For these B-School, your preference order should be IIM A > IIM C (Finance) or IIM B (if specialization isn’t a factor) > FMS > MDI. NMIMS isn’t in the same league as the others.
IIM brand value has its advantages. You can benefit a lot, if you are pursuing your MBA from IIM A, B, and C. But the IIMs charge high fees. IIM A MBA fees are INR 23 Lakhs. While FMS has negligible course fees and offers high ROI. FMS Delhi placements are comparable to IIM A, B, and C.
So, the choice comes down to brand value vs. ROI. If you want good placements and a high return on investment, choose FMS.
If you get a chance to study in any of the colleges mentioned above, you are quite lucky. As all of them are considered the top colleges in India. It is equally tough to get into any of these colleges. But if you get to choose, I will say consider NMIMS your last option. Also, MDI lags a bit behind the IIMs (A B C) and FMS.
Choosing between IIMs and FMS is a really hard choice.
Here is my selection - IIMA > IIMC > IIMB > FMS > MDI > NMIMS.
If you are financially stable then IIM is definitely the best option otherwise the rest of the institutes offer mostly the same.