In this article, the feasibility of obtaining a magneto-structural coupling over a wide working temperature range of about 127 K (from 206.5 K to 333.5 K) with negligible thermal hysteresis in combination with the structural, microstructural, magnetic, and magnetocaloric properties of a 50 % Co-doped (at the Ni site) polycrystalline (Mn0.6Fe0.4) (Ni0.5Co0.5) Si (MFNCS-0.5) magnetic shape memory alloy (MSMA) has been thoroughly investigated. Along with leaf-like microstructure, at room temperature, the system shows a mixed phase of TiNiSi type low-temperature high-magnetic (ferromagnetic) orthorhombic martensite and Ni2In type high-temperature low-magnetic (paramagnetic) hexagonal austenite, with the dominance of the second one. To estimate the magnetocaloric effect (MCE) across the phase transition, the isothermal magnetic measurement technique has been employed. The merging of heating and cooling iso-field thermo-magnetization (M-T) curves, the presence of negligible thermal hysteresis in the MH curves, universal magnetic entropy curves, a proposed phenomenological model (across the Curie temperature), and the positive slopes of the Arrott plot (Banerjee criterion) show that the first-order structural and magnetic transition are coupled along with a second-order ferromagnetic to paramagnetic (FM → PM) phase transition (SOPT). By extrapolating the Arrott plot to the H/M = 0 axis the spontaneous magnetization value very close to 0 K, Ms(0), is found to be 71.92 emu/g (∼1.83 µB/f.u.). The linear dependency of MS2T on T2 below SOPT and the RWR (Rhodes–Wolhfarth ratio) = 4.29 > 1 indicate the long-range itinerant ferromagnetism in this alloy. A giant magnetic entropy change (ΔSm) of 25.77 J kg−1 K−1 and a refrigerant capacity (RC) of 472.83 J kg−1 are obtained at 6 T field. This observed magnetic refrigerant's key characteristics, including a giant magnetocaloric effect (MCE) near room temperature (RT), negligible thermal hysteresis loss, a wide operating temperature range of 127 K, and the use of cost-effective, non-toxic constituent elements, make it a suitable and very promising member for applications in solid-state refrigeration technology near RT.
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