Kabir Dhaliwal [Hrithik Roshan] operates as a freelance mercenary for various international clients in 2024, five years after going rogue and eliminating Saurabh and Rizwan Ilyasi. After assassinating a gangster in Japan, he is drugged and transported to India by a German client, where he crosses paths with the Kali Cartel — a powerful criminal syndicate composed of members from India and nearby nations, bent on infiltrating and shaping the Indian government. The cartel offers Kabir their cooperation, unaware that two years earlier Colonel Sunil Luthra [Ashutosh Rana] had secretly tasked him with infiltrating the organization, crafting the public image that Kabir was a rogue agent cut off from RAW.
Kabir’s first assignment from the cartel is to assassinate Luthra. Luthra himself coerces Kabir into carrying out the act, and Kabir performs it with deep emotional conflict. This act earns Kabir the cartel’s trust, and he is soon sent to meet the cartel’s Indian leader — businessman Gautam Gulati. Meanwhile RAW receives footage of the hit, and Colonel Vikrant Kaul is appointed as the new RAW chief. Wing Commander Kavya [Kiara Advani] joins the team assigned to track him, as does Special Unit Officer Vikram Chelapathi on the recommendation of Defence Minister Vilasrao Sarang.
Kabir is later tracked to Spain, where he is visiting his adoptive daughter Ruhi. Vikram pursues him onto a high-speed train, but lets him escape moments before a catastrophic crash. Kabir and Ruhi then visit Khalid’s house to safeguard Ruhi with Khalid’s mother. At an ISIS training camp in Yemen, Gulati orders Kabir to assassinate Sarang’s family aboard a chartered flight to pressure the minister. Following a deliberate clue left by Kabir, Vikram meets him privately and learns the truth about Kabir’s mission, agreeing to aid him. Kabir hijacks the flight with a stealth bomber and, with Vikram’s help, kills the attackers. However, Vikram reveals himself as a cartel member — murders them himself, ejects Kabir from the plane, and cryptically addresses him as “Kaboo,” prompting Kabir to recall a troubled past.
In 1999, in Bombay, a 14-year-old Kabir is left homeless after his widowed father dies by suicide. He befriends Raghu, and the two are arrested during a robbery, eventually ending up in a juvenile detention center. Luthra, then an army major, visits to motivate the inmates to join the army. Kabir and Raghu pass the physical tests, but Raghu fails the emotional evaluation for prioritizing himself over the country. Kabir enlists in the army with Luthra’s support, leaving Raghu behind. Feeling betrayed, Raghu escapes detention — reappearing later as his real name Vikram Chelapathi.
In the present, Kabir tracks Gulati in Abu Dhabi and attempts to assassinate him. Vikram intervenes, kills Gulati himself, and frames Kabir for the murder in RAW’s eyes. After a boat chase, Kabir escapes. He later reunites with Kavya, revealing his mission and Vikram’s true identity. When Kavya tries to alert Sarang, the pair are attacked and realize Sarang himself is part of the cartel. Sarang had orchestrated Vikram’s infiltration and the murder of his own family to gain public sympathy and secure his path to becoming Prime Minister. Kabir and Kavya are rescued by Kaul.
At the World Economic Forum in Davos, Sarang and Vikram plan to assassinate the Prime Minister. Kabir shoots and kills Sarang, but spares Vikram. After a climactic ice-cave confrontation, Vikram confesses his resentment toward Kabir for “betraying” him in their youth despite always supporting him. Kabir, recognizing Vikram’s lingering humanity, persuades him to help dismantle the cartel. Meanwhile, Kaul announces to the public that both Sarang and Vikram, who is declared a martyr, were killed by Kabir.
Nine months later, Vikram is revealed to be alive and secretly helps Kabir execute all remaining cartel leaders. The two part ways, agreeing to reunite if a new threat emerges, and Kabir reaffirms his vow to always serve his country while rekindling his relationship with Kavya.
In the post-credits scene, an unidentified man tattoos the Greek letter α on a young girl’s arm, inducting her into a covert government program called Alpha.
