Should I join IIM Indore's one-year MBA course (EPGP) or continue working, given the bad placement scenario for the course? Or should I try for better colleges in India?

The placement opportunities for an Executive MBA at IIM Indore or In fact any other IIM are very limited. They depend on the batch itself and may be good or bad depending on the current batch profile and expectations. Moreover, people don’t pursue EMBA to get placed in a high salary package. They already have a job with a high package. What they are looking for is an enhancement of their managerial skills and the IIM tag.

So I will not recommend you leave your high-paying job and pursue EMBA especially if you are looking for a better CTC. Not even other B Schools will get you a high package right off the bat. But if you are still adamant about pursuing the program you may take a study leave I suggest. 

An MBA helps you in the long run and not instantly. You should be willing to take the risk for maximum results.