Pilkadaris, a three-time Asian Tour winner, dropped only one shot on the 18th hole to return on 13-under-par 131 at the challenging Delhi Golf Club course.
Spaniard Nacho Elvira trailed in second place by three shots following a 68 while Ben Evans of England was a further two shots back on 136 after carding 66.
Rashid Khan, who won his first Asian Tour title at the Delhi course, was the best-placed Indian, shooting a 68 to share fourth place with Jorge Campillo (71) on 137.
Lee Slattery of England produced the shot of the day, firing a magical albatross on the par-five eighth hole.
It was his career’s first albatross and the Asian Tour’s 21st.
The 42-year-old Pilkadaris, without a win since 2005, said he benefited from his past experience of playing on the tree-lined course.
“I felt really good out there and I kept going at flags,” said Pilkadaris.
“I kept giving myself chances and it was nice to take advantage of them. I’ve played about 40 rounds at least here and you got to keep it straight and on the fairway,” he said.
Defending champion and reigning Asian Tour number one Anirban Lahiri carded a 71 to sit in 14th place, seven shots behind Pilkadaris.
Padraig Harrington, a three-time Major champion, will miss the last two rounds after finishing one-shot outside the halfway cut.
