DNA praises the patriotic revenge fantasy and recommends it as an engaging Independence season thriller, while appreciating the leads and Kabir Khan's treatment.

Hindustan Times criticizes Saif Ali Khan and Katrina Kaif’s performances, the loose script and excessive jingoism, saying the promising revenge thriller premise ultimately falls flat.

Koimoi likes the basic premise and pace but criticizes the casting, predictable plotting and disappointing climax, saying the film fails to deliver on its potential.

Bollywood Hungama praises the gripping pace, action, international look and patriotic emotion, while noting that the screenplay could have been tighter.

News18 finds Phantom slow, boring and emotionally flat, criticizing its simplistic treatment of the subject and lack of sustained tension.

Filmibeat praises the fast paced narration, action, direction and Saif's performance, calling the twists and lack of dull moments a gripping watch.

TOI finds the thriller oversimplified but glossy and emotionally effective, praising Saif and the film's patriotic appeal.

India TV criticizes Phantom as an unrealistic and unconvincing revenge drama, saying Saif Ali Khan and Katrina Kaif fail to bring enough intensity to the film despite its ambitious premise.

India Today finds the idea ambitious but criticizes its logic, uneven suspense and performances, saying the film starts reasonably well before losing its way.

The Indian Express calls the thriller sluggish and disappointing, saying its Bond and Bourne style premise produces little excitement or suspense.