Stiff Upper Lips is a broad parody of British period films, especially the lavish Merchant-Ivory productions of the 'eighties and early 'nineties. Although it specifically targets A Room with a View, Chariots of Fire, Maurice, A Passage to India, and many other films, in a more general way Stiff Upper Lips satirises popular perceptions of certain Edwardian traits: propriety, sexual repression, xenophobia, and class snobbery.

The Scottish tragedy 'Macbeth' set in the contemporary underworld of India's commercial capital; two corrupt, fortune telling policemen take the roles of the weird sisters, and "Duncan" is Abbaji, the head of a crime family.