• Producer : Prakash Jha , J. B. Angels
• Director : Alankita Shrivastava
• Story : Alankita Shrivastava
• Writer : M. Kumran
• Composer : Mangesh Dhakde
• Lyricist : Mangesh Dhakde
• Actress : Konkona Sen Sharma , Ratna Pathak Shah , Aahana

Rosy is introduced as the heroine of an erotic pulp fiction novel titled Lipstick Dreams. Throughout the film, her story is narrated by a 55-year-old widow, Usha Parmar (Ratna Pathak), as she reads the novel in secrecy. In a small neighborhood in Bhopal, Usha serves as the old matriarch and has become used to being addressed as "Buaji" (Aunty); she has all but forgotten her own name and routinely gazes at a self-portrait from her youth. Rehana Abidi (Plabita Borthakur), a fresher in college, lives in the same neighborhood and sews burkhas for her family's store. She steals make-up to wear at college where she takes off the burkha, which she is forced to wear by her family and transforms into a jeans-wearing singer who loves Miley Cyrus. Leela (Aahana Kumra), a young beautician who runs her own parlor in the neighborhood. Leela wishes to travel the world with her secret lover, Arshad (Vikrant Massey), who runs a small photo studio. She frequently arranges meetings with professional destination wedding businesses and offers her make-up services and Arshad's photography, in hopes of free world-wide travel for both of them. Also residing in the same neighborhood is Shireen Aslam (Konkona Sen Sharma), a burkha-wearing house-wife. Shireen is a mother to three boys and secretly works as a door-to-door sales-woman. Her husband Rahim (Sushant Singh) is sexually dominating and forbids the use of contraceptives, due to which she gets multiple secret abortions and repeatedly takes emergency contraceptives to prevent more pregnancies. Rahim maintains a cold attitude towards Shireen and uses her only to please his sexual urges, while she yearns for his affection. Rehana decides to audition for her college's band and catches the attention of Dhruv (Shashank Arora), the band's drummer, only to be snubbed by popular girl Namrata. She participates in the ongoing protest against the ban on jeans and openly expresses her opinion on the oppression of women. Later, Rehana is pleasantly surprised when Namrata invites her to a weekend house party. To prepare the event, Rehana steals a dress and boots from the mall. Usha arranges for Leela's marriage with a man named Manoj (Vaibhav Tatwawaadi), at the request of Leela's impoverished mother (Sonal Jha). On the day of her engagement, during a power outage, Leela has sex with Arshad and films it on her cellphone. Her mother catches her in the act and scolds her for tarnishing their reputation but manages to cover up the situation. It is revealed that Leela's mother makes her living as a nude model for art students. Usha takes the children of her relatives for their swimming lessons, where she is pranked by one of them and almost drowns in the pool. She is rescued by the swimming instructor Jaspal (Jagat Singh Solanki), who calls her by her real name and suggests that she take swimming lessons. Usha begins to fantasize about Jaspal and buys a swimsuit to begin taking lessons from him. She eventually engages in phone sex with him, under the alias of "Rosy", while he is under the impression that Rosy is Komal, a young girl who takes lessons from him. Shireen is told by her doctor that she has an infection in her uterus and that she should only use condoms as a contraceptive. She discreetly buys them in chocolate-flavor from the pharmacy, but her husband Rahim refuses to use them while they are having sex.