Both universities were founded around the same time (1996) and are in the same league in terms of placements, exposure, and alumni base, among other things.
Nonetheless, IIM Kozhikode has an advantage over IIM Indore for one reason only - Size of the batch
During the placement season, student competition would be fierce. Assume a company has opted to hire only one student, and the competition at IIM Indore is 50% higher due to the larger batch size. So, in comparison to Indore, you have a better probability of getting into your dream firm in Kozhikode.
It is not just restricted to Placement season, but also to club and committee events. If you wish to join the placement committee or the Finance club, it will be more difficult to do so in Indore than in Kozhikode. Co-curricular activities are very beneficial during your final placement interview.
IIM Kozhikode has an advantage over IIM Indore because of just one essential element. Both IIM-B PGDM and ISB MBA are good programs. Your choice relies on your career goals and preferences. ISB offers a shorter, industry-focused program. IIM-B is highly academic and research-focused.