The 90-year-old thespian was hospitalised at the Lilavati Hospital Sunday evening.
"He is still under observation. His condition is stable. If things go well, he may be discharged in three to four days," Murshid Khan, manager of the actor's wife Saira Banu, said.
Dilip Kumar is one of the pioneers of Indian cinema. He was born Mohammed Yusuf Khan in Peshawar, now in Pakistan.
In over six decades of active career, he worked in some of the best known films such as 'Madhumati', 'Devdas', 'Ram Aur Shyam' and 'Karma'.
He was honoured with Padma Bhushan in 1991 and the Dadasaheb Phalke Award in 1994. In 1998, he was awarded the 'Nishan-E-Pakistan', Pakistan's highest civilian award