Last year my brother tried for conversion, so I think sharing his experience might give you a clear idea.
Once the interview shortlists is released, the shortlisted candidates usually form a WhatsApp group to prepare for the GD-PI. Find similar groups on the education network and join them if you get a call.
The Chances of Conversion are possible if you get a call. A good XAT score certainly helps, but before, people have simply cleared the XAT cut-off and made it to the institute. Now you have to stand out among others.