Even as the ice-maiden turned 32 last week, one of Bollywood's influential filmmakers, J.P. Dutta, formalised her in the title role of his multi-million dollar film - "Umrao Jaan" - proving beyond doubt that she continues to be a force to reckon with in Bollywood.
If "Umrao Jaan" puts the box-office on fire, not only will it be Aishwarya's first hit in years but also go a long way for the cause of 30-plus female actors.
Though portrayal of women in films has evolved by leaps and bounds over the years, the industry has not seen emergence of a female Amitabh Bachchan for over a decade. Even Madhuri Dixit, who could carry a film on her shoulders, found the line of directors queuing to sign her on more or less vanish when she turned 30.
Juhi Chawla, Sridevi, Poonam Dhillon and Rati Agnihotri were sought out only for the odd role after they turned 30. Anupama Chopra, author of books based on Bollywood, says: "The 30-rule holds for women only. The trouble is that heroines largely serve one function: eye-candy."
There just aren't any films made about mature women. A few good films, that give these women a chance to show their talent, wouldn't hurt," says Anupama.
If "Umrao Jaan" succeeds, it will hopefully bring women-oriented films back in vogue. The courtesan's tale will feature Bollywood's hot and happening male star Abhishek Bachchan play second fiddle.
For the most part of the last two years, Bollywood has been churning out films that were virtual skin shows - just a few films had strong women characters and a relatively better understanding of female sexuality.
This year, we have had women-oriented films like "Black," "Page 3" and "Paheli." After a long gap, viewers are feasting on films that have handled women characters sensitively and boldly.
As Sushmita Sen recently said: "It used to be an industry where actresses were considered props -
maybe a vase on the sideboard. Now at last, the vase has reached the centre table."This has been made possible because of female filmmakers bringing in their distinctive style to an industry dominated by male directors, and leading ladies plunging into direction, production and heading industry associations.
Yet another factor is that popular female actors like Aishwarya, Urmila Matondkar and Kareena Kapoor seem keen on winning the national award rather than simply raking in the moolah.
This means that directors are taking up women-oriented films since they get star power without considerably boosting their budgets, since popular female actors are willing to cut fees for good roles, says trade observer Deepa Gehlot.
With the inflow of corporate finance into Bollywood making small budget commercially viable films a reality, a lot has changed for women in the trade.
Unlike 10 years ago, married actresses no longer become oblivious. Well into their 30s, Pooja Bhatt, Kajol and Juhi continue to mint money.
Juhi is a partner in production company, Dreamz Unlimited, and is in-charge of putting together multi-million dollar projects.
Bhatt, opted out of the bimbette roles, and became a National-award winning producer instead. Kajol is rumoured to be an active player in husband, Ajay Devgan's production company.
But the bottom line remains the same. Until the box office responds to an Aishwarya Rai like it does to a Shah Rukh Khan, women will remain fluff-balls in the power structure.
The 'King Khan' turned 40 last week and there is no sign of his slowing down. He was neck deep in filming for Karan Johar's "Kabhi Alvidaa Na Kehna" and promoting his home-production "Paheli" which is India's entry for Oscars.
The wait is on for Aishwarya Rai to make her mark yet again.
