All 22 IIMs in India 2026: Fees, Placements, ROI & Which One to Target
Three generations. 22 campuses. One Exam. Here is the only guide you need — no filler, just the data and the honest calls.
Contents
1. The Honest Tier Map
This is how recruiters actually see the 22 IIMs — not how the NIRF ranking presents them.
Recruiter-perception tier breakdown, 2026
| Tier | IIMs | Avg CTC | What it unlocks |
|---|---|---|---|
| ABC — Holy Trinity | Ahmedabad · Bangalore · Calcutta | ₹34–36 LPA | MBB, bulge-bracket finance, crore-plus offers, global brand |
| L/K/I — Premium Tier | Lucknow · Kozhikode · Indore | ₹28–33 LPA | MBB occasional, strong consulting & FMCG funnels |
| S/M — Solid Mid | Mumbai · Shillong | ₹25–30 LPA | Niche strengths (Ops for Mumbai, Sustainability for Shillong) |
| T2 — Established New | Trichy · Udaipur · Ranchi · Raipur · Rohtak · Kashipur | ₹15–21 LPA | Diversified mid-market recruiters, selective MBB visits |
| T3 — Emerging Baby | Nagpur · Vizag · Amritsar · Jammu · Sambalpur · Bodh Gaya · Sirmaur · Guwahati | ₹13–18 LPA | IIM brand, variable depth — ROI math must work for you individually |
2. All 22 IIMs: Fees, Placements & ROI
2024–26 batch data. ROI = Avg CTC ÷ Total Fees. Median typically ₹2–6L below average at most IIMs.
| IIM | NIRF | Fees | Avg CTC | Highest | ROI | CAT Cutoff (Gen) |
|---|---|---|---|---|---|---|
| Ahmedabad | #1 | ₹27.5L | ₹34.45 LPA | ₹2.2 Cr | 1.28x | 99–99.9%ile |
| Bangalore | #2 | ₹26.3L | ₹34.88 LPA | ₹1 Cr+ | 1.33x | 99+%ile |
| Calcutta | #7 | ₹27.0L | ₹36.0 LPA | ₹1.45 Cr | 1.27x | 99+%ile |
| Lucknow | #5 | ₹20.75L | ₹33.2 LPA | ₹1 Cr | 1.56x | 98–99%ile |
| Kozhikode | #3 | ₹23.5L | ₹28.18 LPA | ₹81L | 1.25x | 97–99%ile |
| Indore | #8 | ₹25.15L | ₹29.57 LPA | ₹70L | 1.34x | 97–99%ile |
| Mumbai (ex-NITIE) | #6 | ₹25.0L | ₹29.57 LPA | ₹54L | 1.41x | 94–97%ile |
| Shillong | #38 | ₹26.18L | ₹26.44 LPA | ₹71.5L | 1.01x | 95–98%ile |
| Trichy | #16 | ₹21.0L | ₹19.27 LPA | ₹43.94L | 0.92x | 94–97%ile |
| Udaipur | #21 | ₹21.33L | ₹18.80 LPA | ₹47L | 0.88x | 94–97%ile |
| Ranchi | #18 | ₹19.2L | ₹19.29 LPA | ₹50.39L | 1.00x | 92–96%ile |
| Raipur | #15 | ₹20.0L | ₹20.70 LPA | ₹50.39L | 1.05x | 92–96%ile |
| Rohtak | #19 | ₹17.9L | ₹18.73 LPA | ₹36L | 1.05x | 92–96%ile |
| Kashipur | #23 | ₹17.3L | ₹14.95 LPA | ₹33.12L | 0.86x | 92–96%ile |
| Nagpur | #25 | ₹21.0L | ₹18.07 LPA | ₹69.57L | 0.86x | 90–95%ile |
| Visakhapatnam | #29 | ₹23.58L | ₹15.72 LPA | ₹32.5L | 0.67x | 90–95%ile |
| Amritsar | #64 | ₹21.5L | ₹16.51 LPA | ₹28.56L | 0.77x | 90–94%ile |
| Bodh Gaya | #31 | ₹19.44L | ₹13.10 LPA | ₹22L | 0.67x | 88–93%ile |
| Sambalpur | #34 | ₹20.01L | ₹16.7 LPA | ₹48.6L | 0.83x | 88–93%ile |
| Sirmaur | #51 | ₹20.0L | ₹13.30 LPA | ₹64.12L | 0.67x | 88–93%ile |
| Jammu | #35 | ₹22.8L | ₹16.04 LPA | ₹26.6L | 0.70x | 88–92%ile |
| Guwahati 🆕 | — | ~₹17–19L* | First batch 2027 | — | TBD | ~92%ile |
🏆 Best ROI: Lucknow (1.56x) · Mumbai (1.41x) · Indore (1.34x) · Bangalore (1.33x). | ⚠ ROI below 0.75x: Vizag, Amritsar, Bodh Gaya, Sirmaur, Jammu.
