New Delhi: Indian business schools have strengthened their position in the global management education landscape, with 14 institutions featuring in the Financial Times Masters in Management (MiM) 2026 ranking, compared with 11 last year.
IIM Bangalore leads the Indian list at 21st globally, followed by SPJIMR at 26th and IIM Ahmedabad at 27th. XLRI — Xavier School of Management recorded the biggest jump among Indian schools near the top of the table, climbing 25 places to 33rd, from 58th in 2025.
IIM Calcutta at 39th completes the list of five Indian institutions in the global top 50, compared with four last year.
The movement comes as business schools globally face pressure to demonstrate stronger career outcomes, international exposure and value for money, with the FT ranking placing significant weight on alumni-reported outcomes.
IIM Bangalore leads Indian schools
IIM Bangalore’s two-year full-time Post Graduate Programme in Management (PGP) has risen to 21st globally, up from 28th in 2025 and 41st in 2024. It remains the highest-ranked Indian institution in the FT MiM ranking and the only Indian school in the global top 25.
The institute recorded gains across several career-related measures. Its Career Progress rank improved to 69 from 90 in 2025, while its Careers Service rank moved to 8 from 11. Its Alumni Network rank also improved to 19 from 31, while Value for Money moved to 65 from 78.
“The FT MiM 2026 rankings bear testament to the transformational value of an IIMB education and the impact our graduates are making globally,” said Prof. U Dinesh Kumar, Director-in-charge, IIM Bangalore.
“We benchmark our curriculum, methods and outcomes against the best in the world to ensure that students are equipped to navigate unprecedented business complexities with curiosity as well as with judgment. The strong gains in career outcomes reaffirm the value of this approach,” he added.
IIM Bangalore also improved on diversity and sustainability indicators. The percentage of women on its board increased to 44% from 40%, while its ESG and Net Zero Teaching rank improved to 74 from 86.
SPJIMR rises nine places
SPJIMR has climbed nine places to 26th globally, from 35th in 2025, and is now the second-highest ranked Indian institution. It has featured among the world’s top 50 business schools for seven consecutive years. The institute ranks No. 1 in India across Careers Service, Alumni Network, Value for Money, and ESG and Net Zero Teaching.
Globally, SPJIMR ranks second for Careers Service and sixth for Alumni Network. Its Value for Money rank improved to 50 from 56, while its ESG and Net Zero Teaching rank rose sharply to 28 from 63.
The institute recorded an overall satisfaction score of 9.6 out of 10.
“This year’s ranking reflects sustained gains across the metrics that matter most to our participants: career outcomes, alumni engagement, and the value our programme delivers,” said Varun Nagaraj, Dean, SPJIMR.
“We remain focused on strengthening every dimension of the participant experience, from placement support to the depth of learning we build into the programme,” he added.
XLRI makes biggest jump among leading Indian schools
XLRI has emerged as the biggest mover among India’s leading institutions, climbing from 58th in 2025 to 33rd in 2026, a gain of 25 places. The jump places XLRI inside the global top 35 and ahead of IIM Calcutta, which ranks 39th.
IIM Ahmedabad, meanwhile, has moved up to 27th globally, from 34th last year, putting three Indian institutions inside the global top 30.
IIM Calcutta has also improved, moving from 41st to 39th.
IIM Indore and IIM Kozhikode also move up
The gains extend beyond the top five. IIM Kozhikode has moved from 69th in 2025 to 54th, while IIM Indore has climbed from 85th to 62nd.
Management Development Institute Gurgaon has moved from 72nd to 67th, while IIM Udaipur has improved from 98th to 83rd.
IMI Delhi has moved up from 99th to 90th. IIM Lucknow, however, has slipped from 57th to 72nd.
Three institutions appearing in the 2026 table were not in the 2025 top 100: NMIMS Mumbai at 73rd, IMT Ghaziabad at 86th and TA Pai Management Institute (TAPMI) at 98th.
Where Indian B-schools stand in FT MiM 2026
| 2026 rank | Institution | 2025 rank |
| 21 | IIM Bangalore | 28 |
| 26 | SPJIMR | 35 |
| 27 | IIM Ahmedabad | 34 |
| 33 | XLRI | 58 |
| 39 | IIM Calcutta | 41 |
| 54 | IIM Kozhikode | 69 |
| 62 | IIM Indore | 85 |
| 67 | MDI Gurgaon | 72 |
| 72 | IIM Lucknow | 57 |
| 73 | NMIMS Mumbai | Not ranked |
| 83 | IIM Udaipur | 98 |
| 86 | IMT Ghaziabad | Not ranked |
| 90 | IMI Delhi | 99 |
| 98 | TAPMI | Not ranked |
The official FT table lists all 14 Indian institutions among its 100 ranked programmes.
Global ranking puts career outcomes in focus
The 2026 FT MiM ranking evaluates programmes across 19 criteria, including salary, salary growth, career progression, careers services, value for money, alumni networks, diversity, international exposure and ESG and Net Zero teaching.
Alumni responses account for 56% of the overall ranking, while school data accounts for the remaining 44%. Average salary three years after graduation carries the highest individual weighting at 15%, followed by salary increase at 9%.
The global table is led by the University of St Gallen, followed by Nova School of Business and Economics and Shanghai Jiao Tong University’s Antai College. ESCP Business School ranks sixth globally.
ESCP’s performance also highlights the importance of international exposure in the global MiM market. The school ranks fourth globally for international course experience, while 98% of its students and 94% of its faculty are international. “This result is a strong recognition of the experience we offer our students and of ESCP’s distinctive European and international model,” said Prof. Thomas Jeanjean, Executive President and Dean of ESCP.
“Our students learn across countries, cultures and disciplines, but what matters most is what they do with that experience: developing the judgement, adaptability and ambition to navigate change and make a positive contribution wherever their careers take them.”
ESCP has also added specialisations in areas including Consulting in the Age of AI, Cyber Risk Management and the New Space Economy, while incorporating generative AI into its MiM curriculum.
For Indian business schools, the 2026 results point to a broader global presence, with three institutions now in the global top 30, five in the top 50 and 14 in the top 100.
