Dear Aspirant,
Yes there are chances of you getting at SP jain with 87 percentile, if you are shortlisted in the portfolio based phase of selecting. Ok let us understand how it works.
SP JAIN has two ways of selecting candidates first is portfolio based, that if you has good academics and performed exceptional well in some activities and your performance at GDPI. And if you make through the list than you just need more than or equivalent to 85% percentile in XAT or CAT to remain eligible.
Second way of selecting is portfolio + entrance exam. The safe score in that case for CAT is 95% + and through GMAT the safe score is around 650-680..
Here is the article for any other details.
https://www.careers360.com/colleges/spjimr-mumbai
Hope this information helps..
All the best!! :)
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