We believe all the positives are priced in. Hence, maintain NEUTRAL with a revised TP of Rs 918 (23x on consol Jun-19E EPS). Endurance Technologies (ENDU) consol 1QFY18 results beat estimates on strong revenue traction (+8% YoY) and margin expansion (+83bps YoY). Strong 2W demand, regulatory changes, premiumisation trend and rising revenues from Hero and HMSI will help proprietary product revenues to post 20%+ CAGR over FY17-20E. ENDUs focus on reducing dependence on Bajaj is progressing well, with the latters contribution to sales coming down to 33% in 1QFY18 (vs 37% in FY17).