Yes, one can definitely choose SPJIMR over the three IIMs IKL. To answer the why part, I have individually compared each IIM to SPJIMR and justified why SPJIMR is a better choice in all the 3 cases.

IIM Indore

SPJIMR over IIM Indore is a choice as everyone is aware of the huge batch size at IIM Indore which becomes a major obstacle during placements. Moreover, it gives a lot of weightage to past academics so it’s not a good option for those who fared average during 10 and 12 but are now ready to face challenges.

IIM Kozhikode 

The only aspect in which Kozhikode has an upper hand when compared to SPJIMR is the campus beauty and I am sure this is not the most important criterion for judging a college at all. SPJIMR offers a more innovative and structured curriculum, a smaller batch size combined with the chance to live in the city of Dreams. The only aspect that it lacks in comparison to Kozhikode is the fact that you have to choose your specialization during admission itself whereas Kozhikode gives you a year's time to do so. Then again if you are certain of your specialization, nothing is better than SPJIMR.

IIM Lucknow 

Honestly speaking many might consider IIM Lucknow a tad bit better than SPJIMR and rightly so. When it comes to consulting and Finance, IIM Lucknow is a better option. It also attracts the best profile and not the kind accepted at SPJIMR. Additionally, the batch comprises IITians majorly who are there for the tag. These geniuses create tough competition which is lacking in the case of SPJIMR. This turns out to be a benefit for SPJIMR as students who are not at the top are able to get good roles at top consulting firms. So in terms of Finance, Consulting, and IIM tag, IIM Lucknow seems to be better but is similar to SPJIMR in all other aspects.