Shahid plays Raja Ratan Singh, Rajput ruler and husband of queen Padmavati (Deepika Padukone) in the period drama, to be directed by Sanjay Leela Bhansali. Ranveer will be seen as Alauddin Khilji, the medieval-era Delhi sultan, who falls in love with Padmavati.
Shahid said he doesn't see the film as a risk because it has another male star and in fact feels the project is a fantastic opportunity for all the three actors.
"This is the stuff I've been reading in papers and I find it absurd when they say it is 'two hero' film. The film has three principle characters. These are just ways of creating some kind of material which is exciting at some frivolous level," the 35-year-old "Haider" star said.
"It's a great opportunity for all three of us. It's a great role for Deepika, a fantastic role for Ranveer and <g data-gr-id="36">great</g> one for me. I am happy that the film has been cast the way it has and it is getting made.
"I hope we come out with a great cinematic experience for the audience," he said during a session at the 18th <g data-gr-id="33">Jio</g> MAMI Mumbai International Film Festival.
Shahid said even if the film had been offered to him a few years ago, he would have signed it immediately as the actor feels leaving a movie like this would be anyone's biggest mistake.
"I wish 'Padmavati' came to me five-six years ago, I would have done it. I am happy it is coming to me today, I am happy that I am working with a filmmaker like Sanjay Leela Bhansali.
When I saw 'Bajirao Mastani', I went berserk because I absolutely loved it.
"I am grateful for the opportunity. If five years ago I would've said no to it, someone would've whacked me and said that's the stupidest mistake of my life," he added.