BLS International Services — fundamentally strong, but why is the market still discounting it?

BLS International Services — fundamentally strong, but why is the market still discounting it? I've been looking into BLS International Services and I'm struggling to understand the current valuation. On paper, the company looks quite strong: • FY22–FY26 revenue CAGR of \~25% • FY26 revenue: \~₹2,998 Cr, up \~37% YoY • FY26 PAT: \~₹724 Cr, up \~34% YoY • FY26 EBITDA: \~₹819 Cr • Strong cash generation • Net cash position of \~₹1,617 Cr • Asset-light business model • Relatively low debt / strong balance sheet • ROE around 30%+ • Current P/E appears relatively reasonable compared with many other quality growth companies • iDATA and Citizenship Invest acquisitions have expanded its international visa/mobility business • The company claims to be among the top global visa/consular service providers, with 46+ government clients and operations across 100+ countries. Yet the stock is trading around ₹237–₹238 currently, substantially below its recent high of \~₹372. What I'm trying to understand is: What exactly is the market pricing into BLS at these levels? I know there have been concerns around the company, particularly: The MEA debarment issue in October 2025. However, the MEA debarment was subsequently set aside by the Delhi High Court, and the company's FY26 numbers remained strong. So I'm wondering: Is BLS genuinely undervalued here, or is there something fundamental that I'm missing? For people who have followed BLS closely: • What is the biggest bear case today? • Is the current valuation discount justified? • How sustainable are the current margins and cash flows? • How much of the future growth is dependent on winning new government contracts? • Are the iDATA/Citizenship Invest acquisitions creating genuine long-term value? • Is the market concerned about management/governance or capital allocation? • At current levels, would you consider BLS a good 3–5 year investment, or would you wait for further clarity? I'd particularly appreciate comments from people who have followed the company for several years rather than just looking at the recent correction. What am I missing?