Should I take IIT Delhi chemical or take a drop?

I am not saying that taking a dropout is a bad decision. Most people who appear for JEE more than once tend to score better after the first time. It is not an issue and don’t let people convince you otherwise.

However, you should have a very just reason for taking a drop. Just because you couldn’t get into your dream branch does not mean, you cannot do well in other branches. In that case, you can consider the CS branch of other 2nd-tier Engineering colleges rather than taking a drop year. Moreover, you will be answerable for the same in your interview, and might work against your favor in your interview.

On research, you will find that the median salary of IIT Guwahati and other engineering colleges is almost on par with that of IIT Kanpur and Madras. There is a difference, but not big enough to make you take a year drop out. Ultimately, only you can make the decision but I have laid down the cards, make a wise decision.