- Biography of Savitri, an actress from South India movie industry, who ruled the industry for two decades during 50s and 60s.
- Mahanati depicts the personal and professional life of first Indian female superstar, Savitri. After actress Savitri is admitted in a hospital in Bangalore and she goes into coma, a young investigative journalist, Madhuravani, seizes the opportunity to write an article on her life. The young Savitri meets Gemini Ganesan, who works in casting department, after her failed attempts to get a role in cinema. They both start a career in acting and eventually rise to stardom. Savitri falls in love with him despite the fact that he is married. Their marriage results in a rift with her family but Savitri never gives up on her love. Her dreams are shattered when she learns that Gemini Ganesan is a womanizer and has been continuing his illicit relationships even after their marriage. The rest of the story is about how she stood up against all odds and the result of her wrong choices in life.
- Mahanati chronicles the life of South Indian film industry's first lady superstar - Savitri. Savitri was raised by her uncle who introduces her to film at the age 16 for money. Despite unmatched beauty and talent, Savitri initially faces rejection. She eventually got a break as a lead actress in Pelli Chesi Choodu (1952), and her life changed forever. Her journey to fame, marriage to Tamil super star Gemini Ganeshan and dramatic downfall make her story one of the most heart wrenching romantic tragedies ever.—Shrinivas G. Kulkarni
- In 1980 Bangalore, a young Satish discovers his actress mother Nissankara Savitri, lying unconscious. She is immediately hospitalized and declared comatose; though her ailment receives widespread media attention, Savitri's life story remains untold to the public. Madhuravani, a stammering journalist working for Prajavani, and her colleague Vijay Anthony, who holds a crush on her, are tasked with issuing a memoir of Savitri. Madhuravani retrieves a letter from Savitri's acquaintance Kesava, in which Savitri mentions a Shankarayya and that she intended to introduce him to Satish. Though the editor disconnects Madhuravani from the assignment, she proceeds with it and sneaks into Savitri's residence. There, she eavesdrops on a conversation between Savitri's aunt Durgamba and Satish, with the former recounting the events of Savitri's childhood.
In 1942 Vijayawada, destitute, the eight-year-old Savitri and her widowed mother Subadramma are accommodated with the latter's sister Durgamba and her husband K. V. Chowdhary, to Chowdhary's chagrin. Savitri grows up to be a skilled dancer and earns a profit for her uncle through her renditions and street plays, alongside her best friend Susheela. Renowned Bollywood actor Prithviraj Kapoor happens to visit one of her performances and rewards her with a garland. Soon, the increasing popularity of Indian Cinema prompts less attendance to street plays, inspiring Chowdhary to try Savitri's luck in films. He takes the fourteen-year-old Savitri to Madras, where Savitri goes through several auditions. However, she is constantly rejected due to her tender age and inability to speak in Tamil language. Savitri comes across Ramaswamy "Gemini" Ganesan, a studio employee, in one of such auditions. Frustrated with perpetual dismissals, Savitri and Chowdhary return home.
In 1950, a casting director approaches Savitri, offering her a lead role alongside her favorite actor Akkineni Nageswara Rao in Samsaram, an L. V. Prasad directional. He claims to have seen Savitri in a photograph clicked by Ganesan during their interaction. Nonetheless, she is thrown out of the film as the director is exasperated with her inability to deliver the dialogues. Humiliated, she auditions for the role of a dancer in the film Pathala Bhairavi; she is chosen for the role by K. V. Reddy and her commendable performance helps her attain lead roles in other films. She eventually goes on to be cast as Parvati in Devadasu (1953 film), while simultaneously agreeing to act in a Tamil film opposite Ganesan. Ganesan helps her learn to speak in Tamil and their cordiality eventually leads to a love affair, despite the fact that Ganesan is a married person with kids. Savitri and Ganesan secretly marry at a temple though the former tried disassociating herself from him upon discovering his marital status. Chowdhary withstands their relationship, causing Savitri to sever ties with her family and move in with Ganesan as his wife. Though Savitri initially refrains from acting post marriage, producer Aluri Chakrapani and Ganesan persuade her to pursue her career and the former casts her for the role of Sasirekha in Mayabazar, which turns out to be a milestone for her career. Savitri reconciles with her mother; the couple rises together as superstars and amasses huge wealth. Their daughter, Vijaya Chamundeshwari is born. Soon after the birth of their son Satish, Ganesan begins to envy Savitri's fame and seeks solace in alcohol; when Savitri tries to resist him, he offers her a drink. Later, a group of ladies insist Savitri to direct Chinnari Papalu, a film whose cast and crew majorly consists of women. On the day of the film's release, Savitri finds Ganesan at their guest house with another woman and furiously parts ways with him. Devastated, she begins to consume alcohol and gains weight, hindering her prospects.
Savitri's defective financial decisions lead to a raid by the Income Tax Department, prompting her to lose her wealth and Subadramma's sudden death furthers her agony. Vijaya quarrels with Savitri over her addiction to alcohol and Savitri faints, accidentally setting the house on fire. Savitri is diagnosed with diabetes. She reunites with Chowdhary, who assists her in arranging Vijaya's wedding. Savitri begins to avoid drinking, loses weight and agrees to act in low-budget films, having moved into a modest house with Satish. She saves money to establish a rehabilitation center to help the needy but realizes that she still owes the Income Tax. She, nevertheless, refuses to part with any more money. The next day, she travels to Bangalore with Satish for a film shoot. That night, distressed, Savitri calls Ganesan to talk to him but cuts the line before speaking anything. Angry with herself and Ganesan, Savitri resorts to alcohol once again and collapses into coma.
In the present, Madhuravani realizes that she is in love with Anthony, inspired by Savitri's definition of love. She interrupts an engagement ceremony, apparently that of Anthony, and confesses her feelings for him, only to realize that his sister is instead getting engaged. As Anthony reciprocates her feelings, Madhuravani successfully completes writing her account of Savitri's story and publishes it. She visits a comatose Savitri with a photograph of her late father, someone she has never seen in her life. She also informs Savitri that Susheela is instituting a rehabilitation center to fulfill her dream and tearfully declares that she is immortal. Savitri ultimately dies on 26 December 1981.
It is revealed that Shankarayya is a statue that Savitri considers as her father.
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