The victory ensures the Kings will contest Tuesday's Grand Final against Royal Challengers Bangalore, as they took full advantage of their second opportunity against Mumbai.
The pitch in Ahmedabad was expected to be a bit of a batter's paradise until the rain showed up and threw all pre-game predictions out of the window.
Following a delay of around two hours after the Punjab Kings won the toss and chose to field, the MI openers made their way out onto the field.
There were solid innings all the way down the MI lineup with Jonny Bairstow chipping in with 38 off 24 balls at the top of the order before Tilak Varma and Suryakumar Yadav both scored 44 off 29 and 26 balls respectively.
Naman Dhir played a useful innings late on with a rapid score of 37 off just 18 balls to help MI set an impressive total of 203/6 in their 20 overs.
Kyle Jamieson was the pick of the bowlers for PBKS picking up a wicket and conceding just 30 runs in his four overs.
Everyone else was around the 10-run per over mark, with Azmatullah Omarzai the only one to pick up more than a single wicket with the scalps of Hardik Pandya and Dhir.
The PBKS innings got off to a bit of a shaky start when Prabhsimran Singh took nine balls before being dismissed for just six by Trent Boult and Priyansh Arya followed soon after with a score of 20 from 10 balls.
However, the middle order and Iyer in particular showed their class to lead the PBKS to an impressive five-wicket win.
Josh Inglis came in at first drop and contributed 38 off 21 balls and shared a good partnership with Iyer who ended the match not out on 87 from 41 balls with eight sixes.
Nehal Wadhera picked up where Inglis left off when he was dismissed by Pandya and raced to 48 off 29 balls before he was caught by Mitchell Santner off the bowling of Ashwani Kumar.
The tail end of the order was able to do their job and hang in there while Iyer blasted his side to victory with a full over to spare.
Kumar was the pick of the bowlers for MI with figures of 2/55 from his four overs but there is no denying he was expensive.
Boult kept things relatively tight with figures of 1/38 from four overs but MI would've been hoping for more from him in the wickets column.
Virat Kohli and Shubman Gill have emerged as two of the standout examples of how elite batters are adapting to the rapidly changing demands of IPL 2026, a season that has redefined scoring standards.
Axar Patel believes SunRisers Hyderabad have the firepower to win the IPL title this season, with the Delhi Capitals captain highlighting the team's explosive top order as a decisive factor.
KL Rahul signed off his IPL 2026 campaign in aggressive fashion on Sunday, smashing a 30-ball 60 for Delhi Capitals against Kolkata Knight Riders at Eden Gardens.
Jofra Archer delivered a match-defining all-round display as Rajasthan Royals beat Mumbai Indians by 30 runs at the Wankhede Stadium to secure a playoff berth, while Delhi Capitals closed their season with a 40-run win over Kolkata Knight Riders.
