In ‘Nautanki Saala’, the entire world is a stage for theatre actor Ram Parmar. In an effort to resurrect his chronic-depressive friend's life, he upstages a real-life drama; to find himself enacting a part he'd never imagined. The story revolves around the friendship and the bonding between RP and Mandar and how they face problems and solve them.

Ram Parmar a.k.a. RP (Ayushmann Khurrana) is in meeting with a psychiatrist for problems he's experiencing due to three break-ups in last three months. The film runs in a narrative mode. RP is a successful theater artist portraying the role of Raavan. One day while returning home, he witnesses Mandar Lele (Kunaal Roy Kapur) attempting suicide. He saves him and brings home. Mandar is devastated because of his break-up with Nandini (Pooja Salvi) and attempted suicide because he thinks he's worthless. As Ram is a helping guy, he tries solving out Mandar's problems and probes into his life. He offers him the role of Lord Ram in his theater play. He finds Nandini & tries reuniting her with Mandar. While doing this he lies many times to his close friend Sita (Evelyn Sharma) and girlfriend Chitra (Gaelyn Mendonca).

The latter ultimately breaks up with him. During this, Ram falls for Nandini who reciprocates his feelings. Meanwhile, Mandar is coming back to normal. Ram feels he's cheating his friend; he breaks-off with Nandini & makes an arrangement so that Nandini & Mandar meet. Unfortunately, all this is revealed to Mandar & Nandini. Ram ultimately loses his girlfriend, his love, and friend. Returning to present day, the psychiatrist suggests RP apologise to all three, which may suffice in resolving the problems.