The film stars Amitabh Bachchan, Hrithik Roshan, and Preity Zinta in lead roles.

Based on a story penned by Javed in response to discussions with several 1999 Kargil War veterans and army officers, the film follows Karan Shergill, a lazy young man and the son of a wealthy businessman from Delhi, who joins the Indian Army and matures into a battlefield hero just as war breaks out.

He takes the Combined Defence Services Examination, and to his surprise, gets selected for the Indian Military Academy (IMA), despite his parents' disapproval.

Karan's initial days at the IMA are a disaster, as his lack of discipline makes him unsuitable for a military life.

He takes the punishment, becomes a focused cadet, excels in training, and finally graduates and is commissioned as a lieutenant.

Karan is posted to the 3rd battalion of the Punjab Regiment, commanded by Colonel Sunil Damle, stationed in Kargil, Ladakh.

Colonel Damle briefs the officers, revealing that infiltrators crossed the Line of Control (LoC) from Pakistan and occupied a series of mountain peaks on the Indian side.

The first part of the assault is successful in destroying the enemy's screening units, with Karan cited for his bravery.

Colonel Damle is given 48 hours, and he orders a group of twelve officers and soldiers (including Karan) to scale a 1000-foot rock cliff on the western side to flank the enemy.

[7] Shaan's "Main Aisa Kyun Hoon", picturized on Hrithik, is a laid-back, funky-hip hop track.

Joginder Tuteja of Bollywood Hungama in his review, said "Lakshya does have good music that is very urban and will appeal to the class audience.

[13] According to the Indian trade website Box Office India, with around 11,00,000 units sold, this film's soundtrack album was the year's thirteenth highest-selling.

Nevertheless, after repeated re-runs on TV over the years, Lakshya has been regarded as a cult film among an audience that argues it is Hrithik Roshan's best performance to date.