The interplay of strong electronic correlations, sizable octahedral distortions, and pronounced spin-orbit coupling (SOC) makes perovskite oxides promising candidates for realizing altermagnetic phases. We study altermagnetic phases in CaRuO, a non-centrosymmetric layered perovskite whose ground state is a Kramers-degenerate antiferromagnet. We show that an alternative Néel-type spin arrangement hosts a P-2 d-wave altermagnetic state with orbital selectivity similar to CaRuO. Including SOC generates a symmetry-allowed p-wave component and yields a hybrid d/p-wave altermagnetic order. We further demonstrate that biaxial strain tunes both magnetic stability and band splitting: compressive strain beyond 2 % favors the altermagnetic phase over the antiferromagnetic ground state, while tensile strain increases altermagnetic splittings by up to 9 %. To quantify these trends, we define an altermagnetic figure of merit and trace its strain dependence to changes in electronic localization and octahedral geometry in this polar metal.

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