The actress looked gorgeous in a heavily embroidered lehanga teamed with black blouse.
"Me and my sister have always admired her beauty and for me I think, she is someone who look fantastic and whatever she wears. It was my honour to design for her as she is one of the most beautiful women Bollywood would ever have," Mukherjee said after the show.
The actress is making her comeback on the big screen with "English Vinglish".
The movie also marks the directorial debut of filmmaker R. Balki's wife Gauri Shinde.
Mukherjee, who has previously designed for well-known actresses of the tinsel town including Vidya Balan and Rani Mukerji, is now designing clothes for the 48-year-old.
"She (Sridevi) is the ultimate diva and I was really excited when I got this offer to design for her. One will see her flaunting different types of Indian look in the film," the designer said.
Known for blending ethnic and modern looks in his collection, Sabyasachi, for DCW, took inspiration from five cities from around the globe.
From the straightjacket discipline of New York, the classic nostalgia of the British Raj in Kolkata, subversive decadence of Berlin, to the incredible romance of Paris, to the Bohemian feel of Barcelona, there was the mix of everything.
The show started with Sridevi walking the ramp accompanied with Shinde, who also looked gorgeous in a black khadi sari.
"I am huge fan of Sabya's design. The way he uses intricate hand-work on his collection is just fantastic. I love what he designed for me and I am looking forward for many more associations in the future," said Sridevi.
There was heavy dose of threadworks and hand embroidery in his collection titled "New Moon".
The silhoutte varied from high-waisted ghagra skirt, tulle saris, lehanga and strapless peplum kurti but the dresses that took the limelight was a white embroidered tulle sari, textured silk blouse and hand embroidered tulle wrap.
Also present to watch the show was veteran actress Shabana Azmi and designers Ritu Kumar, Anju Modi and Poonam Bhagat.