the complicity of key players like Guru Pandyan, Andrews, Kamal, and Rajendra Desai. When [Kamal] confronts Rocky’s arrogance and threatens to kill him, Rocky fires first and kills Kamal on the spot, signaling his ruthless grip on power. He orders operations to begin in eight hidden mines, while Vanaram, who had been captured by Rocky, decides to lend his aid.
Meanwhile, a returning Adheera resurfaces and wipes out guards at an outpost. In a calculated ruse to pull Rocky toward Adheera, Andrews eliminates Rajendra Desai to lure [Reena] outside KGF, and John abducts Reena as ordered by Adheera. As Rocky fights to rescue her, Adheera shoots Rocky but spares his life, while Adheera’s men tighten the noose on gold exports from KGF. Later, Shetty partners with other Andrews’ men across India's western coast and wipes out Rocky’s allies with the aid of Inayat Khalil and his growing support.
Rocky pulls back to regroup, leaving the mansion with Reena and a vast hoard of gold and treasury wealth. As chaos spreads through KGF, [Vanaram] again plays a crucial role by deducing that Rocky will head toward a throat clamp, a perilous move that could threaten him or those who stand in his way. In a bold pivot, Rocky travels to Dubai to strike deals in gold with [Inayat Khalil], killing Khalil’s associates across the country to reassert control of the coast and arming himself with Kalashnikovs. The tides turn as Rocky’s forces gravely wound Adheera and eliminate his henchmen at a roadblock with their new weapons.
Political currents tense as ministers plot to install Ramika Sen as Prime Minister. Yet Rocky’s henchmen intimidate the ministers enough to derail the no-confidence motion. He also eliminates [Shetty], widening his control over Bombay. Pandian warns Rocky about Ramika Sen’s rising influence, but the warning goes unheeded.
In 1981, Ramika Sen rises to the prime ministership. After briefing by CBI officer Kanneganti Raghavan about the situation in KGF, Sen authorises Raghavan to raid Rocky’s warehouses. A young [Anand Ingalagi] is caught spying by Rocky’s men, but Rocky is impressed by the youngster’s integrity, even as the hunt for truth continues. The raids yield little, save for a 400-gram gold bar, which Rocky later retrieves from a police station and uses a DshK to wreck the station itself.
Rocky halts exports from KGF, straining ties with Khalil while continuing the mining operation. His search for control extends to Shanti, Rocky’s mother, as his aides trace his biological father and pay him to care for her grave. Reena realizes her feelings for Rocky and confesses, and the two wed, cementing a volatile alliance.
A dramatic confrontation unfolds as Adheera enters KGF through a secret passage, supported by Khalil’s armada. Reena reveals her pregnancy to Rocky, but Adheera fatally shoots her, sparking a brutal clash. Rocky’s forces kill Andrews and Daya, and Rocky himself kills John before subduing Adheera. The chaos reaches the Parliament, where Rocky’s forces disrupt [Ramika Sen]’s address and kill [Pandian], who had orchestrated the earlier attack on Garuda and revealed the secret passage that led Reena to danger. Pandian’s actions—goading Andrews to hire Rocky, staging the Delhi no-confidence motion, and persuading Shetty to align with Khalil—are all recalled in the fallout.
Sen responds with a heavy hand, issuing a death warrant and mobilising the Indian Army. Rocky evacuates KGF by sea, taking his gold with him and planting a plan to establish a new colony for the workers. He signals his location to naval powers while refusing to surrender, and Sen orders a bombing of KGF and Rocky’s ship. The ship sinks with Rocky and the gold, its treasure remaining lost to this day. Inspired by his life, a young [Anand Ingalagi] contemplates writing a book about him.
In a mid-credits setup set three months before Rocky’s death, [John Booker], a CIA agent, hands over a dossier detailing Rocky’s crimes across the USA and 16 other countries to [Ramika Sen]. In the present, a peon at 24/News uncovers a final draft of KGF: Chapter 3, hinting that the saga may not be finished yet.
