It has its flaws but I absolutely loved this movie ! At the outset, leave comparisons with Hollywood behind. Treat this movie on its merits and it is great !
A mythical tale with good, evil and a lot of middle ground, this movie does not try to tell a historical tale nor is it an interpretation of a book but is a wonderful amalgamation of fantasy tropes wound up into an interesting, decently acted and above all, fun story.
The visual effects are very good by Indian standard but about average for the massive budgets of Hollywood.
The battle scenes are well done, if a little over-the-top (but no more so that Sauron demolishing whole armies with his mace or Legolas swinging up onto an elephant by its trunk).
Treat this movie for what it is - fantasy - and you will enjoy it.
There is one thing though - this is India's first foray into big- budget fantasy cinema and it is a revelation. With any luck the momentum will not be lost and more films of this genre, each improving on the next will emerge.