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Well there a good number of Institutes that consider CMAT scores like
*GIM, Goa
*LN Welingkar Institute of Management Development and Research, Mumbai
*Great Lakes Institute of Management, Chennai
*XIME, BANGALORE
*BIT, MESRA
However these colleges usually have a good cutoff (high). When you are talking about 40 percentile, you can consider colleges like
*National Institute of Agricultural Marketing (NIAM), Jaipur
*Shri sant Gajanan Maharaj College of Engineering, Buldana
*Indira School of Business Studies, Pune
Hope this helps..
By the way, I have assumed that you are talking about 40 percentile in CMAT and not 40 percentage because in question you have mentioned 40%, so I have answered your query with this rectification. For any further query, feel free to post.
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