Summer Placements 2026-28 Compared: IIM Calcutta, IIM Lucknow, SPJIMR and FMS Delhi

Four top B-schools have now reported summer placements for their 2026-28 batches, and every one of them placed 100% of its students. That makes the headline numbers look the same, so the real comparison is in the stipend, the sector mix and the recruiter base. Here is a side-by-side table, how to read it fairly, and what it means when you are choosing between these colleges.

The Short Answer

IIM Calcutta and SPJIMR both report a median stipend of ₹2 lakh a month, IIM Lucknow is at ₹1.75 lakh, and FMS Delhi reports a ₹3.76 lakh median for its whole internship. Calcutta leads on consulting, SPJIMR on FMCG, and FMS on a very low fee, so the "best" college depends on your target sector, not on one number. Do not rank colleges on the highest stipend. Compare the median, the sector mix and what the numbers do not cover.

Summer Placements 2026-28 at a Glance

FMS Delhi reports its stipends for the whole internship, not per month, so its column cannot be compared directly with the other three. If its internship runs for about two months, the median works out to roughly ₹1.9 lakh a month, but check the duration before you compare.

Which Sectors Recruit the Most?

Consulting is the single biggest draw at IIM Calcutta, at about four in ten offers. SPJIMR is the most consumer-led, with FMCG ahead of consulting. If your goal is marketing or brand roles, SPJIMR's mix stands out. If it is consulting, Calcutta's does. Our lists of the top B-schools for consulting, marketing and finance go deeper.

How the Numbers Moved From Last Year

SPJIMR shows the largest rise in the median, while IIM Calcutta's median has held steady at ₹2 lakh for three batches, which suggests its gain is at the top, not in the middle. FMS's median rose faster than its average, meaning the middle of the batch did better.

What the Recruiter Lists Show

• IIM Calcutta: Accenture Strategy, Bain, BCG, McKinsey, Goldman Sachs, J.P. Morgan, HUL, ITC, P&G, Amazon, Google and Microsoft, among others.
• IIM Lucknow: Accenture, Amazon, Bain, BCG, Deloitte, Goldman Sachs, Google, HUL, McKinsey and Visa, with new names like Bayer, Coca-Cola, Flipkart, Groww, IBM and Swiggy.
• SPJIMR: 91 companies, with 37 new ones including Amgen, Bajaj Auto, Britannia, Citi, D.E. Shaw, Danone, DBS, Flipkart, IBM, Kenvue and Kotak.
• FMS Delhi: Accenture Strategy, Amazon, Bain, BCG, HUL, ITC and PwC, with new and returning names like Google, Goldman Sachs, Adobe, Salesforce and Monitor Deloitte.

The top consulting, finance and FMCG names appear at all four, which is a reminder that recruiters hire across these schools, and the difference is in how many students each hires and at what stipend.

How to Compare Them Fairly

Do not read the table as a ranking. These points make the comparison harder than it looks.

If you want one number, use the median per month, but only where it is reported per month. Also remember that a summer stipend is not a final salary. It is paid for a short internship at the end of the first year, and final placements are separate. Our post on whether MBAs are still in demand puts the numbers in a wider hiring context.

What It Means When Choosing a College

This part is our judgement.

• Match the sector to the college. Consulting-first candidates look at IIM Calcutta, FMCG and marketing candidates look at SPJIMR, and low-fee, balanced candidates look at FMS.
• Look at fee and stipend together. FMS's very low fee changes the return on investment even though its monthly equivalent is similar to the others.
• Do not skip the entry route. Each college has its own selection process, and the percentile needed differs. See our guide to CAT percentile vs colleges and the IIM calls for OBC, EWS and SC candidates.
• Fill the forms that close before CAT. FMS closes on 25 November, SPJIMR on 27 November and MDI on 28 November, all before CAT on 29 November. Our calendar of MBA forms closing in November 2026 shows what to fill first.

Read the detailed posts: IIM Calcutta summer placements, IIM Lucknow summer placements, SPJIMR summer placements and FMS Delhi summer placements. Our comparison of FMS vs MDI vs SPJIMR goes further on three of them.

What We Do Not Know Yet

• IIM Calcutta has not announced its highest stipend, and IIM Lucknow has not shared its average or company count in the figures above.
• FMS Delhi's internship duration and offer count for 2026-28 are not stated, so its monthly equivalent is an estimate.
• Summer numbers say little about final placements, so they do not predict next year's salaries.
• Other IIMs have also reported summer results, and this table covers only four colleges.

Frequently Asked Questions

Which college has the highest median summer stipend in 2026-28? IIM Calcutta and SPJIMR are tied at ₹2 lakh a month. FMS Delhi reports ₹3.76 lakh for the whole internship, which is not directly comparable.

Which college has the highest stipend? IIM Calcutta has not announced it. Among the others, IIM Lucknow reports ₹3.5 lakh a month for domestic offers, SPJIMR ₹3 lakh a month and FMS ₹6 lakh for the internship.

Did all four colleges place 100% of their students? Yes, all four report 100% summer placement.

Which college has the most consulting offers? IIM Calcutta, where consulting took 40.29% of offers.

Which college is best for FMCG and marketing? SPJIMR, where FMCG and consumer companies took 33.1% of placements.

Is the FMS stipend per month? No. It is for the whole internship, so do not compare it with monthly figures.

Are summer stipends the same as final salaries? No. They are paid for a short internship, and final placement packages are a separate set of figures.

Should I choose a college based on its summer stipend? Not alone. Look at the median, the sector mix, the fee and your own career goal.

Final Word

All four colleges placed their whole batch, and the medians are close, so the choice comes down to sector, fee and fit, not the headline number. IIM Calcutta leads on consulting, SPJIMR on FMCG and consumer roles, and FMS on value for money. Use the median, compare like with like and match the college to the job you want. Placement figures change every year, so confirm the latest numbers on each college's official website.