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The film and Ranaut's performance received widespread critical acclaim. Several publications like Paste,[8] Cosmopolitan, and Times of India cited Panga as one of the best films of the year 2020. Marie Claire named it as one of the best Bollywood films of all-time. In its theatrical run, Panga grossed ₹41.71 crore globally, emerging as the tenth highest-grossing film of the year. For her performance in Panga, Ranaut won the National Film Award for Best Actress at the 67th National Film Awards. This was Ranaut's third win in the category and overall her fourth National Film Award.