India, Nov. 26 -- In 1975, when Sholay was released in theatres, it created a sensation nationwide. Across India, it set box office collection records, running to packed theatres in over 50 cities. Yet, despite being the most successful Indian film ever, in some parts of the country, Sholay lost to a low-budget devotional film. Jai Santoshi Maa's 100x profit made it a case study for Indian cinema, setting a mark that wasn't beaten for half a century. Until this year. A nondescript Gujarati film with no superstars has done what no other film this year has, record over 150x profit, even outdoing the success of blockbusters like Saiyaara and Kantara: Chapter One.

Laalo: Krishna Sada Sahaayate, a Gujarati film released in October, has emerge...