It is a remake of the Hindi film Ustadon Ke Ustad (1963) and its Tamil version Vallavanukku Vallavan (1965).

Ramesh, an engineer, impresses Madhava Rao, a businessman, with his plan to build a factory.

To avoid his own arrest, the actual culprit, Bhujangam hires Kathula Rathaiah, an assassin, to kill Ramesh.

[3] Savitri, who made a guest appearance as a qawwali dancer in Vallavanukku Vallavan, was chosen to reprise the role in Monagallaku Monagadu.

[4][5] The song "Nenunnadi Neelone" is based on "Sau Baar Janam Lenge" from Ustadon Ke Ustad.