Blackbuck target price set at Rs 775 in 2025

ICICI Securities reiterates Buy on Blackbuck

ICICI Securities has maintained a Buy rating on Blackbuck and set a target price of Rs 775 per share in a research report dated November 6, 2025. The brokerage’s stance comes after a sharp run-up in the stock, which it said has moderated the risk-reward balance. Even so, ICICI Securities pointed to continued momentum in the core business and growth in newer verticals as key drivers behind the revised target. The report frames Blackbuck as a new age logistics company with expanding product lines across tolling, telematics, and newer businesses. It also highlights that valuation has been rolled forward by six months using a three-stage discounted cash flow approach.

Stock performance and key trading levels cited

As of November 12, 2025 (03:59 PM), Blackbuck closed at Rs 693.00, according to the data provided. Over the past six months, the stock was up 70.56%, and over the past one year it had gained 166.49%. The 52-week low was Rs 248.35 and the 52-week high was Rs 748.00. ICICI Securities also referenced a market price context of around Rs 666, implying an upside of roughly 16.5% to the Rs 775 target at that point. Separately, the data set notes a current price of Rs 667.75, up 1.29% in the past 24 hours, reflecting intraday variability around similar levels.

Q2FY26 performance: revenue growth led by core segments

ICICI Securities said Blackbuck’s Q2FY26 results surpassed expectations and highlighted 37% year-on-year revenue growth, led by tolling and telematics. In the same material, a more specific revenue disclosure states the company posted Rs 1.5 billion of revenue, described as a 53% year-on-year increase and a 5.2% quarter-on-quarter rise. (Converted to a single base unit: Rs 1.5 billion equals Rs 150 crore.)

The note further breaks down operating performance by segment. Core business segments such as tolling and telematics were cited at Rs 1.2 billion in revenue, up 36.7% year-on-year. (Normalized: Rs 1.2 billion equals Rs 120 crore.) Growth verticals including Superloads and vehicle financing were described as having grown 226.2% year-on-year, underscoring faster expansion from a smaller base.

Core momentum: fuel sensors and new businesses

The report also mentions that in Q2FY26, core revenues grew about 37% year-on-year, supported by 55% quarter-on-quarter growth in fuel sensors. New businesses were described as growing more than 2x year-on-year and 19% quarter-on-quarter, led by Superloads and vehicle financing. These details are used to support ICICI Securities’ view that growth visibility remains strong even after the stock’s sharp appreciation. The report’s central argument is that operating leverage can improve over time as scale rises, although near-term costs can compress margins.

EBITDA pressure flagged amid investment cycle

While the revenue narrative is positive, ICICI Securities noted margin pressure in the quarter. EBITDA was stated to have declined about 9.6% quarter-on-quarter in Q2FY26, attributed to investments into future growth and annual salary increments. The brokerage said this has introduced caution, particularly because the stock has already re-rated after a strong rally. In its words, the recent run-up has weakened the risk-reward skew, even though the Buy recommendation is maintained.

Valuation framework behind the Rs 775 target

ICICI Securities said it raised the 12-month target price to Rs 775 after rolling forward its valuation by six months. The valuation was described as a three-stage DCF model, and the target implies an around 40x one-year forward EV/EBITDA multiple. The report argues that this is supported by strong growth visibility. Alongside the target, the material also includes tactical levels: accumulation in the Rs 640-660 band, initial resistance near Rs 720, and a stop-loss at Rs 620.

Ambit’s Superloads scenario analysis adds another reference point

Apart from ICICI Securities’ call, the provided material also includes a separate scenario-based framework from Ambit focused on Superloads. Ambit expects Superloads to reach $1.8 billion in gross transaction value by FY42, around 3% of the estimated target market. It values Superloads at Rs 220 out of a Rs 885 total target price. In a bull case where Superloads reaches 8% of the market, Ambit’s target price could rise to Rs 1,241. For the rest of the business, Ambit values Blackbuck at Rs 665, citing profitability improvement and operating leverage.

Market metrics: valuation multiples and market cap snapshot

The dataset provides standard valuation markers as of Nov 12, 2025 (03:59 PM). Blackbuck’s P/E was listed at 40.29 and P/B at 9.06. Market capitalisation was stated at Rs 12,523.90 crore. These figures help contextualise why brokerages flag entry timing as important after a steep price move, especially when EBITDA is temporarily under pressure due to investment.

Analyst range and upcoming reporting references in the dataset

The provided analyst aggregation notes that Blackbuck’s one-year forecasts include a maximum estimate of Rs 740 and a minimum estimate of Rs 507, based on the gathered opinions shown. It also states an analysts’ target of Rs 615.83, with the same max and min estimates listed as Rs 740 and Rs 507. Separately, the dataset references a next earnings report date of Nov 5, 2025, and an EPS estimate of 1.84 INR, while also indicating that the next quarter revenue is expected to reach 1.43 billion INR (normalized: Rs 143 crore). These items are presented as part of the data feed and may reflect different sources and timestamps.

Key facts at a glance

Why this matters for investors tracking logistics-tech stocks

The ICICI Securities note shows how quickly sentiment can shift in high-growth, new-age listings once the stock price runs up. On one hand, the report highlights strong growth in tolling and telematics and rapid scaling in newer verticals such as Superloads and vehicle financing. On the other, it also records a near-term EBITDA dip linked to investment and wage hikes, and it openly notes that the margin of safety has narrowed. The specific entry, resistance, and stop-loss levels included in the material indicate that the recommendation is not only about fundamentals, but also about managing timing and downside risk in a volatile price environment.

Conclusion

ICICI Securities’ Rs 775 target and Buy recommendation position Blackbuck as a growth-led logistics-tech play, while explicitly acknowledging near-term margin pressure and a tighter risk-reward after the rally. The dataset also provides alternative reference points from other analyst summaries and Ambit’s Superloads-led scenario analysis. Investors tracking the stock will likely watch the company’s next reported results and whether revenue growth sustains while profitability stabilises after the current investment phase.