With a CMAT percentile of around 92, you do have a reasonably competitive entrance score. However, the main challenge in your case is the 50% marks in graduation, as most government MBA institutes, including SVNIT Surat, have strict minimum eligibility criteria for academic performance.
SVNIT Surat (through its Department of Management Studies) generally requires candidates to have at least 60% marks (or 6.5 CGPA) in graduation for General and OBC categories, and around 55% for SC/ST/PwD candidates. If you belong to the General or OBC category, a graduation score of 50% would unfortunately make you ineligible, irrespective of how good your CMAT percentile is. In such cases, the application itself may get rejected during document verification.
If you belong to the SC/ST category, there may be a narrow possibility, but even then, admission is not guaranteed. Apart from meeting the minimum percentage, SVNIT also considers factors like institute-level cut-offs, availability of seats, category-wise competition, and performance in subsequent stages like group discussion or personal interview (if applicable). With a lower graduation score, your chances would still be on the weaker side even with a 92 percentile.
That said, your CMAT score is strong enough to fetch you good MBA options elsewhere. Many AICTE-approved private universities and some state universities are more flexible with graduation marks (often accepting 50% or above) and place higher weight on CMAT performance. Institutes such as BIMTECH (select programs), Jaipuria Institute of Management, IFMR GSB (Krea University), XIME, Welingkar (some profiles), and several state government universities through CMAT counselling could be realistic options for you.
In summary, SVNIT admission is unlikely with 50% graduation marks, especially if you are from the General or OBC category. Your best strategy would be to focus on CMAT-accepting colleges where eligibility is 50% in graduation, prepare well for interviews, and highlight your strengths, work experience (if any), and clarity of career goals to improve your final selection chances.