As far as I got to know from my friend studying there, DOMS IIT Madras is a good institute. Also, DOMS IIT Madras is certainly better than the new IIMs. There are some reasons behind it, which I am going to share with you.

He shared one experience about an IIM Bangalore guy who was given a project to collate existing data from all the possible data streams in the function and generate a report out of it. But he was too lazy to work upon it and was not given any offer.

And after this one case, IBM finance never went to IIM Bangalore for internships ever since.

My personal experience is that IIT Madras is in fact comparable to IIM Indore and Kochi if not better; surely much better than new IIMs.