Heusler alloy with an atomic composition of Ni51.82Mn32.37In15.81 was prepared by melt spinning from arc-melted ingots. X-ray diffraction, scanning electron microscopy and magnetic measurements were used to study the structural, microstructural and magnetic properties. The crystal structure consists of a mixture of B2 austenite (~50%) and 14M martensite (~50%). The alloy undergoes a second order magnetic transition at a Curie temperature of TcA=194.2 K. The hysteresis loop reveals the occurrence of exchange bias phenomenon at room temperature. The critical exponents β, γ and δ were estimated using modified Arrott plots, Kouvel–Fisher curves and critical isothermal analysis. The respective values are β=0.500±0.015, γ=1.282±0.055 and δ=3.003±0.002. The critical behaviour in ribbons is governed by the mean field model with a dominated long-range order of ferromagnetic interactions. The maximum entropy change, ∆SMmax, for an applied magnetic field of 5 T reaches an absolute value of 0.92 J/kg·K. The experimental results of entropy changes are in good agreement with those calculated using Landau theory.