The veteran actress made her producing debut with Tell Me Oh Kkhuda, starring daughter Esha Deol.
She told the Hindustan Times: "I made a film recently but it did not work at all. My heart broke. If you tell me to make another film, I will not.
"If you give me money to make it, then I will. But I don't want to make a film because it is too much of a risk."
She added: "I am not meant for that, my gestures are different, so I dance. If you tell me to work in a film, I will, I act well, I can do that. But I will not produce a film."
Tell Me Oh Kkhuda is an unofficial remake of Abba musical Mamma Mia!.
The feature was praised by critics but got a poor reception at the box office.
In November, Malini denied that the vehicle to relaunch Deol's acting career had flopped.
Malini directed her first feature Dil Aashna Hai in 1992, with the movie also centring on adoption.