3. CAT Cutoffs & Selection Math
The stated cutoff and the percentile that actually converts are not the same thing. IIM Ahmedabad lists a 95%ile cutoff. Nobody gets in at 95. The composite score — academics, diversity, work-ex, WAT-PI — is what separates a shortlist from an offer.
What a strong profile actually contributes to your composite score
| Profile Component | Typical Weightage | Who it helps |
|---|---|---|
| CAT Score | 35–70% (varies by IIM) | Everyone — this is the anchor |
| 10th & 12th Marks | 10–15% | Consistent academics throughout school |
| Graduation % | 10–20% | Candidates with 8+ CGPA or 75%+ |
| Gender Diversity | +2 to +5 pts | Female candidates — meaningful at margin |
| Academic Diversity | +2 to +6 pts | Non-engineers (arts, commerce, science) |
| Work Experience | 0–20% | 12–36 months is the sweet spot |
| WAT-PI | 20–35% of final score | Everyone — this is where offers are won or lost |
GEM reality: General Engineer Male candidates should add 2–3 percentile to every cutoff in this blog. Diversity math works against GEM profiles structurally. Compensate: 85%+ academics, 18–36 months work-ex, and WAT-PI that shows depth beyond your degree.
4. Old IIMs (BLACKI) — Quick Verdicts
6 IIMs, established 1961–1996. These define the IIM brand.
| IIM | NIRF | Avg Package | Fees | Verdict |
|---|---|---|---|---|
| Ahmedabad | #1 | ₹34.45 LPA | ₹27.5L | MBB capital of India. CIIE incubator. Case method pedagogy. The default benchmark. If you can convert, no other call changes your mind. |
| Bangalore | #2 | ₹34.88 LPA | ₹26.3L | PGPBA with IISc. NSRCEL incubator. Consulting 41%, Tech 15%. The tech/product/analytics IIM. Choose B if the next decade involves a screen and a startup. |
| Calcutta | #7 | ₹36 LPA | ₹27L | Highest avg CTC. Finance IIM — IB→PE pipeline, 196 recruiters, PGDBA with IIT-KGP. If finance is the goal, Calcutta beats A and B on recruiter density. The Wall Street feeder. |
| Lucknow | #5 | ₹33.2 LPA | ₹20.75L | Best ROI in BLACKI (1.56x). PGP-ABM owns agri-FMCG. Lowest fees in the cohort. The most underrated BLACKI IIM — better ROI than A, B, and C. |
| Kozhikode | #3 | ₹28.18 LPA | ₹23.5L | MBB hiring, hilltop campus, female-friendly admissions, PGP-LSM. Premium consulting access at a real discount to ABC. Diversity-friendly admissions. |
| Indore | #8 | ₹29.57 LPA | ₹25.15L | 225+ recruiters — widest funnel in BLACKI. 5-yr IPM, PGP-HRM. Volume-driven — weakest recruiter-per-student ratio in the BLACKI six. Eyes open. |
5. New IIMs — Quick Verdicts
8 IIMs, established 2007–2011 + IIM Mumbai (ex-NITIE, converted 2023)
| IIM | NIRF | Avg Package | Fees | Verdict |
|---|---|---|---|---|
| Mumbai | #6 | ₹29.57 LPA | ₹25L | Only IIM built for Ops & SCM. Mumbai location. Top-10% avg ₹47.5L. Still underpriced. Brand re-rating post-NITIE conversion is real and ongoing. |
| Shillong | #38 | ₹26.44 LPA | ₹26.18L | Highest brand among new IIMs. 75 PPOs. MBB visits. Sustainability focus. Premium experience at a premium price — barely 1x ROI. Beautiful campus, weak return. |
| Trichy | #16 | ₹19.27 LPA | ₹21L | AACSB & AMBA. BFSI 23%, IT 23%. Top-ranked new IIM by NIRF. Solid and predictable. Top mid-tier IIM by ranking — without the BLACKI premium. |
| Udaipur | #21 | ₹18.80 LPA | ₹21.33L | AACSB accredited. MBA-DEM & GSCM. Global faculty. Rajasthan quality of life. The institutional-rigour pick. AACSB stamp matters for global career moves. |
| Ranchi | #18 | ₹19.29 LPA | ₹19.2L | Highest jumped +33% YoY to ₹50.39L. MBA-BA & MBA-HR dual specialisations. Quietly improving. MBA-BA + BFSI funnel make it underrated for analytics roles. |
| Raipur | #15 | ₹20.70 LPA | ₹20L | Best raw ROI (1.05x) in new-IIM bracket. Top-10% avg ₹31.2L. Best ROI in new IIMs. Low buzz, strong outcomes — NIRF #15 is the credibility marker. |
| Rohtak | #19 | ₹18.73 LPA | ₹17.9L | Closest IIM to Delhi-NCR. Unique IPL (BBA-LLB). Marketing top sector 30%. NCR adjacency is a real placement multiplier. Unique law programme is differentiated. |
| Kashipur | #23 | ₹14.95 LPA | ₹17.3L | MBA-Analytics specialisation. Lowest fees in new-IIM group. Industrial belt location. Functional analytics edge. Watch out: 10 students unplaced in 2025 — not 100% placed. |
