This Jhunjhunjwala stock nears 52-week high but CLSA, ICICI Securities expect more upside  

Shares of Tata Communications trade near their 52-week high reached on May 26, 2026. Tata Communications shares stand at Rs 1,963.45, lower than the yearly high of Rs 2050. Market cap of the firm stands at Rs 55,958 crore. Brokerage CLSA believes the stock is likely to rise over 30% in a year and reach a target price of Rs 2600. The brokerage has an outperform call on the Tata stock.

Rekha Jhunjhunwala, wife of late investor Rakesh Jhunjhunwala held 1.58% stake or owned 45 lakh shares in the Tata Group firm at the end of March 2026 quarter. 

According to the brokerage, Tata Communications data business revenue is now comparable to Bharti’s Airtel Business. Moreover, Tata Communications' digital services (50% of its total data revenues) is 66% bigger compared to Bharti’s portfolio and both are growing at 20% YoY.

However, the brokerage notes that Tata Communications data business EBITDA is merely 44% of Bharti’s division with TCom’s margin lower by a wide 24 percentage points. Hence, it finds Tata Communications new CEO’s focus on prioritising profitable growth a key positive.

The brokerage notes that the firm's FY26 cash flows and free cash flows have expanded. It also cites company's compelling valuations behind bullish stance. 

In terms of technicals, the stock has a RSI of 59.2 indicating it is trading neither in the overbought nor in the ovwersold zone. 
Tata Communications shares trade higher than the 5 day, 10 day, 20-day, 30 day, 50-day, 100-day, 150 day and 200-day moving averages.

Another brokerage ICICI Securities has a price target of Rs 2,100 on the stock. 

"We tweak our FY27/28E EBITDA by 1–2%, while a higher EPS cut is due to higher effective tax rate assumption. Our SoTP-based TP is revised to Rs 2,100 (vs. Rs 2,250 earlier) while we keep the core business EV/EBITDA multiple unchanged at 12x. Maintain BUY," said ICICI Securities. 

The new management is prioritising sustainable and profitable growth, with a strong emphasis on long-term value creation. It sees significant opportunities arising from the growing demand for supply chain digitalisation and the adoption of AI agents across various services. The brokerage also believes there is considerable room to strengthen communication and increase market awareness of TCom’s products and capabilities, especially in the area of AI-driven solutions and enablement.