Nilkanth Master is based in the pre-independence era in Maharashtra. Vishwanath (Omkar Govardhan) joins a revolutionary group after earning the trust of the leader, Vyenkatesh (Adinath Kothare). But during the first secret operation after his joining, Vyenkatesh gets killed while fighting the British and their mission fails. Indu (Pooja Sawant) is Vishwanath's childhood love.To hide from the eyes of the British, Vishwanath is made to stay with the senior-most member of the group (Vikram Gokhale). He is given a pseudo identity of the school teacher, Nilkanth. Hence, he is now called Nilkanth Master. His first task is to break the news of Vyenkatesh's death to his lover, Yashoda (Neha Mahajan).