6. Baby IIMs — Quick Verdicts
8 IIMs, established 2015–2016 + IIM Guwahati (Feb 2026). Brand still maturing.
| IIM | NIRF | Avg Package | Fees | Verdict |
|---|---|---|---|---|
| Nagpur | #25 | ₹18.07 LPA | ₹21L | +11% avg YoY. ₹69.57L highest. 89 new recruiters. MIHAN cluster. IIM-A mentored. Fastest-improving baby IIM. The ₹69.57L highest is not noise — trajectory beats tier. |
| Visakhapatnam | #29 | ₹15.72 LPA | ₹23.58L | BFSI 37%. 177 recruiters. 41% female batch. 100% placed. Stable, not spectacular. High fees (0.67x ROI) are the main concern here. |
| Amritsar | #64 | ₹16.51 LPA | ₹21.5L | MSc-DSM joint with IIT Ropar. McKinsey first-time recruiter in 2025. MSc-DSM with IIT Ropar is the hidden gem. Best ROI multiple among baby IIMs. 96.63% placed. |
| Bodh Gaya | #31 | ₹13.10 LPA | ₹19.44L | IIM-C mentored. 190+ recruiters. BFSI 42.8%. Median ₹12L. Cheapest IIM brand — but this is the bottom of the IIM pay distribution. Thin upside. |
| Sambalpur | #34 | ₹16.7 LPA | ₹20L | Recruiter base +32.5% YoY. 216 recruiters. Exited CAP for independent admissions. Strong upward trajectory. Independent admissions is a real confidence signal. |
| Sirmaur | #51 | ₹13.30 LPA | ₹20L | Only IIM with MBA-T&HM. Most transparent placement reporting in the system. Niche fit only — not a general MBA play. But if tourism/hospitality is the goal, this wins. |
| Jammu | #35 | ₹16.04 LPA | ₹22.8L | IPM (5-yr). MBA-HA Hospital Admin. IIM-L mentored. 200+ recruiters in 2025. Steady improvement. Hospital Admin MBA is uniquely defensible for healthcare careers. |
| Guwahati | — | First batch 2027 | ~₹17–19L* | India’s 22nd IIM. IIM-A mentor. Tiny batch (~70). Northeast positioning. Zero placement data. Founding-batch trade-offs only — for those comfortable with the risk. |
7. Best IIM by Career Goal
Skip the ranking — pick the IIM that fits what you actually want to do.
| Goal | #1 Pick | Strong Alternatives | Why |
|---|---|---|---|
| Consulting / Strategy | IIM A · B · C | IIM L · K · Shillong | MBB front-end roles concentrate at ABC. Shillong and Trichy break in via niche offers. |
| Finance / Investment Banking | IIM Calcutta | IIM A · B · L · FMS | Calcutta is the Finance campus — IB→PE pipeline is real and concentrated here. |
| Marketing / FMCG | IIM A · IIM L (ABM) | IIM C · K · Indore | IIMA leads HUL/P&G/Nestlé; IIML’s ABM owns agribusiness FMCG. |
| Product / Tech | IIM Bangalore | IIM A · C · L · K · Mumbai | Bangalore ecosystem — alumni at Google/Amazon/Razorpay/Flipkart is unmatched. |
| Analytics / Data Science | IIM B PGPBA · IIM C PGDBA | IIM K · Trichy · Mumbai | PGPBA/PGDBA are joint with IISc/IIT — quant depth not in a vanilla MBA. |
| Operations / SCM | IIM Mumbai (ex-NITIE) | IIM A · L · Udaipur | Only IIM purpose-built for industrial engineering and SCM. |
| Entrepreneurship | IIM B · IIM A | IIM I · K · L | NSRCEL (IIMB) and CIIE (IIMA) are India’s strongest B-school incubators. |
| HR Management | XLRI HRM (non-IIM) | IIM Indore PGP-HRM · IIM Ranchi MBA-HR | XLRI HRM is the uncontested #1 for HR — beats every IIM in this domain. |
| Hospital Administration | IIM Jammu MBA-HA | — | Only IIM offering this specialisation. |
| Tourism / Hospitality | IIM Sirmaur MBA-T&HM | — | Only IIM with this programme. Niche, but defensible. |
8. Underrated · Overhyped · Improving
🟢 Most Underrated
IIM Lucknow — 1.56x ROI, ABM is a weapon, BLACKI brand. Aspirants obsess over ABC and miss this.
