Colleges may call depending on numerous variables. IIMs rarely call candidates without a 95+ percentile. IIMs exclusively accept top academic and overall candidates. Other colleges like FMS, XL, SPJIMR, and MDI assess the candidate's whole profile, giving them a little edge. These institutions consider work experience, extracurriculars, and leadership skills in addition to academic performance. 

Even after being accepted to a top college, a candidate's academic performance may affect their placements, which could damage their job chances. The only thing candidates can control is their CAT/XAT score. So they should try their best and then decide.