Hello,

Engineering  physics or engineering science refers to the study of the combined disciplines of physics, mathematics and engineering particularly computer, nuclear, electrical, electronic, materials or mechanical engineering. By focusing on the scientific methods asa rigorous basis, it seeks ways to apply, design, and develop new solutions in engineering.
I can speak about the Engineering Physics program at IIT-D. Here, there are close to no core jobs, i.e., companies which come exclusively for EP students, like Facebook coming for Computer Science students. The jobs to which the EP students finally go to are those which are open to all the departments. That doesn't mean that the situation is bleak, far from it. Due to the brand value of IIT, there are a huge number of well-paying companies, so everyone is finally placed. But your academic credentials have to be decent to get a good job. The lesser your CGPA, the more you would have to struggle to get a job.
Now there is one other option. If you are enthusiastic about pursuing research in Physics, you have the option of pursuing PhD in Physics from a reputed university in US or Europe. Once again, the better your CGPA, the better university you can get an admission to.
I don't have much information about the EP program in other IIT's, but I know that in IIT-B and IIT-M, the EP program is in collaboration with the Electrical department, so I guess that they can get jobs related to the Electrical department.

I hope this would help you. For further queries please feel free to write me down in the comment box.