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Ivan Megharoopan is conceived as the eventful life journey of poet laureate KP Madhavan Nair, a character drawn from the lifestory of the great Malayalam poet P Kunhiraman Nair. Madhavan Nair hails from a landed aristocratic family of North Malabar. His poetic leanings were on display at a young age, when he took to his wandering ways to satiate an intense inner hunger in search of his muse - his poetic deity. Janaki, his cousin and prospective life partner, is left behind and he lives in with Saraswati, a petite village belle, who is also a poetess on her own right. The film moves on to examine the intricate weave of his relationships with many women in his life.