Tata Communications shares gain 3.8% as CLSA, Macquarie highlight strong digital services growth and stable long-term margin outlook.

• CLSA sees 10–15% CAGR in data revenue, EBITDA through FY28; maintains ₹2,100 price target with “outperform” rating.
• Macquarie cites global data demand, cloud migration, and localisation as growth drivers; notes execution risks.
• Q1 consolidated income rose 6.4% YoY; Tata Comm up 5.4% YTD, average analyst rating remains “buy”.