Thanks for your reply,
I changed engine oil to Shell 10W-40 not far ago, and it has done only ~600KMs so far.
Before it, I used Caltex, same 10W-40, but it was the only oil which started to reduce after running for about 3,500KMs and I kept it for nearly 4,000KMs. It went to low level on dip stick when I changed it. And I guess this is when I started noticing ticking sound.
The reason I switched from ZIC was its cost, 1800Rs. for 4L when I first bought it, now it is 3,800Rs. I have used ZIC 10w-40 for almost 3 years, Aisin once and another odd brand once, then Caltex and now Shell.
I followed a video which said that it could be from advance timing of spark, I made a small change to spark timing yesterday, in morning when I started, sound was not too much like before, but it was there for almost 2 mins, then it went away.
I will keep check on it, maybe retard spark timing a bit more after few days to see if it helps. If that didn't fix it, I will definitely change engine oil back to ZIC or Aisin 10W-40.
Edit: According to Pajero Mini service manual, 5W-30 oil is not recommended for turbo charged engine. I'm going to stick with 10W-40, just gonna change brand if that'll be the case, or maybe use semi-synthetic one.