Agent Wali Khan (Irrfan Khan), appointed by the Chief of Indian intelligence agency Research and Analysis Wing (RAW), Ashwini Rao (Nassar), has been on a mission for nine years to keep an eye out for the activities of India's most wanted D-Company leader, Goldman (Rishi Kapoor) while working as a local barber as a cover. One day he notices Goldman talking about his son's wedding cards to people in the mosque where he prays and comes to know that his son is getting married and Goldman is breaking his security protocol to attend that. The same is confirmed by an ISI operative who works part-time as Goldman's bodyguard and is a neighbor and friend of Wali though he doesn't know the truth about Wali's connections to Indian Intelligence. Sensing a chance to nab Goldman alive, he informs Ashwini about the same who assembles a team quickly - Ex-Indian Army officer and mercenary, Rudra Pratap Singh (Arjun Rampal), RAW's explosives expert, Zoya Rehman (Huma Qureshi), and Aslam, a Mumbai thief and a murderer who was given a chance at freedom by participating in this mission.
On the day of the wedding, Wali sees his wife and son off at the airport, as they are to fly to London. Wali goes home and stages his family's death in the hopes that the ISI will not put them in harm's way and he can join them after the mission is accomplished. However, all flights to Europe are cancelled, stranding Wali's wife and son at the airport. When Wali's wife calls up Wali his phone is switched off and she learns her house is on fire. Disturbed and upset about not being able to locate Wali, she informs the airport security about the same. The airport security personnel runs a check to see and discovers that three bodies have been recovered. Suspicious at the coverup he summons the ISI. The ISI, while questioning Zoya and her son Kabir, notices Kabir holding pencils that belong to the same hotel where Goldman's son is about to get married. When asked Kabir informs that the pencils were given to him by Wali a few days ago. Realizing that Wali is an operative out to get Goldman, ISI alerts their counterparts at the wedding. As a result, Wali, Rudra, Zoya, and Aslam's plan to capture Goldman is in jeopardy. Goldman escapes unscathed and the four agents have to go into hiding. Embarrassed at the failure of their operation, the Indian government disavows the four agents; only Ashwini stands by them, but he is forced to resign. Aslam is captured and tortured by Goldman's nephew when he tries to escape through the Karachi docks. He is rescued by Rudra, who was trying to take revenge on Goldman's nephew for murdering Rudra's lover, Suraiya (Shruti Hassan), a Pakistani prostitute. Upon hearing that Wali's wife has died and that his son is in ISI custody, the four agents decide to find a way to complete their mission, despite the government having abandoned them.
The ISI decides that Goldman is too much of a liability to continue protecting further, so they decide to kill him. Before they can, the four RAW agents take out the ISI and take Goldman hostage. Wali notifies Ashwini, who works to find them a safe route out of Pakistan. Goldman taunts Wali by telling him that his wife and son are actually still alive, and that he can arrange their reunion. Wali is torn between accepting Goldman's help and completing his mission, to the point where he shoots Rudra to take control of the group. Ashwini asks them to be at Checkpost 35 before 6a.m. At the same time, Wali arranges a meeting with ISI, proposing an exchange of Goldman for his wife and child. After tying Rudra up and disarming Zoya, Wali leaves with Goldman. Zoya then frees Rudra and they follow Wali.
Wali drives to Checkpost 40 but is shot dead by Pakistani forces, who, unbeknownst to Wali, have poisoned and killed his wife and son. As Wali's car is examined, it is revealed that Wali did not actually bring Goldman with him; he had apparently anticipated the Pakistani betrayal, and had left Goldman in the car that Zoya and Rudra had taken. Through flashbacks, it is revealed that this was a plan hatched by Wali and Rudra in order to get Goldman to cooperate and give Rudra and Zoya time to get Goldman across the border to India. The Pakistani forces give Rudra and Zoya chase and barely miss them before they bring Goldman over the border, where Ashwini is waiting. Once across, Goldman taunts them by saying how nothing has changed in India and he will be released soon and is able to continue his criminal activities. Rudra shoots Goldman in the head, indicating that he is the face of the "New India."