IIM Mumbai — NITIE brand still being repriced upward. Ops + Mumbai = rare. ₹29.57L avg rivals Indore.
IIM Raipur — NIRF #15, ₹20L fees, best raw ROI in new-IIM group. Almost no buzz. That is the opportunity.
IIM Nagpur — 11% avg growth, ₹69.57L highest, 89 new recruiters. Labelled baby IIM, performing like new IIM.
IIM Amritsar — MSc-DSM joint with IIT Ropar. McKinsey first-time recruiter in 2025. Nobody’s talking about it.
🔴 Most Overhyped
IIM Indore (for placements) — Largest BLACKI batch. Weakest recruiter-per-student ratio of the six. Median ₹27L hides spread.
IIM Shillong (for ROI) — ₹26.18L fees for ₹26.44L avg. Barely 1.01x ROI. Premium experience at maximum price.
IIM Bodh Gaya (for outcomes) — Lowest fees ≠ best ROI. ₹13.10L avg with ₹22L highest. The upside is thin.
The “Baby IIM” label — Lumps Nagpur (₹18L avg) with Sirmaur (₹13.30L avg). The gap is structural, not cosmetic.
📈 Most Improving
IIM Mumbai — Brand re-rating in progress. Avg up post-conversion. Manufacturing + Mumbai is a moat.
IIM Nagpur — ₹69.57L highest, +11% avg YoY, 89 new recruiters. Trajectory beats tier. Watch this one.
IIM Ranchi — Highest CTC jumped +33% to ₹50.39L. MBA-BA + BFSI funnel widening each cycle.
IIM Sambalpur — Recruiter base up 32.5%. Exited CAP for independent admissions. Quiet confidence signal.
9. Which IIM Should You Target?
Honest segmentation. GEM candidates: add 2–3%ile to each threshold.
| CAT %ile | Zone | Target IIMs | Key focus |
|---|---|---|---|
| 99.8+ | Elite | IIM A · B · C — aim for all three | WAT-PI is now the real filter. Prep starts day one of your IIM journey. |
| 99.5+ | Top BLACKI | IIM L · K · I + ABC as stretch | Academics and diversity points determine who gets ABC calls from this band. |
| 97.5–99.5 | Mid-IIM safe | Mumbai · Shillong · Trichy · Udaipur · Ranchi | Convert 2–3 comfortably. WAT-PI prep is 60% of the conversion now. |
| 95–97.5 | New IIM zone | Raipur · Rohtak · Kashipur · Nagpur · Vizag · Amritsar | Apply to all CAP IIMs. Strong WAT-PI can stretch you upward. |
| 90–95 | Baby IIM realistic | Sambalpur · Sirmaur · Bodh Gaya · Jammu · Guwahati | Diversity & non-engineer profiles convert at the lower end. Focus on academics. |
⚡ The Rule Nobody Says Out Loud
At 95–99.5 percentile, the WAT-PI round is where most conversions are won or lost — not the CAT score. Two candidates with the same percentile can end up at entirely different IIM tiers based on how they perform in the 30-minute room. Prepare for it like a second exam.
10. 6 Honest Final Verdicts
Best Overall
IIM Ahmedabad
Brand × pedagogy × placement gravity. The WIMWI premium compounds for 40 years. If you can convert it, the conversation ends here.
Best Value
IIM Lucknow
₹33.2 LPA on ₹20.75L fees. 1.56x ROI. 8-month payback. The most underrated BLACKI IIM by a significant margin.
Fastest Growing
IIM Mumbai + Nagpur
Mumbai repricing post-NITIE. Nagpur up 11% YoY with 89 new recruiters. Both are performing above their current perception.
Safest Bet
IIM Bangalore
Tech ecosystem. 100% placement consistency. Diversified recruiter base. The institutional floor is reliably high every single year.
Most Selective
IIM Calcutta
85-pt composite filter. Quant-heavy first year. Highest avg CTC ₹36L. The Wall Street feeder — if finance is your goal, this wins.
Best Campus Life
IIM Kozhikode
Hilltop Kerala campus. Balanced pedagogy. Female-friendly admissions. MBB access at a real discount to ABC fees.
The one thing to remember
Pick the IIM that fits your life — not the one that fits your ego. Rankings will move. Cutoffs will shift. The campus you choose compounds for forty years. An IIM Lucknow student who works harder than their batch will outperform an IIM Indore student who doesn’t. The brand opens the door. You decide what happens next.
