It depends on you how much you spend
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Hi! It depends on the places you wanted to visit. There are many places in South to explore based on weather aspects. It can be possible to cover major attractions with budget travels like traveling in train, use of local transport, Street food, staying at dorms or hostels will cover major cost and help you explore the places. All the best.
If you mean full of south India, the packages come between 30k to 50k for 5 days. So based on your number of days kindly calculate accordingly. If you have planned a tight budget here are some things you could do Eat in mess houses all over south India which cost less for food, at the same time taste that state cuisine Stay in hostels, zostels, inns which have less cost stay. Travel in all possible public transport within the states Window shop a lot, at the same time not miss out on yum street food. Still I personally feel within 40k you might not cover the places, for I travelled to all south states and spent nearly 80k based on my stay options and mode of transport.
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If you could cut your stay expenses, you can cover many places in south india. with 50000 budget, you can choose to stay in hostels which will cost you say 300-500 per day approx. Rest expenses are upto you, which includes food, drinks, other luxuries. if you can cut on it a bit, you can have a great 20 day trip for 50000 rupees.