olivLaw · US equity research
BrilliA Inc BRIA
Apparel & Other Finishd Prods of Fabrics & Similar Matl · SIC 2300 · Vertical: Apparel & Other Finishd Prods of Fabrics & Similar Matl (SIC 2300)
BrilliA Inc is a supplier of ladies' intimate apparel that works as a sales and marketing entity for customers in the US and Europe and coordinates production through third-party manufacturers. In fiscal 2026 sales fell sharply, and the company is trying to diversify through the DIANA brand and a Jockey licence in Indonesia; revenue was 48.99 mil USD, down 23.92% in the same year.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, BrilliA Inc (BRIA) stock was 1.38 USD (−3.29% on the day), with market capitalisation 34.5 m USD, P/E 11.5 on diluted EPS of 0.12 USD over the last 12 months, dividend yield 9.13%, beta 0.36, 52-week range 1.10–2.27 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 47.9
- neutral
- Bollinger (20, 2)
- 1.34 – 1.45
- in the lower half of the band · %B 0.37 · band width 8.4%
- SMA 50 / 200
- 1.40 / 1.62
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- 0.00 / 0.00
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −1.4% | −1.1% | −0.3 pp | — |
| 3 months | −0.7% | −0.5% | −0.3 pp | — |
| 6 months | −20.7% | +4.4% | −25.1 pp | — |
| Year to date | −13.2% | +12.3% | −25.5 pp | — |
| 1 year | −24.6% | +13.5% | −38.1 pp | +10.9% |
| 3 years | unavailable | +76.4% | unavailable | +15.2% |
| 5 years | unavailable | +63.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 0 percentile of its own 1-quarter history (min 16.7, median 16.7, max 16.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 52.9 m | 56.0 m | 64.4 m |
| Revenue YoY | unavailable | +5.7% | +15.1% |
| Net income | 4.4 m | 3.3 m | 2.8 m |
| Net income YoY | unavailable | −24.6% | −14.2% |
| Diluted EPS | 0.19 | 0.15 | 0.12 |
| Diluted EPS YoY | unavailable | −21.1% | −20.0% |
| net % | 8.2% | 5.9% | 4.4% |
| Free cash flow | 11.1 m | 87.0 k | -4.6 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Mar 2025
- Cash
- 7.7 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 18.1 m USD
- Total assets
- 28.4 m USD
- Debt / equity
- unavailable
- Current ratio
- 2.84x
- ROE
- 21.5%
- ROA
- 10.1%
- FCF margin
- -7.1%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 52.9 m | 56.0 m | 64.4 m | SEC (XBRL)· 22 Jul 2025verified |
| Cost of revenue | 28.5 m | 30.7 m | 35.5 m | SEC (XBRL)· 22 Jul 2025verified |
| Gross profit | 9.1 m | 8.6 m | 10.4 m | SEC (XBRL)· 22 Jul 2025verified |
| Interest expense | 31.0 k | 9.0 k | 116.0 k | SEC (XBRL)· 22 Jul 2025verified |
| Pre-tax income | 5.2 m | 4.0 m | 3.6 m | SEC (XBRL)· 22 Jul 2025verified |
| Income tax | 885.0 k | 705.0 k | 800.0 k | SEC (XBRL)· 22 Jul 2025verified |
| Net income | 4.4 m | 3.3 m | 2.8 m | SEC (XBRL)· 22 Jul 2025verified |
| Diluted EPS | 0.19 | 0.15 | 0.12 | SEC (XBRL)· 22 Jul 2025verified |
| Weighted average diluted shares | 22.5 m | 22.5 m | 23.3 m | SEC (XBRL)· 22 Jul 2025verified |
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 9.0 m | 6.4 m | 7.7 m | SEC (XBRL)· 22 Jul 2025verified |
| Receivables | — | 12.2 m | 10.4 m | SEC (XBRL)· 22 Jul 2025verified |
| Inventories | — | 7.1 m | 7.3 m | SEC (XBRL)· 22 Jul 2025verified |
| Current assets | — | 26.2 m | 25.7 m | SEC (XBRL)· 22 Jul 2025verified |
| Property, plant & equipment, net | — | 98.0 k | 136.0 k | SEC (XBRL)· 22 Jul 2025verified |
| Total assets | — | 27.2 m | 28.4 m | SEC (XBRL)· 22 Jul 2025verified |
| Accounts payable | — | 16.7 m | 5.4 m | SEC (XBRL)· 22 Jul 2025verified |
| Current liabilities | — | 19.0 m | 9.0 m | SEC (XBRL)· 22 Jul 2025verified |
| Total liabilities | — | 19.0 m | 10.3 m | SEC (XBRL)· 22 Jul 2025verified |
| Equity | 8.1 m | 8.1 m | 18.1 m | SEC (XBRL)· 22 Jul 2025verified |
| Shares outstanding at year end | — | — | 25.0 m | SEC (XBRL)· 22 Jul 2025verified |
