The 15 non-IIM MBA colleges in this list have MBA fees ranging from ₹60,818 per semester at FMS Delhi to ₹29 lakh+ at SIBM Pune.
Average packages range from ₹14.32 LPA at SIBM Bangalore to ₹33.7 LPA at SPJIMR Mumbai. FMS Delhi stands out on the fee-to-package comparison, while SPJIMR and XLRI report some of the highest average packages in the list.
FMS Delhi has the highest indicative ROI percentage at 1,227.01%, followed by IIT Kharagpur at 89.6%, and IIT Delhi at 87.7%.
The placement domains also vary by college, covering consulting, BFSI, IT, analytics, marketing, sales, operations, FMCG, fintech and general management.
Continue reading to know the list of 15 Best Non-IIM MBA colleges in India in 2026.
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15 Best Non-IIM MBA Colleges in India 2026
The table below compares the 15 colleges using fees, average package, highest package and indicative ROI percentage.
| College | Fees (Overall) | Average Package | Highest Package | Indicative ROI (approx) |
| FMS Delhi | ₹2,43,272 (₹60,818 per semester) | ₹32.27 LPA | ₹1.1 Crore | 1,227.01% |
| XLRI Jamshedpur | ₹30.5 lakh (15.25 Lakh per annum) for PGDM HRM & BA | ₹31.40 LPA | ₹59 LPA | 2.95% |
| IIT Kharagpur | ₹12 Lakh+ | ₹22.75 LPA | ₹37.63 LPA | 89.6%* |
| IIT Delhi | ₹12 Lakh | ₹22.52 LPA | ₹43.55 LPA | 87.70% |
| IIT Bombay | ₹15,55,800 | ₹25.82 LPA | ₹53.8 LPA | 66.00% |
| IIT Madras | ₹12 Lakh+ | ₹17.9 LPA | ₹35.5 LPA | 49.2%* |
| SPJIMR Mumbai | ₹24.86 Lakh | ₹33.7 LPA | ₹80 LPA | 35.60% |
| IIFT New Delhi | ₹21.82 Lakh | ₹27.30 LPA | ₹75.60 LPA | 25.10% |
| MDI Gurgaon | ₹26,55,310 | ₹29.5 LPA | ₹97.50 LPA | 11.10% |
| SIBM Pune | ₹29 Lakh+ | ₹28.18 LPA | ₹74.84 LPA | -2.8%* |
| IMT Ghaziabad | ₹23 Lakh | ₹18.15 LPA | ₹35 LPA | -21.10% |
| SCMHRD Pune | ₹28 Lakh+ | ₹21.47 LPA | ₹35.90 LPA | -23.3%* |
| IMI Delhi | ₹23.54 Lakh | ₹16.71 LPA | ₹70.95 LPA | -29.00% |
| SIBM Bangalore | ₹21.4 Lakh | ₹14.32 LPA | ₹24 LPA | -33.10% |
| Great Lakes Chennai | ₹22.50 Lakh | ₹15 LPA | ₹39.3 LPA | -33.30% |
The ROI percentage is calculated using:
Indicative ROI = (Average Package − Fees) ÷ Fees × 100
*For colleges where fees are listed as “+” or per annum, the percentage is an indicative calculation using the stated figure. It should not be treated as actual financial ROI.
Non-IIM MBA Colleges Ranked by ROI
FMS Delhi has a clear lead in the fee-to-average-package comparison. Its fee of ₹2,43,272 (₹60,818 per semester) is much lower than the fees listed for the other colleges. However, its average package is ₹32.27 LPA. This produces an indicative ROI of 1,227.01%.
IIT Kharagpur and IIT Delhi follow with 89.6% and 87.7%, respectively. The positive ROI percentages are:
- FMS Delhi: 1,227.01%
- IIT Kharagpur: 89.6%*
- IIT Delhi: 87.7%
- IIT Bombay: 66.0%
- IIT Madras: 49.2%*
- SPJIMR Mumbai: 35.6%
- IIFT New Delhi: 25.1%
- MDI Gurgaon: 11.1%
XLRI Jamshedpur stands at 2.95%, based on a fee of ₹15.25 lakh per annum and an average package of ₹31.40 LPA. SIBM Pune has an indicative ROI of -2.8% at a ₹29 lakh+ fee figure and a ₹28.18 LPA average package.
Great Lakes Chennai has the lowest calculation in this comparison at -33.3%, based on ₹22.50 lakh fees and a ₹15 LPA average package.
Non-IIM MBA Colleges with the Highest Average Packages
SPJIMR Mumbai has the highest average package at ₹33.7 LPA among the top Non-IIM MBA colleges in India. FMS Delhi follows with ₹32.27 LPA, while XLRI Jamshedpur reports ₹31.40 LPA.
| College | Average Package |
| SPJIMR Mumbai | ₹33.7 LPA |
| FMS Delhi | ₹32.27 LPA |
| XLRI Jamshedpur | ₹31.40 LPA |
| MDI Gurgaon | ₹29.5 LPA |
| SIBM Pune | ₹28.18 LPA |
| IIFT New Delhi | ₹27.30 LPA |
| IIT Bombay | ₹25.82 LPA |
| IIT Kharagpur | ₹22.75 LPA |
| IIT Delhi | ₹22.52 LPA |
| SCMHRD Pune | ₹21.47 LPA |
| IIT Madras | ₹17.9 LPA |
| IMT Ghaziabad | ₹18.15 LPA |
| IMI Delhi | ₹16.71 LPA |
| Great Lakes Chennai | ₹15 LPA |
| SIBM Bangalore | ₹14.32 LPA |
The difference between the highest and lowest average package in this list is ₹19.38 LPA.
