High MBA CGPA and institute rank can partially compensate for gap years and weak UG profile but major academic dents (below 70% UG) remain deal-breakers for some elite firms. The OP gave measured response - "Depends on the company and market conditions. But if you manage to get a Institute rank, it certainly helps." This confirms institute rank carries specific weight at IIM C. Compensation mechanics for weak pre-MBA profile via strong MBA performance: