I've been preparing for slightly over a month and getting in 40-55%ile in CAT mocks. I also gave NMAT mocks a try and scored 225. Should I drop an year or start looking into something else?

First attempt CAT bro! 2020 is an year of uncertainty anything can happen!!!!

you will score well in CAT 2020, don't worry, go with positive head and crack this CAT

Dont worry! There are many more exams which you can do well. Just be positive and have a leap of faith. Best of luck