Endurance Technologies (ENDU) consol 4QFY17 results were a mixed bag. Top line and PAT numbers beat estimates, while margins at 12.8% came in slightly below expectations. Strong 2W demand, regulatory changes, premiumisation trend and rising revenues from Hero and HMSI (both currently contribute only 11% to revenues) will help proprietary product revenues to post 20% CAGR over FY17-20E.