The pilot was flying an NDB approach to Runway 32, with a 10 kt tailwind, in IMC. At MDA, having not acquired any visual references, the pilot commenced a go-around. Shortly thereafter the pilot saw the Precision Approach Path Indicators (PAPIs), discontinued the go-around and continued to land. The aircraft landed approximately 200 m from the threshold of the 603 m long runway. Believing the aircraft was too fast to stop before the end of the runway the pilot steered it to the right. The aircraft left the paved surface at the end of the runway onto grass at its edge. There were no injuries.