Farhan Qureshi gets a phone call when he's on a taxiing plane, manages to stop the plane and get off it... He calls Raju Rastogi and tells him that he has got a call from Chatur Ramalingam saying that Rancho Shamaldas Chanchad is coming... Farhan and Ranju rush to the school where they studied earlier, but only see Chatur waiting there, who reminds them about his promise that he would come to meet Rancho on 5th September 10 years later which is today, to see who is more successful in life... Rancho hasn't come but Chatur has got some information where he is, so Farhan, Raju and Chatur start riding the car to find him, meanwhile the memory of Rancho is called up...
First day of school, one senior is trying to take advantage of all new students, Rancho makes a simple electric current device and fools the senior, this surprise all... Rancho is an intelligent student who doesn't study blindly from the book but always get some different ideas, although many of teachers are annoyed but he's always ranking one in exams...
Rancho has two roommates, Raju and Frahan, three of them become good friends... Raju is wishing to become an engineer but has no confidence... Farhan loves photographing but comes to engineering school by family's stress...
One day three of them enter a wedding party to have some food, it happens to be for director (Viru Sahastrabuddhe, students call him virus)'s first daughter's wedding. At the wedding they meet director's second daughter Pia Sahastrabuddhe, and Rancho tells her to leave her boyfriend, who's a miser...
There's a student in the school who's making a mini helicopter but hasn't succeeded yet, the director tells his father that he ain't gonna graduate, Rancho decides to help him... Rancho completes the mini helicopter and installs a small camera inside, controls it to fly to the student's window, but the video shot by the camera is that he has hung himself and died already...
Director calls Raju and Farhan's families and tells that they are with a bad friend, who is Rancho... To graduate successfully and help family getting rid of the poverty, Raju decides to stay away from Rancho, but one day his father's sickness gets more serious, Rancho takes Pia and send his father to the hospital in time, Raju gets touched and gets back to Rancho... Coming morning Pia lends Rancho, Farhan and Raju her motorcycle to let them go to school for exam, but they are still half hour later... The teacher wouldn't take their papers since they are late, Rancho asks the teacher if he knows their names, he answers no, so Rancho mixes all their papers along with others' and escape with Farhan and Raju...
Chatur (students give him a nickname as silencer) is born in Uganda, so he is not so good in official Hindi language... One day he's going to give a speech in school hall, he asks some teacher to help him correcting the language, Rancho secretly edits his speech artitle... When it's the day to speak, Chatur makes lots of funny mistakes which make all audience laughing and the director gets very angry since the speech is making fun of him...Chatur finds out it's Rancho who makes fun of him and comes to him, challenging him to meet him same date after 10 years to see who would be more successful...
One day Rancho, Farhan and Raju get drunk and go to the director's house, Rancho tells Pia that he likes her, and they also pee at his gate and get discovered by the director... The following day director asks Raju to meet him and saying he's forced to quit school, Raju asks him for one more chance, director asks him to be witness to force Rancho to quit, Raju has no choice and jumps from the window... Fortunately Raju survives but can only see, doesn't move or talk at all... Rancho and Farhan try all ways to get him awaken, in the end Rancho tells Raju that Farhan is marrying his sister with no dowry (Raju's sister can't get married since the man's family asks a car as dowry), Raju wakes up and tells Rancho stops this kind of joke...
Director says he won't let Raju graduate and writes down very difficult exam paper... Pia secretly copies his father's office key and gives to Rancho, Rancho and Farhan enter the office and copy the exam paper, but get discovered by the director, he asks them to leave the school... While leaving in a rainy night, happenly Pia's sister is going to deliver, but the road is full of water, emergency vehicle can't come and electricity is gone as well... Rancho uses his own invention to generate electricity through the cars in school, helps Pia's sister deliver the baby successfully... When Rancho is going the director stops him and asks him to study and passes the exam then go...
By Rancho's encouragement, Farhan convinces his father to let him become a wild life photographer which is his hobby... Raju also successfully passes the interview and gets hired by a company...However, on the graduation Rancho disappears, Raju and Farhan try a lot but couldn't find him...
Now back to the present... Farhan, Raju and Chatur find the house of Rancho, but the person is not their friend, then they get to know the truth that 'Rancho' is just son of gardener of real Rancho's family, real Rancho doesn't like to study, so his father sends the gardener's son to school just to get a degree for his son, and they make an agreement that once 'Rancho' graduates he has to disappear... The real Rancho gives them the address of gardener's son, they also pick Pia to meet Rancho when she's about to marry the miser... They go to the town and see people are using many interesting inventions... Finally they find 'Rancho', who's a teacher of one school, and his real name is Phunsukh Wangdu, a very famous scientist, who's the one Chatur has been trying for cooperation...
Cast:
Rancho Sharmaldas Chanchad (Phunsukh Wangdu): Aamir Khan
Pia Sahastrabuddhe: Kareena Kapoor
Farhan Qureshi: R. Madhavan
Raju Rastogi: Sharman Joshi
Viru Sahastrabuddhe (virus): Boman Irani
Chatur Ramalingam (silencer): Omi Vaidya
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