Could Bollywood do a good one? Did they already do one, i just don't know about it.
Fyodor Bondarchuk did a fairly big budget and reasonably good science fiction action epic:
What would you like to see adapted if they ever go down that road?
Singing or no singing?
How many songs?
1. It wouldn't be Bollywood if there were no songs.
2. They have started doing some sci-fi, but mostly Earth bound...either aliens, robots, or superheroes... to varying degrees of success.
In my experience sci-fi doesn't seem to be as a popular box office draw as it is in the US. So, I doubt they would do a space opera anytime soon.