Khoa is a traditional Indian dairy product having semi-solid consistency, obtained by evaporating milk to 55–60 % total solids in an open pan. In present study, effect of admixing goat and buffalo milk in different proportions (100 G, 75G25B, 50G50B and 25G75B; B-Buffalo milk, G- Goat milk percentage (v/v)) on physico-chemical, textural, color and microstructural characteristics of Khoa was evaluated. Compositional parameters of goat and buffalo milk as well as all Khoa variants differed significantly (P < 0.05). L* values decreased and b* values increased with increasing goat milk proportion in Khoa, highlighting their yellowness. Goat milk Khoa (100 G) had the lowest yield (12.76 %) while goat and buffalo milk admixed in the 25:75 ratio had the highest yield (20.87 %). All samples had significantly different (p < 0.05) textural attributes during storage at 5 and 25 °C. An increase in browning (hydroxymethyl furfural value) and oxidation (peroxide and free fatty acids value) was observed for all samples during storage. Microstructure images were supported by textural and total solid content findings. This study will help dairy industries in utilization of goat milk in dairy products and would enhance the income of goat milk-based dairy farms by increasing the returns on goat milk.