Lalitha was born as Maheshwari Amma at Aranmula,[1][2] in present day Pathanamthitta District, on 10 March 1947.

[3][4][5] She was born to Kadaykatharayil Veettil Ananthan Nair and Bhargavi Amma,[6] as the eldest among five children; her four siblings were Indira, Babu, Rajan and Shyamala.

Her pairing with Innocent was hugely popular with the audience between 1986 and 2006 with successful films like Gajakesariyogam, Apporvam Chillar, Makkal Mahatmiyam, Shubha Yatra, My Dear Muthachan, Kannanum Polisum, Arjunan Pillaiyum Anju Makkalum, Injankaddai Mathai and Sons, Pavam Pavam Rajakumaram.

During this time, she did many critically acclaimed roles including those in Kattukuthira (1990), Sanmanassullavarkku Samadhanam (1986), Ponn Muttyidunna Tharavu (1988), Kottayam Kunjachan (1990), Vadakkunokkiyantram (1989), Innathe Program (1991), Dasharatham (1989), Kanalkkattu (1991),Venkalam (1993), Godfather (1991), Amaram (1991), Vietnam Colony (1993), Pavithram (1993), Manichitrathazhu (1994), Spadikam (1995), and Aniyathipraavu (1997).

[11][12] In 1998, when her husband Bharathan died, she took a break for a few months, only to come back with an acclaimed performance in Sathyan Anthikkad directed Veendum Chila Veetukaryangal (1999).

Apart from Malayalam, she acted in some Tamil films including Kadhalukku Mariyadhai (1997), Maniratnam's Alai Payuthey (2000) and Kaatru Veliyidai (2017).

[6][13][14] Lalitha had a daughter Sreekutty and a son Sidharth who debuted as an actor in the movie Nammal, which was directed by Kamal.

In 2012, he made his directorial debut with Nidra, which is the remake of 1984 film with the same title written and directed by his father Bharathan.