The film revolves around three main characters: Harphool Singh Mandola, known as Harry (Pankaj Kapur), his ambitious daughter Bijlee Mandola (Anushka Sharma), and Hukum Singh Matru (Imran Khan), often referred to simply as Matru.
Harry is a wealthy businessman with grand dreams of transforming Mandola village—named after his family—into a beacon of success and a hub of economic growth. However, his vision comes with a catch: the villagers must consent to sell their land to the government at significantly undervalued prices for it to be developed into a Special Economic Zone, a process that puts their livelihoods at stake.
Amid his sophisticated demeanor, Harry harbors a fondness for alcohol. His drunken escapades reveal a different side of him, one that champions equality and the welfare of the villagers. Yet, upon regaining sobriety, he quickly retreats to his self-serving ways, even resorting to subdue any protests against his policies with the assistance of local authorities. The irony deepens as Harry grapples with hallucinations of a pink buffalo named Gulabo, which symbolizes his struggle with alcohol withdrawal. These hallucinations become crucial to Matru's schemes, as he uses them to manipulate Harry into drinking more for his own gains.
Bijlee, the sole heir to Harry, grows up in Mandola after the tragic loss of her mother during her childhood. With a refined education from New Delhi and Oxford, she should be at the forefront of enjoying life, but finds herself entangled in a love for Baadal (Arya Babbar), the scheming son of the corrupt politician Chaudhari Devi. Their impending union seems to align with the selfish interests of both Harry and Chaudhari Devi, who aims to secure Harry's wealth through her son's marriage to his daughter.
In the narrative, Matru stands out as a revolutionary figure, passionately advocating for the villagers’ rights against the oppressive land acquisition. He works as Harry’s driver, and despite the challenges, he tirelessly supports the villagers’ cause, drawing inspiration from the teachings of Mao Tse Tung. The film opens with a pivotal scene in a liquor shop, where a drunken Harry attempts to negotiate with the shopkeeper, setting the stage for his reckless character.
As the storyline unfolds, Harry's drunken persona advocates for the return of the villagers' land, as Matru plots to marry Bijlee and lead a peaceful life. Meanwhile, Chaudhari Devi plays both sides, disguising her corrupt ambitions as a fight for farmers' rights. When the villagers, under pressure from government loans, face the threat of losing their land, they turn to Matru for leadership.
As Bijlee becomes increasingly aware of Baadal’s corrupt ambitions, her love for him begins to wane. Her evolving sentiments push her to aid the villagers and Matru, eventually leading her to fall in love with him instead. Just when the villagers face a devastating loss to a rainstorm that ruins their harvest, pushing them closer to surrendering their land, Chaudhari Devi's schemes escalate.
With Chaudhari Devi’s manipulative tactics to bind Bijlee and Baadal's marriage to the fate of the land, Bijlee and Matru are determined to halt the wedding to save their community. In the film's climax, a plan involving getting Harry intoxicated is devised to call off the wedding. In an unexpected twist, while Harry appears to be heavily drunk at the wedding, he artfully reveals that he has remained sober throughout and has steadfastly honored his commitment to not drink, leaving everyone in shock as he boldly endorses Bijlee's union with Matru instead.
