As others have said, yes. I think that your math SAT is quite low specifically for MIT.
One thing that I wonder about, how have you done in math classes in high school? For students wanting to go to MIT, whether you get A’s, A+'s, or A-'s in math and science classes is likely to matter, particularly when you have 740 on the math SAT. Have you taken any SAT science or math subject tests? If so, how did they go?
How many of the questions on the math SAT test did you consider difficult? Did you run out of time, or did you miss several questions? Did you take the SAT more than once?
740 is in general a very good math SAT score. However, it is not good for MIT (nor for Caltech). From personal experience I can assure you that math classes at MIT are way, way more difficult than the math section of the regular SAT exam.
MIT is going to have plenty of applicants from India who have 800 on the math SAT test, and who also have ECs that are very strong. I do wonder whether you should just focus on other schools.