Non-IIM MBA Colleges with the Highest Placement Packages
MDI Gurgaon has the highest reported placement package at ₹97.50 LPA. FMS Delhi follows with ₹1.1 crore per annum, which is higher when expressed as an annual amount, while SPJIMR Mumbai reports ₹80 LPA.
Here are the highest packages of Non-IIM MBA colleges:
| College | Highest Package |
| FMS Delhi | ₹1.1 Crore p.a. |
| MDI Gurgaon | ₹97.50 LPA |
| SPJIMR Mumbai | ₹80 LPA |
| IIFT New Delhi | ₹75.60 LPA |
| SIBM Pune | ₹74.84 LPA |
| XLRI Jamshedpur | ₹59 LPA |
| IIT Bombay | ₹53.8 LPA |
| IIT Delhi | ₹43.55 LPA |
| Great Lakes Chennai | ₹39.3 LPA |
| IIT Kharagpur | ₹37.63 LPA |
| SCMHRD Pune | ₹35.90 LPA |
| IIT Madras | ₹35.5 LPA |
| IMT Ghaziabad | ₹35 LPA |
| IMI Delhi | ₹70.95 LPA |
| SIBM Bangalore | ₹24 LPA |
Best Non-IIM MBA Colleges for Different Career Domains
The top career domains listed for these colleges cover consulting, IT, analytics, finance, BFSI, marketing, sales, operations, FMCG, fintech, e-commerce and general management.
| Career Area | Colleges with Relevant Domains |
| Consulting | FMS Delhi, IIT Delhi, SPJIMR Mumbai, XLRI, SIBM Pune, IIT Kharagpur, IIT Bombay, IIFT, Great Lakes, IMI Delhi, SCMHRD, SIBM Bangalore |
| Finance & BFSI | MDI Gurgaon, XLRI, SIBM Pune, IIT Madras, IIFT, Great Lakes, IMT Ghaziabad, IMI Delhi, SCMHRD, SIBM Bangalore |
| IT, Analytics & Technology | FMS Delhi, IIT Delhi, MDI Gurgaon, XLRI, SIBM Pune, IIT Kharagpur, IIT Bombay, Great Lakes, IMT Ghaziabad, SIBM Bangalore |
| Marketing & Sales | FMS Delhi, IIT Delhi, XLRI, IIT Madras, IIFT, Great Lakes |
| Operations & General Management | XLRI, IIT Kharagpur, IIT Madras, IIT Bombay |
Non-IIM MBA Colleges with Low Fees and High Average Packages
FMS Delhi has the strongest fee-to-package comparison. Its listed fee is only ₹2,43,272 (₹60,818 per semester), while the average package is ₹32.27 LPA. The resulting indicative ROI is 1227.01%.
IIT Delhi and IIT Kharagpur both have fees of ₹12 lakh, with average packages of ₹22.52 LPA and ₹22.75 LPA, respectively. Their indicative ROI percentages are 87.7% and 89.6% based on the stated figures.
XLRI Jamshedpur has a listed fee of ₹15.25 lakh per annum and an average package of ₹31.40 LPA, resulting in an indicative ROI of 2.95%.
IIT Bombay also has a relatively lower listed fee of ₹15.56 lakh, compared with its ₹25.82 LPA average package, producing an indicative ROI of 66.0%.
How to Calculate ROI for an MBA College?
For a simple comparison, the indicative ROI percentage can be calculated as:
Indicative ROI % = [(Average Package − MBA Fees) ÷ MBA Fees] × 100
For example, IIT Delhi has a listed fee of ₹12 lakh and an average package of ₹22.52 LPA.
Indicative ROI = [(22.52 − 12) ÷ 12] × 100 = 87.7%
Please note it is not the actual financial ROI because the calculation does not include living costs, taxes, loan interest, opportunity cost or the actual salary received after joining.
Which Non-IIM MBA College Should You Choose?
The choice changes depending on the number you prioritise.
For example, MDI Gurgaon has an average package of ₹29.5 LPA and a highest package of ₹97.50 LPA, while IMI Delhi has an average package of ₹16.71 LPA and a highest package of ₹70.95 LPA.
- For the highest indicative ROI: FMS Delhi: 1,227.01%
- For the highest average package: SPJIMR Mumbai: ₹33.7 LPA
- For the ₹30 LPA+ average package range: FMS Delhi, XLRI Jamshedpur and SPJIMR Mumbai
- For the highest reported package: FMS Delhi: ₹1.1 crore per annum
- For Consulting: FMS Delhi, IIT Delhi, SPJIMR Mumbai, XLRI and other colleges listing Consulting
- For Finance/BFSI: MDI Gurgaon, XLRI, SIBM Pune, IIFT and other colleges listing these domains
- For IT/Analytics: FMS Delhi, IIT Delhi, IIT Kharagpur, IIT Bombay and other colleges listing technology-related domains
- For Marketing & Sales: FMS Delhi, IIT Delhi, XLRI, IIT Madras and IIFT
- For Operations: IIT Kharagpur and IIT Bombay
- For General Management: XLRI and IIT Madras
Conclusion
Among these 15 non-IIM MBA colleges, FMS Delhi has the strongest fee-to-average-package comparison, with ₹60,818 per semester fees, ₹32.27 LPA average package and 1,227.01% indicative ROI.
SPJIMR Mumbai has the highest average package at ₹33.7 LPA, while MDI Gurgaon reports the highest package of ₹97.50 LPA and XLRI Jamshedpur has an indicative ROI of 2.95%.
For career choice, the placement domains provide another useful filter. Consulting appears across several leading colleges, while BFSI, IT, analytics, marketing, sales, operations and general management are concentrated across different institutions.
Comparing fees, average package, highest package, indicative ROI and career domains together gives a more useful picture than looking at placement salary.
