As per a study done by PagalGuy, the following is the ranking of B-Schools in India in 2010. Overall a sample size of 9576 respondents were used to evaluate the rank perception of 184 B-Schools in India. The study chooses factors such as brand of the school, faculty reputation, placements, industry recognition, student extra-curricular activities, infrastructure, locational advantage and student quality.
From my view point as an alumni of XLRI, the rankings appear pretty decent and valid while going for a B-School. Do let us know what you think about it, or if you have any query.