Well, as of now we're all assuming that he's Malhar because the audience won't accept anyone else falling in love with Kalyani and I think they're showing 'Shera's' thoughts to confuse the audience.
And he also does a lot of things which only Malhar would do and he knows everything which only Malhar would know like diffusing a bomb like Jiya di mentioned.
I thought they were going to bring a love triangle again with Malhar, Kalyani and Shera. CVs are genuinely confusing...like even after impersonating Malhar, Shera didn't change his Haryanvi language as if he explicitly wanted to make it clear for Avni and Kaka that he's not Malhar. But his behaviour with Pillu and Kalyani and his inability to read or write makes me feel he's someone else.