Vijay (Kunchacko Boban) and Ajith (Dileep) study in same the college and they are known for their rivalry. Soon the enmity transforms into friendship and they become inseparable buddies. Vijay loves Geethu (Kavya Madhavan) without realizing that she is Ajith's sister. But Ajith has a past that forces Vijay to sacrifice his love for Geethu. What is that past? Why can't Vijay and Geethu be together? Thulasidas's Dhosth is like a magical potion that simultaneously caters to the youngsters and grown ups alike.