Since my Indian movie experience startyed wirth Beti Beta in the early 60s, I've been hard-pressed to rank the movies.
I would have to say that for all-around entertainment Sholay has to rank up there. For court-room drama Waqt is one. Neel Kamal deserves some mention. For life's dramas for their periods, I have to go with Khabie Khabie, Abhimaan and Silsila. Life in a Metro would take its place one day.
What about the secret agent era Farz or the supernatural piece Woh Kaun Thi?
The mention of Ek duje ke liye jolted my memory of Kamal Hassan and some wonderful acting at that time.
For a movie with outstanding music, I have to go with Dosti, while my all-time favorite song is Sohani Raat from Dulari.
Answering the top 5 movie question is quite an exercise. I'm glad it was brought up. Buit what I'd like to see discussed is the Bollywood Dr. Zhivago or Godfather or Ghandi. Recent adaptations of western classics - Omkara and Saawaria - were not bad.