Cash flow · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 11.1 m | 144.0 k | -4.5 m | SEC (XBRL)· 22 Jul 2025verified |
| Capex | 9.0 k | 57.0 k | 72.0 k | SEC (XBRL)· 22 Jul 2025verified |
| Free cash flow | 11.1 m ≈ | 87.0 k ≈ | -4.6 m ≈ | SEC (XBRL)· 22 Jul 2025derived |
| Investing cash flow | -3.0 k | 49.0 k | -887.0 k | SEC (XBRL)· 22 Jul 2025verified |
| Financing cash flow | -6.9 m | -2.8 m | 6.7 m | SEC (XBRL)· 22 Jul 2025verified |
| Dividends paid | 6.3 m | 3.2 m | — | SEC (XBRL)· 22 Jul 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 41.7% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 34.5 m USD
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
42% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 1.43 – 2.85 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E1.43 – 2.85 (Mid 1.95)10 companies used · median multiple 16.2x · quartiles 11.9x – 23.8xAS, COLM, CRI, GIII, GIL, JRSH, LEVI, LULU, NCI, SGC
- Dividend discount (DDM)unavailable · input data missing
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 41.7% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 4.4% | 38 (vs peers) | 15% |
| FCF conversion · Quality | -163.1% | 0 (on a fixed band) | 15% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 2.8x | 100 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | 11.5x | 73 (vs peers) | 25% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -13.3% | 0 (on a fixed band) | 20% |
| Shareholder yield (distributions) · Returns | 9.1% | 100 (on a fixed band) | 15% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality19/100 · 2/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation40/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
BrilliA Inc (BRIA). Latest full fiscal year: 2025; data up to 2025-03-31.
Figures computed from the financial statements: revenue 64.4 m USD in 2025; YoY growth 15.1%; net margin 4.4%; ROE 21.5%.
The estimated value range is 1.43–2.85 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 1.95 USD, the price of 1.38 USD leaves a potential of 41.2% (value / price − 1) and a margin of safety of 29.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 41.7% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 2.8x
- P/E (TTM): 11.5x
- Shareholder yield (distributions): 9.1%
- The price is below the estimated value range
What contradicts it
- FCF conversion: -163.1%
- FCF yield: -13.3%
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Apparel & Other Finishd Prods of Fabrics & Similar Matl (SIC 2300) · same industry (4-digit SIC) · compared with 16 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ASAmer Sports, Inc. | 17.9 bn | 42.2 | 7.9% | 6.5% | +26.7% | −14% / unavailable |
| LULUlululemon athletica inc. | 11.8 bn | 9.2 | 30.9% | 12.8% | +4.9% | −39% / −75% |
| GILGildan Activewear Inc. | 8.0 bn | 16.6 | 15.9% | 11.0% | +10.7% | −22% / +19% |
| COLMColumbia Sportswear Company | 3.6 bn | 18.4 | 12.7% | 6.0% | +0.9% | +32% / −9% |
| GIIIG III Apparel Group Ltd | 1.4 bn | 10.8 | 7.7% | 4.8% | −7.0% | +14% / +15% |
| CRICarter’s, Inc. | 1.2 bn | 5.5 | 22.9% | 7.4% | unavailable | +5% / −51% |
| LEVILevi Strauss & Co | 894.9 m | 15.9 | 25.8% | 8.8% | +4.1% | +8% / +54% |
| SGCSuperior Group Of Companies, Inc. | 224.5 m | 25.6 | 4.3% | 1.4% | +0.1% | +45% / +18% |
| JRSHJerash Holdings (US), Inc. | 73.8 m | 15.3 | 7.6% | 2.8% | +14.0% | +87% / +103% |
| PASWPing An Biomedical Co., Ltd. | 60.1 m | — | -28.4% | -37.6% | unavailable | +541% / unavailable |
| BRIABrilliA Inc | 34.5 m | 11.5 | 21.5% | 4.4% | +15.1% | −25% / unavailable |
| NCINeo-Concept International Group Holdings Limited | 12.8 m | 63.1 | 0.6% | 0.2% | −41.9% | −93% / unavailable |
| GOOSCanada Goose Holdings Inc. | — | — | 19.8% | 7.0% | +1.1% | −36% / −20% |
