Dear Atharva,
No, it is not compulsory to get into IIT's only for top automobile companies.
You can also refer below colleges which provides good placements in this field
National Institute of Technology Warangal
SRM University, Chennai
Manipal Institute of Technology, Manipal
Jadavpur University, Kolkata
PSG College of Technology, Coimbatore
SASTRA University, Thanjavur
Lovely Professional University, Phagwara
Good Luck!!
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