I don't think that comes under hate speech, even if of slightly poor taste. There shouldn't be restrictions on it, the distinction is very clear.
It definitely comes under hate speech.. a cartoon will not be made without attacking an ideology.. cartoon will be made depicting (just for the sake of explaining) Mohammad sahab's (alleged) face in a comical sense, showing him making a stand/comment which make people laugh.
I am 100% sure, this will offend muslims in India, and not for wrong reasons.