| UAUnder Armour, Inc. | — | — | -29.8% | -10.0% | −3.8% | +26% / −27% |
| LANVLanvin Group Holdings Limited | — | — | -200.4% | -50.3% | −22.9% | −60% / −79% |
| ZGNErmenegildo Zegna N.V. | — | — | 10.1% | 5.1% | −1.5% | +39% / +30% |
| FIGSFIGS, Inc. | 0 | 67.0 | 14.8% | 8.7% | +13.6% | +124% / +202% |
1- and 3-year price returns: for BRIA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 0.85 Total return -39% · Per year -39% | 1.49 Total return 8% · Per year 8% | 2.23 Total return 62% · Per year 62% |
| 3 years | 1.00 Total return -27% · Per year -10% | 1.97 Total return 43% · Per year 13% | 3.22 Total return 133% · Per year 33% |
| 5 years | 1.19 Total return -14% · Per year -3% | 2.60 Total return 89% · Per year 14% | 4.63 Total return 236% · Per year 27% |
- Exit P/E± 0.49
- Net margin± 0.34
- Annual revenue growth± 0.26
- Annual dilution± 0.03
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 31 Jul 2026; since then the company filed 6-K (07 Oct 2026).
In brief
BrilliA Inc is a supplier of ladies' intimate apparel that works as a sales and marketing entity for customers in the US and Europe and coordinates production through third-party manufacturers. In fiscal 2026 sales fell sharply, and the company is trying to diversify through the DIANA brand and a Jockey licence in Indonesia; revenue was 48.99 mil USD, down 23.92% in the same year.
SWOT
Strengths
- Long relationships with large international customers, built through referrals, and a model of coordinating production through third parties without heavy factory investment.
- Design, sampling and quality control capabilities, with in-house laboratories and a showroom for customers.
- Presence in Indonesia through a local production partner and the Jockey licence.
Weaknesses
- Heavy dependence on one product category, brassieres, and on one export continent.
- No long-term contracts with customers, which makes revenue sensitive to each order.
- Gross margin declined in fiscal 2026 amid production costs and price pressure.
Opportunities
- Developing the DIANA brand through direct sales, which could bring higher margins if online sales grow.
- Expansion in Asia-Pacific and Indonesia, where the apparel market is large and the population young.
- Extending the product range to sleepwear, activewear and other categories under DIANA.
Threats
- US trade tariffs that could further reduce orders from the main export market.
- Geopolitical instability and lower discretionary spending, which could affect demand in all regions.
- Pressure from large customers who could bring production in-house or work directly with suppliers.
Risks
- Customer and US market concentrationhigh
Most revenue comes from a few customers and from North America, so losing a customer or a new tariff measure could quickly affect results.
- Margin pressurehigh
Material and third-party manufacturing costs rose relative to revenue, and gross margin declined in fiscal 2026.
- No long-term contractsmedium
Orders are placed individually, so volume could drop sharply without warning.
- Execution of DIANA and Jockeymedium
Developing direct sales requires marketing, logistics and inventory, and if the business does not grow as expected, the investment might not be recovered.
- Supply chain and compliancelow
Production relies on suppliers in China and Indonesia, and requirements on cotton and material sourcing could create delays or extra costs.
Investment thesis
What would need to be true (bull case)
- If revenue from Asia-Pacific and the new licences grows, the company could reduce its dependence on the US market and rebuild margins.
- Long-standing relationships with major brands and design capability could help keep market share even in difficult periods.
- If DIANA reaches meaningful volume, it could earn margins above those of sales to intermediaries.
