Hello @aswin l ,
I checked out IoT Central to see what options are available.
I create a test template with location telemetry in the device template and added a map to display it:
A simulated device generates a location:
The pin is blue indeed.
The map widget has no options to change the color:
Even customizing the app color (accent and header) do not change this.
At this moment, it is not possible to change the color of this pin.