Mr. S.L. Advani our Founder and Chairman was a designer of steam boilers in an Indian company between 1963 and 1972. He took up the challenge of manufacturing India's first Steam Boiler and successfully designed and manufactured a steam boiler from scratch. Later, while expanding tubes in boilers, he realized that Tube Expanders were not easily available in India. He perceived this to be an opportunity :
Hence, POWERMASTER was born in 1972 with Tube Expanders as its only product. The initial years were filled with struggle with long periods of time where there was not enough money to take home a salary. The founder persevered and the company grew, slowly but steadily.
By the year 1980, Powermaster had expanded into Tube Cleaning equipment for boilers and pans in Sugar Mills. With over four hundred sugar mills in India, and since most Boiler Tube Cleaners were imported from the U.K., the Founder sensed the opportunity. "Today, fortunately we export our tools to some of the same manufacturers who exported similar tools to India twenty years ago".
In 1984, the Indian automotive industry started showing the first signs of liberalizing. This threw up new opportunities and Powermaster looked to broaden its product offerings. Keeping in mind the founding principles of whether Powermaster could add value to its potential customers, Powermaster designed and started selling a line of Spring Balancers used to effortlessly suspend loads. These found application in the fast growing automobile industry. Our automotive customers lead Powermaster engineers to develop other products that they needed like Impact Sockets, Torque Wrenches and Multipliers. This lead to the birth of our Third and probably the most important division – the Bolting Product line.
In the early nineties, Powermaster had established itself as the premier company in India for its products with the majority of market share. It was time to look outward and dream bigger. Mr. Dinesh Advani was a student in the US and his father asked him to explore whether there was an opportunity to sell Powermaster products in the USA. What followed was a revelation – similar products made in the USA were selling at 6 to 10 times the price of what Powermaster sold them for in India. This was a huge opportunity !
The 1990’s were a decade of filling the gaps in the Tube Tool product line, spending long periods of time establishing distribution worldwide and growing the Tube Tool division into the largest producer of these products in the world. All along, Powermaster did not loose focus on cost and was able to convert thousands of customers worldwide into using its products as Powermaster was able to save them a lot of money compared to their previous suppliers. Most customers of Powermaster today are repeat customers and have been so for more than a decade.
Powermaster was always on the look out to “move up the value chain”, as older products ran the risk of becoming “commoditized”. With oil refining capacities in India being planned to increase and a greater emphasis being placed on energy security among all countries, it was time to think about a broadening of the Bolting product line. Powermaster products were already being used in refineries, power plants and in other heavy industries all over the world. These industries often needed more specialized and automated tools for maintenance. It made sense to broaden the product offering to include Bolt Tensioners, Nut Cutters and Flange Spreading equipment. The Bolt Tensioner product line, showing remarkable growth, lead to sub lines of Tensioners for Turbines, Sub Sea flanges, Windmills and other specialized applications. Lots of customers did not want to invest capital in some of these expensive equipments, so Powermaster gave them the option of renting the equipment which continues to be a high growth market with a promising future.
The tube and pipe facing and beveling machines were a perfect fit for existing customers and helped introduce another vertical for Powermaster in 2005.
2011 marked the introduction of the Hydraulic Torque Wrench product line which was probably the only gap in one of the most comprehensive maintenance product lines available from any manufacturer in the world. Powermaster was now able to cater to complex requirements of customers and was able to offer end to end solutions when it came to Bolting and maintenance related activity whether it was to sell, rent or provide manpower services along with Powermaster equipment.
Powermaster products are used in over 120 countries worldwide. They are sold through a network of over 90 distributors worldwide, Powermaster direct sales offices and exclusive sales agents.
With its broad product offering with each product line being distinctly housed and managed by a team of professional managers, Powermaster is positioned well to take advantage of the numerous opportunities that lie ahead in its journey.
Powermaster will continue to improve its business model and continue to strive to maintain high ROCE ( Return on Capital Employed ). Powermaster will use surplus cash flows to invest in growing the Powermaster brand worldwide and add distribution points to the growing Powermaster family.
The Powermaster acquisition policy will help identify and possibly add companies operating with similar products line under the Powermaster umbrella. Coupled with organic growth, Powermaster having consolidated its product lines is now poised for industry leading growth rates over the next 3 to 5 years.