37 years on, Karagattakaran is still relevant to a generation that did not exist when the film was released, thanks to the iconic 'Vaazhapazham' and 'Soppanasundari' comedy tracks, featuring Goundamani and Sethil in the film. But even beyond the comedy that stood the test of time, the film's relatable storyline, set within the folk artists' community, makes it relevant to date.

Starring Ramarajan and Kanaka in lead roles, the film is an inversion of Sivaji's Thillana Mohanambal. Music composer Ilaiyaraaja, who had already delivered numerous chartbusters for Ramarajan’s films, composed eight songs for Karagattakaran, with music that continues to remain timeless and is credited as one of the key reasons behind the film’s enormous success.

Back when it released, Karagattakaran continued screening at Madurai’s Nattiya Theatre with three regular shows every day and four shows on Saturdays and Sundays, completing an extraordinary run of 485 days (from June 16, 1989, to October 11, 1990).

While the film's success story is evident and told several times over the years, the budget with which the film was made is something not narrated very often. Back in 2019, when the film clocked 30 years since its release, the film's director, Gangai Amaran, revealed the budget for the film and how he didn't make as much profit from the film's success.

As per an interview of the director on Kamadenu, the film was made with a budget of just Rs 18 to 20 lakh. Gangai Amaran revealed in the interview that because his previous directorial, Annanukku Jai, didn't perform commercially, the viability of Karagattakaran also diminished.

In the interview, he said, "The distributors watched the film and said, 'The film is good. The songs are good. The comedy is also great. But I don't know if it will make a big collection.'" Eventually, the film's 200- and 250-day theatrical runs generated abundant revenue for the distributors.

In 2019, Gangai Amaran announced a sequel for Karagattakaran. In an interview with CE, he said, "I have a story idea where the children of Ramarajan and Kanaka, and Senthil and Sarala, come together for a good family drama. In Andhra, there is a huge folk thiruvizha that happens. So I was thinking we could finish the film with a karagattam show-off, a true representation of the art form, of the original Karakattakaran, as opposed to the more vulgar kind that is prevalent." However, the film never took off.