I think the branch matters more than the institute and that being said personally I feel IIT Bhilai Electrical is a better option than IIT Indore Material Science. The small batch size enables you to make the most out of the opportunities and resources. The points below further prove my opinion
Here is a small list of things why you should consider IIT Bhilai:
Overall, taking IIT Bhilai will not disappoint you and you will have a plethora of opportunities here.