DATA CENTRE THEME: THE SMALL AND MICRO CAP PLAYBOOK Everyone is watching the largecap DC operators. The real inefficiency sits one layer down, in the picks and shovels companies supplying the buildout. Decoding where smallcap money is actually flowing. LIQUID COOLING Aeroflex Industries - holds an exclusive liquid cooling supply contract with a large listed US hyperscaler for India deployments. Not a pipeline. A second confirmed order already booked in Q2 FY26. Skid assembly capacity tripled to 6,000 units annually from April 2026, targeting 15,000 by June. Ashish Kacholia among the funded capex allottees. KRN Heat Exchanger and Refrigeration - named alongside Voltas and Blue Star as a cooling infra beneficiary, at a fraction of the scale. Worth tracking for DC linked order disclosures. COMPUTE AND AI INFRASTRUCTURE Netweb Technologies - AI and HPC infrastructure, GPU clusters, NVIDIA partnerships. One of the few Indian companies whose core DNA is AI compute rather than a legacy business bolting on a DC vertical. E2E Networks - cloud computing and GPU cloud infrastructure built for startups, SMEs, and enterprises. DIVERSIFIERS WITH GROWING DC EXPOSURE Aurionpro Solutions - banking and fintech core, but its Technology Innovation Group runs large scale DC design and execution. Q1 FY26 revenue up 29% YoY, EBITDA margin above 20%. Bajel Projects - transmission and substation EPC, now diversifying into DC and battery storage under its six year RAASTA 2030 roadmap. Techno Electric and Engineering - moving from EPC into DC operator status, targeting 250 MW by 2030 with a USD 1 billion investment plan. 24 MW Chennai facility under construction. Allied Digital Services - hybrid cloud, infra management, and cybersecurity for enterprise DC clients. Black Box Limited - global digital infra integrator, formerly AGC Networks. CABLES, POWER AND COMPONENTS Order books across cable, transformer, switchgear, and power electronics manufacturers are growing 30 to 50 percent annually on DC and renewable demand. This layer is thinly covered relative to the capital flowing into it. Power management ICs, voltage regulators, and IGBT module makers sit in the same underappreciated bucket. THE GAP No genuine BSE SME platform names have disclosed DC linked order books yet. The theme is currently concentrated in the smallcap band, not the SME micro cap band. That gap is exactly where LQS grade discovery stage screening earns its keep. Disclosure: LNPR Capital is a SEBI Registered Research Analyst (INH000012953, BSE Enlistment No. 5843). This post is for informational purposes and does not constitute investment advice.