Conventional sheet metal forming operations require component-specific and costly tooling, and their design and fabrication add to the lead time. Incremental forming is one of the technologies that has emerged as an alternative to the conventional sheet-metal forming processes for mass customization, where the necessary part is obtained by gradually tracing its contours on a sheet of required thickness using stepwise tool indents. In this investigation, stainless steel AISI 304 sheets were incrementally formed using a hemispherical tool under varying step depths, spindle speeds and horizontal feeds. The limit of formability and thickness distribution of the formed sheet were characterized. The microstructure of the formed specimens was studied using an optical microscope.