Varma is known for directing and presenting pan-Indian works casting actors across the country, such as the Indian Political Trilogy, and the Indian Gangster Trilogy; film critic Rajeev Masand had labelled the latter series as one of the "most influential movies of Indian cinema. The first installment of the trilogy, Satya, was also listed in CNN-IBN's 100 greatest Indian films of all time, fetching Varma the "Bimal Roy Award" for Best Direction. Varma fetched the National Film Award for scripting and producing the political crime drama, Shool (1999) cited by "India Today" as the "Best Cop Movie" of the 90's. His recent avant-garde works include hits such as the dramatised re-enactment of "Rayalaseema factionism" in Rakta Charitra (2010), the "2008 Mumbai attacks" in The Attacks of 26/11 (2013), the "Operation Cocoon" in Killing Veerappan (2016), the "Vijayawada riots" in Vangaveeti (2016), N. T. R. in Lakshmi's NTR (2019), and Konda politics in Konda (2022).