Salaam Bombay!

Krishna burns his elder brother's motorbike, retaliating against the bullying. His angry mother takes him to the Apollo Circus and tells him he must earn 500 rupees to pay for the damage. Krishna agrees and begins working for the circus.

As the circus packs up to move on to its next site, the boss asks Krishna to run an errand. When he returns, the circus has already left, leaving him stranded. With nowhere to go and no money, he heads to Bombay to survive.

Krishna travels to Bombay and is robbed of his few possessions. He chases the thieves and ends up in Falkland Road, near Grant Road railway station. This marks his entry into the city's harsh underworld.

Chillum, a drug pusher, befriends Krishna and becomes a mentor. With Chillum's help, Krishna lands a job at the Grant Road Tea Stall. He begins to witness the drug world and its demands.

Krishna adopts the nickname Chaipau. He continues to live and save money while trying to return home. He notices Sola Saal, a teenage girl sold to the brothel.

Krishna's crush leads him to set fire to Sola Saal's room and attempt to flee with her. They are caught, and Sola Saal denies starting the fire, resisting enslavement. The madame orders Baba to tame her.

Krishna keeps working at the tea stall and taking odd jobs to save money. Baba sacks Chillum after a disastrous interview with a foreign journalist. Krishna continues to operate within the network while planning for a way out.

To raise funds, Krishna and his friends break into an elderly Parsi man's house and rob him in broad daylight. They steal the money Krishna had saved, believing it will help him leave.

Krishna discovers Chillum has stolen his savings to fund drugs. Chillum overdoses and dies, removing his misguided mentorship. This blow compounds Krishna's vulnerability in the city.

Krishna and Manju are apprehended by the police and sent to a juvenile home. Krishna escapes from the facility and returns to the dangerous world. A new recruit replaces Chillum in Baba's drug operation.

Krishna meets Sola Saal again and tries to convince her to run away with him. She is charmed by Baba's power and shows little interest in Krishna. Sola Saal is forced to service her first client, deepening her entrapment.

Rekha tries to leave Baba, but Baba beats her. Krishna intervenes, and in a fit of rage he kills Baba. He and Rekha attempt to run away but are separated in a Ganesh festival parade.

The film ends with a slow zoom in on Krishna's dejected face. His dream of escaping the cycle remains unfulfilled, underscoring his isolation. The final shot leaves his future uncertain.