Indian epics like the Ramayana are brimming with outsize figures, but up to now Indians have seen very few homegrown celluloid superheroes. “Krrish” is the first big-budget Hindi film portraying an Indian avenger of evil, complete with stylish mask, a black leather coat, a heart of gold and, of course, superhuman strength. The sequel to director Rakesh Roshan’s 2003 Hindi blockbuster “Koi … Mil Gaya,” in which an alien gives a mentally challenged youth superpowers, “Krrish” tells the story of how his son, Krishna, inherits those powers and grows into the new superhero.

Its $10 million budget is one of the biggest ever for a Hindi film, but still paltry compared with the $200 million reportedly spent on “Superman Returns.” In addition to being an action musical, “Krrish” is also a love story between Krishna and his Singaporean girlfriend–in part to justify its being filmed in Singapore (in exchange for funding from the city-state’s tourism authorities).

Even before its June 23 release, the movie broke records, drawing the biggest advance opening in the history of Hindi cinema–despite recent price hikes at the multiplex. It’s also the first Hindi film in recent times to have been dubbed into both Tamil and Telugu for a simultaneous opening; a record 750 prints were made, including 250 for the overseas market. Action dolls, masks and stationery are already flooding the market, and according to Bollywood trade analysts, the film has the potential to become India’s most profitable film in history, despite mixed reviews.

Is this the beginning of a new genre for Hindi films? “It lays the foundation of the superhero concept in Bollywood,” says the film’s star and director’s son, Hrithik Roshan. Director Ashu Y Trikha recently released the small-budget “Alag,” about a hero with powers to heal. Indeed, some Indian filmmakers have long called for broadening Bollywood’s offerings for local audiences partial to Hollywood action films like “Spider-Man.” As Asian consumers flex their financial muscles, they will demand Hollywood-type products that are more in line with their own cultural identities, argues renowned director Shekhar Kapur.

With its lavish special effects and dramatic stunts, “Krrish” could easily bridge that gap. Roshan acknowledges that he made his film primarily for an Indian audience, but said he kept in mind the bigger international one. “You never know; it could catch on, like it happened for ‘Crouching Tiger’,” he says. Already the director is ready for a sequel with an “even bigger budget”–if the register tills continue to ring.