Aishwarya's appearance a the Cannes was the subject of much speculation.
She attended the 2012 amfAR's Cinema Against AIDS during the 65th Annual Cannes Film Festival at Hotel Du Cap.
The new mom looked resplendent in the saree that covered most of her figure.
This is the 38-year-old actress' 11th year at Cannes as a L'Oreal brand ambassador.
This is her first red carpet outing since the birth of her daughter Aaradhya last November.
Aishwarya Rai looks smashing in this black and white gown.
Her post-pregnancy weight gain had generated much buzz as well as attracted criticism, so there was much curiosity about her appearance at this year's Cannes.
Aishwarya Rai has lived upto to everyone's expectations.
Her Cannes wardrobe was kept a closely guarded secret and it was reported recently that she would be wearing Indian outfits instead of the usual haute couture gowns she sports every year.
Actress Aishwarya Rai Bachchan arrived at the 2012 amfAR's Cinema Against AIDS during the 65th Annual Cannes Film Festival at Hotel Du Cap on May 24, 2012 in Cap D'Antibes.
With the guessing game on about Aishwarya Rai's attire at this year's Cannes, a photo of the actress on the French Riviera sporting a black and white maxidress surfaced online.
Aishwarya was seen wearing a loose-fitted dress in the photo. But what she actually wore to the Cannes was a cream and gold saree.
And the designer of the dress was not Abu Jani-Sandeep Khosla as reported earlier.
Australian designer Angelo Katsapis designed the black and white dress.
Aishwarya Rai, who has been at the receiving end of critics for her post baby weight gain, lived up to her 'Most Beautiful Woman' title with her graceful appearance at the Cannes red carpet in a cream and gold saree.
The actress was spotted wearing a grey and white maxidress by Australian designer Angelo Katsapis earlier in the day but later opted for the cream colour saree with a golden embroidered full-sleeved blouse by Indian designer Abu Jani-Sandeep Khosla for AmfAR Cinema Against Aids gala.