XL is number 5.

Here's the story from MBAUniverse.com

While Indian Institute of Management, Ahmedabad (IIM A) is the # 1 B-school, Indian Institute of Management, Bangalore (IIM B) and Indian Institute of Management, Calcutta (IIM C) has been ranked as the # 2 & # 3 B-schools in India. Indian Institute of Management, Lucknow (IIM L) is ranked at #4. Jamshedpur based Xavier's Labour Relations Institute (XLRI) is pegged at #5 position.
Mumbai based S. P. Jain Institute of Management & Research, Faculty Of Management Studies, University Of Delhi, Delhi, Management Development Institute, Gurgaon, Indian Institute Of Foreign Trade, New Delhi and Jamnalal Bajaj Institute Of Management Studies, University Of Mumbai, Mumbai complete the prestigious Top 10 B-school rankings table. (See consolidated Ranking Table below)
Which are some other non-IIM B-schools that have managed to show their strengths on this league table. Narsee Monjee Institute Of Management Studies University, Mumbai, Symbiosis Institute Of Business Management, Pune, Department Of Management Studies - Indian Institute Of Technology, New Delhi and Xavier Institute Of Management, Bhubaneswar are four B-schools that are part of Top 10 Non-IIMs B-schools league table.
CNBC TV 18 Consolidated B-school Rankings from Data Survey, Student Perception and Employer Perception
India's Top B-schools
1 Indian Institute Of Management, Ahmedabad
2 Indian Institute Of Management, Bangalore
3 Indian Institute Of Management, Kolkata
4 Indian Institute Of Management, Lucknow
5 Xavier Labour Relation Institute School Of Management, (XLRI), Jamshedpur
6 Bhavan's S. P. Jain Institute Of Management & Research, Mumbai
7 Faculty Of Management Studies, University Of Delhi, Delhi
8 Management Development Institute, Gurgaon
9 Indian Institute Of Foreign Trade, New Delhi
10 Jamnalal Bajaj Institute Of Management Studies, University Of Mumbai, Mumbai
India's Top B-schools – Excluding IIMs
1 Xavier Labour Relation Institute School Of Management, (XLRI), Jamshedpur
2 Bhavan's S. P. Jain Institute Of Management & Research, Mumbai
3 Faculty Of Management Studies, University Of Delhi, Delhi
4 Management Development Institute, Gurgaon
5 Indian Institute Of Foreign Trade, New Delhi
6 Jamnalal Bajaj Institute Of Management Studies, University Of Mumbai, Mumbai
7 SVKM'S Narsee Monjee Institute Of Management Studies University, Mumbai
8 Symbiosis Institute Of Business Management, Pune
9 Department Of Management Studies - Indian Institute Of Technology, New Delhi
10 Xavier Institute Of Management, Bhubaneswar
Note: For Quantitative Survey, more than 70 leading B-schools including IIM A, IIM B, IIM C, IIM L, IIM I, FMS Delhi, XLRI, MDI, JBIMS, IIT B SJMSOM participated in the survey. Key B-schools that did not participate in the Quantitative Survey are: Department of Management Studies, Pune; Fore School of Management, Delhi; ICFAI Business School, Hyderabad; IIM Kozhikode; Indian School of Business, Hyderabad; Mudra Institute of Communication, Ahmedabad; SCMHRD, Pune and Tata Institute of Social Sciences, Mumbai.