What would break the thesis
- If US tariffs stay high, the decline in orders from North America could continue and lead to operating losses.
- Falling gross margin and rising operating costs could prevent a return to profitability, especially if prices stay under pressure.
- The lack of long-term customer contracts and dependence on a few clients make revenue hard to forecast.
What to watch
- Trend in sales to North America and the effect of US tariffs on ordersNext quarter
- Gross margin on goods sold, compared with the 13.97% level in fiscal 2026Next annual report
- Contribution of the DIANA brand and the Jockey licence to revenue, if reported separately2027
- Development of sales in Asia-Pacific and IndonesiaNext annual report
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 31 Jul 2026; since then the company filed 6-K (07 Oct 2026).
The business
BrilliA is the holding company of Bra Pro, incorporated in the British Virgin Islands, and MAP, based in Indonesia, through its subsidiary BrilliA Singapore. Bra Pro operates mainly as a sales and marketing entity, managing orders from international customers, sourcing materials and entering supply contracts with third-party manufacturers. MAP acts as the fulfilment partner handling design, prototyping, quality control and logistics.
The company has moved from an original design manufacturer (ODM) model to a full cross-border solution provider for ladies' intimates, covering raw material sourcing, design, sampling, fitting, production and logistics management. Customers have no long-term contracts, as orders are placed on an as-required basis through individual purchase orders.
Starting in the fourth quarter of 2024, Bra Pro began the DIANA brand for the premium market and younger consumers, sold mainly online. In December 2025 the company obtained a five-year licence for Jockey-branded products in Indonesia, which could change its margin profile if direct sales develop.
Segments
Brassiere sales
Brassieres are the main category, at 75.51% of sales of goods in fiscal 2026, but they fell 32.72% from the prior year, which shows dependence on one product.
DIANA brand (direct sales)
DIANA is a direct-to-consumer channel with potentially better margins but still at an early stage, distributed mainly online through its own website, social media and Shopee; its revenue contribution is not separated in the available report.
Sample preparation and order management services
Service revenue is very small and declining; sample preparation income rose slightly, while order management services fell after a customer moved to a direct sales model.
Trends
- US tariffs on exportsheadwind
New US tariff measures created uncertainty across the supply chain and led customers to defer or reduce orders, which largely explains the revenue decline in fiscal 2026.
- Diversification into Asia-Pacifictailwind
Sales to the Asia-Pacific region grew and partly offset the drop in North America; if this continues, it could reduce dependence on a single market.
- Geopolitical instability and consumptionheadwind
The conflict in Ukraine and military tensions between the US and Iran affected consumer sentiment and supply chains, especially in Europe and for discretionary goods.
- Jockey licence in Indonesiamixed
The exclusive licence for Jockey products in Indonesia and the alliance with a local production partner could open up revenue and better margins if retail and e-commerce distribution develops.
Competitive position
The company competes with other global lingerie and intimate apparel suppliers that work for the same large customers. Its edge lies in personal relationships with customers, the ability to coordinate production across several countries and access to the Indonesian production base.
Brand customers such as Hanes and Jockey could also bring production in-house or work directly with factories, which would reduce the role of the intermediary. Price competition is intense, and pressure on gross margin is already visible.
- Hanesbrands Inc.HBI
Major lingerie brand and direct customer of the company, cited in the report; as a brand with its own distribution, it can influence order volumes.
- Hennes & Mauritz
Apparel retailer appearing among international customers; it is listed in Stockholm, not in the US.
- Jockey International
Lingerie brand that is both a customer and a licensing partner of the company in Indonesia.
- Li & Fung
Global supply chain provider and intermediary that competes with the company's coordination role.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (foreign issuer)07 Oct 2026
- Current report (foreign issuer)31 Jul 2026
- Annual report (foreign issuer)31 Jul 2026
- Current report (foreign issuer)24 Mar 2026
- Current report (foreign issuer)03 Sept 2025
- Current report (foreign issuer)01 Aug 2025
- Current report (foreign issuer)22 Jul 2025
- Annual report (foreign issuer)22 Jul 2025
- Current report (foreign issuer)13 Jun 2025
- Current report (foreign issuer)21 Mar 2025
Sources
- [1] Form 20-F, fiscal year ended 2026-03-31 · SEC / BrilliA Inc · 31 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.