Lohit, the cutoff for colleges is on the basis of MAT score and not percentile. With a 40 percentile, I believe your composite score would be around 505 - 510.

Some colleges that accept a score of 500+ in MAT have been listed below:

• MS Ramaiah Institute of Management, Bangalore
• ITM Business School, Navi Mumbai
• Jaipuria Institute of Management, Noida
• IMS, Ghaziabad
• Acharya Institute of Management and Sciences, Bangalore

Although MAT score is just a shortlisting criteria. There are other factors like your academic performance, job experience, etc that are crucial for getting the college.

For more details regarding MAT score cutoffs in the top B schools, you can visit: https://bschool.careers360.com/articles/top-b-schools-accepting-mat-scores-and-cutoffs/amp