YES, with a GATE score of 534 out of 1000, you do have a chance of securing admission to BITS Pilani (Pilani or Hyderabad campus) for the M.Tech. in Microelectronics or M.Tech. in Embedded Systems program. However admission in  BITS Pilani is quite competitive because the cutoffs vary based on several factors. Here i am telling you some previous year cutoff for BITS pilani

• typically, BITS Pilani considers GATE scores and other criteria for M.Tech admissions. For Microelectronics and Embedded Systems, the cutoff may vary each year. In the past, the cutoff scores have ranged from 500 to 700+ for some branches.
• Generally BITS pilani having higher cutoffs than hyderabad campus so it might be easy for you to take admission in Hyderabad campus.

If you are aiming for BITS Pilani and are unsure whether your GATE score will be enough for the program you're interested in, you might want to consider preparing for the BITS HD exam. The BITS HD (Higher Degree) exam is an alternative route for admission if you don’t meet the cutoff for direct GATE-based admissions.