Preceded by a legend describing its heroine as a 'Brave Indian girl who sacrificed royal luxuries to the cause of her people and her country', the story opens with a prologue showing Krishnavati and her infant son being thrown out of the house in a thunderstorm by the wicked Prime Minister Ranamal who also killed her brother. 20 years later the now adult son, Jaswant, is hit by a royal motor car and given a bag of gold in compensation. His refusal of the gift attracts the admiration of Princess Madhuri. When the nasty Ranamal, who wants to marry her, imprisons her father the king, she becomes the masked Hunterwali, 'protector of the poor and punisher of evildoers', and performer of stunts like jumping over a moving cartand fighting 20 soldiers at once. She steals Jaswant's prize horse, Punjab, but returns it later. Jaswant chances upon a nude Hunterwali bathing in the river and after a long duel captures her and takes her to Ranamal to claim his reward.

Two sisters, Iqbal and Sharifa, battle for control of a kingdom. Iqbal wins, persecuting Sharifa, who is supported by Iqbal's husband. When Iqbal captures her brother-in-law, he stands firm in his ideals. The treacherous general's daughter, Bano, champions a pacifist campaign after losing her lover. With the help of the adventurous Nadia and Parsee Charlie, disguised as dancers, they infiltrate the enemy.