NiCr–Cr3C2 coatings are widely used for high temperature and tribological applications due to their high hardness, oxidation, and wear resistance properties. In the present investigation, an attempt is made to further enhance the hardness and adhesion strength of NiCr–Cr3C2 coatings by reinforcing them with multi-walled carbon nanotubes. The carbon nanotubes (3–7 wt%) with varying weight percentages were mixed with NiCr–Cr3C2 using a planetary ball rolling mill and sprayed on SA213 T12 (T12 alloy steel tube) using a high-velocity oxy-fuel spraying process. The microstructures of mixed powder, coating cross-section, and fractured coating surface were characterized using a scanning electron microscope while X-ray diffraction was used for phase identification in the fractured coating surface. The coated samples were subjected to microhardness and adhesion strength tests according to ASTM E384 and ASTM D4541-09 standards. Out of all coatings, NiCr–Cr3C2/7% carbon nanotube composite coating showed the lowest porosity of 1.17%, highest microhardness, and adhesion strength of 563.8 HV and 55.8 MPa, respectively. A fracture analysis after a pull-off adhesion test revealed adhesion failure for NiCr–Cr3C2 coating and combined adhesion/cohesion failure for NiCr–Cr3C2/7% carbon nanotube composite coating.