Pallakki story revolves around irresponsible youngster Lakshmi, who feels enjoying life and falling in love with a girl are more important than doing something for the family, which is in tatters. All the advice from his elders falls onto deaf ears. A transformation takes place when his lady love rejects his offer of love, asking him to understand the realities of life. He decides to move on and become a better individual. He wants to save his love, but he is in for a shock.