Dhanush and Mallika pipped Vivek Oberoi, Vidya Balan, Sonu Sood, Shahid Kapoor, Amitabh Bachchan, Hema Malini and Kareena Kapoor to top the list, released Friday by the animal rights organisation.
"If I had to pick the very best thing about being vegan, it's my clear conscience," Sherawat said in a statement.
Dhanush, whose song "Kolaveri Di" became an online sensation, said: "Being a vegetarian always made me feel healthy. I've always felt light. Every time I sit down to eat, I'm helping the environment. I'm proud to be a vegetarian. Go PETA, go green."
PETA India's chief functionary Poorva Joshipura feels the winners exude passion and compassion.
"The dozens of gorgeous celebrities in this year's contest show how a vegetarian diet makes you beautiful inside and out. There's nothing sexier than someone who exudes passion and compassion - and our winners have plenty of both," said Joshipura.