Structural, microstructural, and magnetic properties of Heusler Ni50Mn50−xInx (x = 5 and 10) ribbons have been investigated by X-ray diffraction (XRD), scanning electron microscopy (SEM) coupled with energy dispersive X-ray spectroscopy (EDS), differential scanning calorimetry (DSC), and vibrating sample magnetometry (VSM). The as quenched Ni50Mn45In5 ribbons exhibit a mixture of monoclinic 14M (a = 4.329(3) Å, b = 5.530(3) Å, and c = 28.916(3) Å), and tetragonal L10 (a = b = 3.533(3) Å, and c = 7.522(3) Å) martensite structures, while Ni50Mn40In10 ribbons display a single monoclinic 14M phase (a = 4.262(3) Å, b = 5.692(3) Å, and c = 29.276(3) Å). After three heating/cooling cycles, in the temperature range of 303–873 K, the Rietveld refinement of the XRD patterns revealed the presence of a single 14M martensite for Ni50Mn45In5 ribbons, and a mixture of cubic L21 (31%) and 14M (69%) phases for Ni50Mn40In10 ribbons. The characteristic temperatures of the martensitic transition (Astart, Afinish, Mstart, and Mfinish), the thermal hysteresis temperature width, and the equilibrium temperature decreased with increasing indium content and heating cycles. The samples show a paramagnetic like behavior in the as quenched state, and a ferromagnetic like behavior after the third heating/cooling cycle.