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Orica Ltd ASX:ORI

Mining Services Mining Technology Margin Expansion Copper Mining

3 opened or increased8 held3 reduced or exitedlatest position by manager, past 12 months90 days: 0 increased, 1 reduced. 16 managers in total.

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202420252026

2 Mar 2026 to today

Commentary Showing 2 of 34

DateManagerActionSummary

6 Oct 2026Pendal GroupHeldPendal Group continues to hold Orica Ltd (ASX: ORI) after the explosives and mining services company updated the market on securing North American ammonium nitrate supply contracts for FY27. Shares rose 1.4%. Pendal notes that although Orica's cost base is expected to increase, management does not expect a material margin impact, which Pendal views as a good outcome given tight market conditions and a reflection of supply chain resilience. Management also pointed to broad strong performance across the business. Separately, the timeline for the sale of the Deer Park Lot 2 property has been extended as property market conditions deteriorated after recent interest rate rises and policy changes in the Federal Budget.

Mining ServicesNewsletter, price recorded $23.58

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30 Sep 2026Investors Mutual LimitedReducedInvestors Mutual Limited reduced their position in Orica Ltd during the September 2026 quarter as the commercial explosives and mining services company's share price appreciated. The share price was approximately $23.46 at the time. The decision reflects the manager's disciplined approach of trimming holdings that have risen in value. The commentary does not provide further detail on the manager's view of the company's outlook.

Mining ServicesQuarterly Report, price recorded $23.46

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32 more comments on ORIPro shows every comment, with a link to each source document.

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Price at first mentionThe share price recorded when each of 16 managers first commented on ORI.

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Articles

About Orica Ltd

Materials, Chemicals

Orica (ASX:ORI) is a global mining explosives leader that has re-rated on strong results and growing adoption of its premium technology. In June 2026, Investors Mutual reported the shares rose almost 20% in the quarter after a record half-year result, with underlying profit up 8% on uptake of premium blasting products and digital solutions. Pendal Group noted Orica reached a final investment decision on its Hunter Valley Hydrogen Hub, backed by substantial government funding. Medallion Financial rated the stock a hold, cautioning that valuation sits near the top of its long-term range. Orica operates in the Materials sector within the Chemicals industry, and Thesis Tracker has captured 31 comments from 15 fund managers, including Investors Mutual, Pendal Group and Medallion Financial. Founded in 1874 and headquartered in Melbourne, Orica manufactures commercial explosives, blasting systems and digital mining solutions for mining and infrastructure customers worldwide.

Market cap: $10.4b
Price to earnings: 43.8x
Return on equity: 6.6%
Dividend yield: 2.6%
Price to book: 2.83x
Net margin: 3.1%
52-week range: $18.58 to $26.47

Company figures as of 15 Oct 2026. For information only.

Questions

Who is investing in Orica Ltd (ASX:ORI)?

Fund managers including Cooper Investors, Wilson Asset Management, Equity Trustees Asset Management, Yarra Capital Management, Ten Cap, Pengana Capital Group, Pendal Group, Investors Mutual Limited, Paradice Investment Management, Ellerston Capital, Oracle Advisory Group, Airlie Funds Management, Centennial Asset Management, Medallion Financial, Vertium Asset Management and ClearBridge Investments have invested in Orica Ltd (ASX:ORI).

What opportunities or catalysts do fund managers highlight for Orica Ltd?

Managers highlight earnings growth from premium blasting products and digital technology even when volumes fall, with Pendal noting first-half EBIT rose 5% despite a 4% volume decline and beat consensus. Investors Mutual points to record results, and the Hunter Valley Hydrogen Hub, supported by a 10-year ARENA funding package, offers a longer-term decarbonisation growth option.

What are the key risks to the Orica Ltd investment thesis, according to fund managers?

Medallion Financial cautions that Orica's valuation is the highest it has been in some time and near the top of its historical range, after years of sideways performance since the mining boom. Pendal flagged market concern about higher costs from Orica's new US ammonium nitrate supply contract, and volumes remain tied to mining activity.

What does Orica Ltd (ASX:ORI) do?

Orica Ltd., founded in 1874 and headquartered in Melbourne, Australia, provides mining and infrastructure solutions. The company manufactures commercial explosives, blasting systems, and mining support systems, while offering specialized chemical products and technical services. Orica operates through six segments: Australia, Pacific, and Asia (APA); North America; Latin America; Europe, Middle East, and Africa (EMEA); Digital Solutions; and Global Support. The firm supplies essential technology and services to global mining and infrastructure markets, focusing on blasting, tunneling, and digital operational support.

General information only. Thesis Tracker reports what named fund managers have published about ASX companies. It does not take into account your objectives, financial situation or needs, and is not financial product advice or a recommendation to buy, sell or hold any security.

11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.

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