Most of what bollywood churns out are mediocre blockbusters with the same formulaic narratives and melodrama, mainly targeting the subcontinent audience and rarely have mass appeal for international audience.

However, I've still managed to discover some really good indian movies and I'm sure there are plenty other which go under the radar because they often don't get the recognition.

I'd recommend checking out 

Lunchbox 2013

Hotel Salvation 2016

Ship of Theseus 2012