It is better to do MBA. Though, it depends on: in which organization you are working and are you willing to stick to the same forever.
I would share my experience:
I work in a top most Indian IT firm and like most - this is a service based firm.
My role was of a developer when I joined, but for my good work, I got promoted to Business Analyst Role.
For an Analyst Role in IT services, you need an MBA degree. Anyway, I worked hard and better than MBAs for 1 more year. Then contract of my firm and the client got terminated for some reason and I was back to the common pool. To my surprise, even if my Managers knew my job and caliber, they could not push me to another Analyst role again. The reason was- client needed an MBA. And I was back to square one.
This might not happen to you, but it is better to consider all possibilities.
"Appreciation is a wonderful thing. It makes what is excellent in others belong to us as well."
Press Kudos, if I have helped.