ARM Green Industries Limited, formerly known as Calcorp Limited, reported a consolidated profit after tax of Rs3.49 million for the nine months ended March 31, 2026, according to its latest quarterly report.
The company’s earnings, however, remained below the Rs9.39 million profit recorded by the former Calcorp business in the corresponding period of the previous year. Earnings per share declined to Rs0.33 from Rs0.87.
Despite the decline in nine-month profitability, the company delivered a stronger performance during the March quarter. Consolidated profit after tax reached Rs3.33 million in the quarter, compared with Rs1.66 million in the same quarter of 2025. Earnings per share consequently improved to Rs0.31 from Rs0.15.
Strategic shift toward renewable energy
The financial results come at an important stage in ARM Green’s transformation. In January 2026, shareholders approved the company’s name change from Calcorp Limited to ARM Green Industries Limited, along with amendments to its business objectives.
The revised business strategy allows the company to enter the renewable energy sector, including the manufacturing, assembly, trading, import and export of renewable energy equipment and related products. The company plans to pursue the new business through its subsidiary, Helios Resol Technology (Private) Limited.
During the nine-month period, ARM Green acquired 100% of Helios Resol Technology, making it a wholly owned subsidiary. Helios is engaged in manufacturing and installing solar energy systems using polysilicon and chemical technologies.
Investment in solar manufacturing
The acquisition marks a significant change in ARM Green’s business direction. The company has moved from its previous vehicle-hire business toward renewable energy, with plans covering solar panels, inverters, batteries and related accessories.
The company said construction and erection of plant and machinery at the Helios project site are progressing according to the approved timelines. This development could become a key driver of the company’s future operations as ARM Green seeks to establish a presence in Pakistan’s renewable energy market.
Financial position reflects transition
The consolidated financial statements show that ARM Green had capital work-in-progress of Rs256.21 million and an advance of Rs70 million against the purchase of a plot as of March 31, 2026, reflecting the scale of investment associated with its new business direction. Cash and bank balances stood at Rs14.23 million at the reporting date.
The company’s consolidated cash-flow statement also records substantial investment activity during the period, including additions to capital work-in-progress and an advance against the purchase of a plot.
ARM Green’s latest results therefore present a company in transition. While profitability for the nine-month period has weakened compared with the previous year, the March quarter showed improvement, while the group is simultaneously committing resources to its new renewable energy strategy.
With the Helios project progressing according to schedule, investors will be watching closely for the start of commercial operations and the extent to which the new solar-focused business can contribute to ARM Green’s earnings in coming periods.
