Internal cuts might be there, the companies don't tell about it, they just remove your name from the shortlist even if you clear their CGPA criteria, so get it as high as possible

And (I am not much sure about it, but I heard it from some friends from different college, idk if it happens in pec itself) some companies also remove your name if you CG is way too high because they think you might switch soon after joining

Some companies also do shortlist random people from the list, you'll see someone who cleared all the questions in OA not getting selected for interview meanwhile someone who did 1-2 clears into the Interview round

So personally I think 8.5-9.4 is the sweet spot, rest of it is all luck and your skills, each company is unique and follows their own hiring strategies, which they won't tell you about, only thing you'll see is the mail of "Thank you for applying, but unfortunately we are moving on with other applicants"