Varma has directed, produced, and written numerous films across various genres. Some of his notable works include:

• Shiva (1989): A Telugu film marking his directorial debut, focusing on the criminalization of student politics.

• Rangeela (1995): A Hindi romantic drama that received critical acclaim.

• Satya (1998): A crime film exploring the Mumbai underworld, considered one of his best works.

• Company (2002): A film depicting the real-life underworld organization, earning praise for its realistic portrayal.

• Sarkar (2005): A political crime thriller inspired by "The Godfather."