ICICI Securities raises BlackBuck target to ₹675 and recommends buy

Business Oct 30, 2026

ICICI Securities just bumped up its target price for BlackBuck to ₹675 and is recommending a buy.

The company's main businesses are growing fast, over 30% year over year, with telematics leading the charge at more than 50% growth.

AIS mandates have also aided telematics growth and improved the subscription revenue outlook in the medium term.

BlackBuck growth businesses up 166%

BlackBuck's platform is seeing more action: Monthly users are up 13%, and more customers are using multiple services.

Growth businesses grew by 166%, led by AI-powered productivity in Superloads, though this did put some pressure on profit margins.

Management sounds upbeat about the future, especially with vehicle finance aiming to break even by fiscal 2027 and minimal impact due to MDR on UPI.