In 2000, Hamza Ali Mazari, then known as Jaskirat Singh Rangi, leaves his hometown of Pathankot to undergo military training. During his absence, a violent land dispute involving local MLA Sukhwinder Singh leads to brutal attacks on his family: his father is killed, his elder sister is gangraped and murdered, and his younger sister Jasleen is abducted. Upon returning, Jaskirat, with the help of his friend Gurbaaz, arms himself, eliminates those responsible, and rescues Jasleen. He is subsequently arrested, tried, and sentenced to death. Before his execution, he entrusts Jasleen's future to Gurbaaz.
In 2002, Jaskirat is abducted during a prison transfer and brought before intelligence officials Sushant Bansal and Ajay Sanyal. By 2004, he is recruited into a covert program, given the new identity of Hamza Ali Mazari, and deployed to Kabul, where he severs ties with his past and operates under handler Mohammed Aalam.
By 2009, following the death of Rehman Dakait in Lyari, Hamza manipulates local factions to ignite a gang war resulting in the death of the Pathan gang's leader Arshad Pappu and the arrest of Uzair Baloch, consolidating his influence in Karachi while covertly advancing his mission. His actions draw him into the inner circle of "Bade Sahab" Dawood Ibrahim, who tasks him with facilitating narcotics operations to fund militancy. During this period, Hamza is forced to kill both Gurbaaz—after a drug-induced altercation—and Aalam, whose cover is compromised, deepening his internal conflict.
As suspicion grows, Chaudhary Aslam begins investigating Hamza but is killed in a suicide attack orchestrated by Hamza through the Balochistan United Force (BUF). Yalina, who uncovers Hamza's true identity, confronts him but ultimately agrees to remain silent for the sake of their son, Zayan. Meanwhile, Indian intelligence grants Hamza autonomy to dismantle militant networks, leading to the elimination of key operatives, including financier Javed Khanani and hijacker Zahoor Mistry.
When Dawood plans a large-scale attack on India, Hamza covertly sabotages the operation by planting a bomb within the weapons supply, killing multiple militants. Following the subsequent gun battle with the Mujahideen alongside his aide Rizwan and the BUF disguised as Pakistan Rangers, he confronts and kills Major Iqbal. However, his cover is exposed by Omar, who uses Zayan as bait to force the truth out from Yalina. Hamza is captured and tortured until Indian intelligence coerces his release through blackmail of the head of Pakistani intelligence, Shamshad Hassan, framing Uzair Baloch as a scapegoat.
It is later revealed that Jameel Jamali, also an Indian secret agent, had been slowly poisoning Dawood Ibrahim while embedded in his network. Having completed his mission, Hamza abandons his alias and returns to India as Jaskirat Singh Rangi, severing ties with Yalina. Though commended for his service, he disappears before formal debriefing and returns to his childhood home, observing his family from a distance, leaving his final reconciliation unresolved.
In the mid-credits scene, flashbacks from Jaskirat's training with the Research & Analysis Wing are depicted. In the post-credits scene, Shamshad orders Omar into a mental asylum, after he threatens to reveal Shamshad's release of Hamza to the National Assembly.
