Heer Ranjha was the first Punjabi film directed by A.R. Kardar. Heer Ranjha starring tarring Anwari Begum, Rafiq Ghazniv, Lala Yakoob, Gul Hameed, Fazal Shah, M. Ismael and Walait Begum released in 1932.
IMDB Info Heer Ranjha
According to some other sources "Sheela:Pind di kudi"was the first Punjabi Movie made in 1935 . Pind Di Kurhi was directed by K.D. Mehra. Movie was made in Kolkat. Pind Di Kurhi released in Lahore. Baby Noor Jehan was the main actress of Pind Di Kudi.
IMDB Info Sheila