Martensitic transformation, magnetic entropy, and direct adiabatic temperature changes in Ni48Mn39.5Sn12.5−xInx (x = 2, 4, 6) metamagnetic Heusler bulk and grain-constrained ribbon alloys were studied. All alloys showed a typical L21 structure in austenite and the 4O structure in martensite. Their relative volume contributions changed depending on In content. With increasing In concentration, the martensitic transformation temperature increased, whereas the Curie temperature of austenite decreased. The magnetic entropy change under magnetic field of 5 T attained maximum of 20 J/kgK in the bulk and 14.4 J/kgK in the ribbon alloys with the Ni48Mn39.5Sn8.5In4 nominal composition. The corresponding adiabatic temperature change under 1.7 T yielded 1.3 K for the Ni48Mn39.5Sn8.5In4 bulk alloy. Despite grain confinement, melt spinning was found to stabilize martensite phase. Changes observed were discussed with relation to strengthened covalency imposed by In substitution.Graphic abstract