Bollywood has been in decline over the past few years—as evidenced by the gradual departure of major stars from the exhibition space. The pandemic has been blamed but there is apparently a deeper malaise; the unprecedented success of South Indian films or remakes, beginning with Kabir Singh (2019) should have told us that. But now, with the thumping successes of RRR and KGF 2, the writing on the wall is clearer that Bollywood is arguably on its last legs. The success of The Kashmir Files, rather than allay this suspicion, only strengthens it, if one reads the symptoms right.