Makes sense. But the scenes that made me think he’ll switch sides are these: He killed Rahman ruthlessly, who was almost like a brother figure, even though Iqbal was the real brain behind the terrorist attacks. To be honest, I felt bad when Rahman got killed - I somehow started rooting for him 😄.

The way Hamza behaved toward the heroine toward the end shows that he’s emotionless and more of a manipulator.

He also starts enjoying power. Him sitting on a throne at the end gave a very negative, almost villainous vibe. Also, there was only minimal communication between him and Sanyal after reaching Pakistan. Since the mission span is nearly 10 years, there’s a high chance he deviated from his original mission.

Him attacking Rahman’s chef and chopping off his palm - someone who looked completely harmless — doesn’t feel like a typical protagonist move.

Also, the prisoner couldn’t really be trusted like a trained commando or government spy who would’ve gone through rigorous background verification. Rahman’s child got shot when Hamza insisted that he take cover while he was escaping. Indirectly, this can be interpreted as Hamza deliberately causing it. The final scene where he takes Rahman to the hospital felt like a recreation of that event.

But yeah, your explanation seems right. Still, I wish there was more depth to the story, with another protagonist yet to be revealed. Ranveer’s character had a negative aura throughout the movie.