Based on the theatrical interpretation of the work (the play of the same name by the G. Kariev Tatar Youth Theater), this article discusses the features of translation into the Tatar language of the story-féerie by A. Grin “Scarlet Sails”. The study reveals the specifics of the modern interpretation of the main storylines and the images – the characters from Grin’s work, presents the quotes with the original authorial translation (M. Khabutdinova), describes various techniques and means of theatrical art that make it possible to succinctly and expressively present the modern insights into the work that has celebrated its centennial anniversary. The article analyzes in detail the individual episodes of the play that have conceptual significance and the iconic mise en scene that receive a multi-aspect literary interpretation (in part due to the original translation of the text and its stage embodiment). The article characterizes all the components of the theatrical performance (its composition, choreography, musical accompaniment and the set design (scenery, stage costumes, props and furniture). Much attention is paid to the evaluation of the performers of both the main and supporting roles in the play, the nuances of the image interpretations by the actors of both casts (in particular, the images of Assol performed by Laysan Bolshova and Albina Nogmanova). The article focuses on the symbolic imagery in the production, thanks to which the traditional universal values, characteristic of A. Grin’s fairy tale, are organically embodied through the metaphor of the modern performance. The article rates the performance highly due to the efforts of the whole team of authors and actors who created a bright original play that is relevant for the modern youth audience.