In Kabir Khan's words,Phantom is faction - a blend of fact and fiction. But how much of the film is fact and how much is fictionalised cannot be specified.

A source from the unit informs us that the film is inspired from real incidents as well. "Previous RAW (Research and Analysis Wing) operations have been used to not only build ground in the movie historically, but also as a reference point for building the operation scenes. Most of what is described in the film from before 26/11 is factual. The idea of the Indian intelligence agencies' plan to eliminate the masterminds of the terror attack might be a figment of imagination of the film's makers, but incorporating real-life references from previous operations makes it palpable," says our source.