Dnyanesh and Mukta are siblings who live in the pilgrim town of Pandharpur, Maharashtra with their mother and grandmother. The title's eponymous 'Elizabeth' is a bicycle that is gifted to the talented Dnyanesh by his father. It is revealed in the film that the bicycle is named 'Elizabeth' and the meaning of the word is translated into Marathi as
Tikau(Durable) considering the fact that the
Queen Elizabeth II lived a long life. Following his father's death, Dnyanesh desires to support his mother financially by setting up a shop. His mother, however, urges him to concentrate on his studies rather than business. The family lives in dire financial conditions and on the eve of the holy day of
Ashadhi Ekadashi, financial necessity forces Dnyanesh's mother to sell Elizabeth to a pawn-shark. The film follows Dnyanesh and his friends' efforts to recover Elizabeth. They together set up a stall of bangles on their "Elizabeth" the bicycle all by themselves, unknown to their mother and earn profits enough to repay their loans and in a bid to save Elizabeth from being sold to someone else. In the end, a crisis occurs but all thanks to
Vitthal Mauli and his blessings, the matter is solved and the financial condition gets better. ==Cast==