Orica Ltd

ORI: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Our Investment Thesis for Orica Rests on Margin Growth

Mark Taylor

Mar 10, 2026

Business Strategy and Outlook

Orica has expanded its mining services business around a leading global market share in explosives. Earnings are leveraged to mining volume and commodity prices. The Australian explosives duopoly affords relatively high margins and returns founded on three- to four-year contracts in addition to longer-duration and lower-margin contracts.

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Orica Ltd

Our Investment Thesis for Orica Rests on Margin Growth

Business Strategy and Outlook

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