Yes, the integrated course at IIM Indore is equivalent to an MBA at IIM through the CAT. Depending on how you interpret it. In light of this fact, after completing the first three years of IPM, you will join the regular MBA batch of students who met the CAT requirements. The only difference is that for the IPM course, you must pass the IPMAT exam, whereas, for the PGP course, you must pass the CAT exam. In either case, you will receive an MBA degree. The level of difficulty for admission to IIM is the same. due to a lack of seats and an increase in applicants, even more, challenging for IPM students. However, both parties must adhere to different procedures when placing students. Students in PGP programs typically have some professional experience.
Things will gradually change, and IPM will establish itself in the market. Since IPM graduates spend five years studying challenging management topics as opposed to two years for PGP courses, you might find that they perform better over time.