Asking me to pick one of the Indian powers is always going to end up with a long list

I maintain that forming
Mughals is best done as one of the lesser Timurid princes.
Transoxiana for an easier one,
Afghanistan for a harder
Sirhind is interesting, as mentioned by
@KaiserJohan , and there you can also compare youre rate of expansion to the historical pace of Bahlul Lodi.
The powers that have always been fun like
Gujarat,
Bengal,
Bahmanis and
Vijayanagar are still interesting.
Two powers that benefit from the new content a lot IMO are
Mewar and
Malwa.
I also think taking over one of the powers in the Indian Tribal belt is more interesting than it has been before, with the ability to form both
Orissa and
Nagpur 
Conquering India as a European power (there are many nice ones to pick from really) was always fun, and it is now also easier to benefit from it due to the new trade node setup and the trade company investments.
Like
@DDRJake I plan to do a Taungu game at some point as well, marvelling at the elephants and enjoying the new missions.