Revenue growth FY 2020 to 2022: 331%
2022 revenue: $8.71 million
In-house focus: US Hydrovac Inc., which is a Fast 25 company for the second year in a row, is devoting 2023 to “gaining efficiencies,” President Kuldip “KP” Panchal said. That means “optimizing what we do and how we do it,” developing its workforce and focusing on training and development. “Take care of your people,” he said, “and they’re going to take care of you.”
In demand: Hydrovac is a method of nondestructive digging using water to liquify the ground and a vacuum system to suck it up. Panchal attributes US Hydrovac’s continued growth to getting many new customers. “In the market we’re in, it’s nothing but growing—both construction as a whole and with the federal infrastructure act, which is pumping a lot of resources and money into things like pipe rehabilitation.” He said the company now has a solid reputation and this year “will be the number one player in the market for what we do.”
New HQ: US Hydrovac moved into its new headquarters on Girls School Road in fall 2022. The building was an AT&T data center, and it “perfectly fit our business model,” Panchal said. The company now has 40,000 square feet of shop space and 5,000 of office space that will enable it to grow for the next five to 10 years. There also is an extra 4 acres of undeveloped land in the back.
Going forward: Panchal said the company has plans to expand regionally starting in 2024. It currently serves almost all of Indiana, and within a year or two, he wants to branch out to the bordering states.
Good opportunities: Panchal said the average age of a US Hydrovac field worker is 25-30, and last year he had a 20-year-old employee making more than $100,000 a year. “I like letting kids know there’s a lot of opportunities out there in construction—very well-paying opportunities,” he said. “A degree is not always necessary. There are plenty of other avenues to make a really good living. Not everyone wants to sit at a desk and work on a computer all day.”•
Check out more of IBJ’s ranking of Indy’s fastest-growing companies.