The soundtrack album was composed by Sohail Sen, with lyrics written by Irshad Kamil, except for one ("Gunday") which was written by Zafar.[32] The lyrics for the Bengali version of "Tune Maari Entriyaan" were written by Bappi Lahiri and Gautam Susmit. The album contains ten compositions including seven original songs, a theme and a different versions of two original songs.[32] The vocals were performed by Javed Ali, Shadab Faridi, Lahiri, KK, Neeti Mohan, Vishal Dadlani, Arijit Singh, Neha Bhasin, Shahid Mallya, Altamash Faridi, Sen, Kinga Rhymes and Monali Thakur.[32] The album was released on 20 January 2014 by YRF Music. A Bengali version of the soundtrack, composed by Sen and with lyrics by Sanjay, was released on 30 January 2014.[33]
The soundtrack album received positive reviews from music critics. The Times of India gave a rating of 4 out of 5, writing that the album succeeds in transporting the listener to the period when the film is set, but had its fair share of highs and lows.[34] Bollywood Hungama gave the album a rating of 3.5 out of 5, writing, "Sohail Sen seems to have finally got his act right. His songs have immense popular appeal, substance and the right blend of melody and contemporary styles."[35] Writing for Rediff.com, Joginder Tuteja also gave it 3.5 out of 5 stars, noting the musical variety in the soundtrack and the "entertaining songs".[36] The Indo-Asian News Service published on NDTV gave it 3.5 out of 5, pointing out Sen's versatility as a music composer and writing that the album had "songs for every mood and music lovers couldn't have asked for more."[37]
The album was one of the most successful Indian music albums of 2014, with the songs "Tune Maari Entriyaan", "Jashn-E-Ishqa" and "Asalaam-E-Ishqum" topping various charts in India across various platforms.[38][39]
Distributed by Yash Raj Home Video, the film was released on DVDs on 30 April 2014 across all regions in a two-disc pack in Anamorphic format, with bonus content such as a "making of the film" documentary, deleted scenes and making of the songs.[57] The VCD version was also released at the same time.[58] A two-disc special edition DVD pack was also released later.[59] The Blu-ray version was released on 2 May 2014.[60] The world television premiere of the film happened on Sony MAX on 17 August 2014.[61] Later, as Yash Raj Films signed a deal with Star India, the network syndicated some films from the Sony Pictures Networks India catalog in mid-2021, Gunday being one of them.[62]
Gunday received mixed reviews from critics.[63] Review aggregator Rotten Tomatoes gave the film an approval rating of 60% based on 15 reviews, with an average rating of 5.5 out of 10.[64] Taran Adarsh of Bollywood Hungama gave a rating of 4 out of 5, calling it an "entertainer" and writing that the film "has an attention-grabbing premise, well-etched-out characters, high-octane drama, is generously peppered with vibrant songs and energetic action pieces, boasts of defining performances from the principal cast."[65] However, he felt that it was too long.[65] Srijana Mitra Das from Times of India gave it 3.5 out of 5, calling it an "Oliver Twist with a Bollywood twist", writing that "Gunday pays loving homage to Bollywood classics Sholay, Kaala Patthar and other brothers-in-arms films while offering more."[66] Mohar Basu of Koimoi also gave it 3.5 out of 5, calling it a "must watch" for "the oomph and bombastic dialogues", and praised Zafar's direction, writing that "the execution is what makes the fast depleting story hold its ground. The trajectories he builds are shaky but his screenplay is engrossing enough to not let you slip even in the slack moments."[67]
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