Many people reject IIM Indore/Kozhikode for SPJIMR and vice versa. This is because, at the end of the day, it depends on your goals. Generally, most of the top B-schools have an excellent quality of education and other decisive factors.
As the question is quite subjective, you might be surprised to know that there are more reasons to reject IIM Indore for SP Jain instead. Although IIM Indore would bring you the IIM Tag there's nothing much to vouch for as it's newly established and isn’t at par with top IIMs like Bangalore, Kolkata, Ahmedabad, etc.
However, here are some reasons why SP Jain stands as a better choice.
Overall, MBA at SPJIMR is quite an experience. Yes IIM Indore must also have advantages like brand tag or alumni base, but you can enjoy better subject structure, schedule, smaller batch size, better placements, etc. at SP Jain. In the end, it’s totally an individual preference.