Polycrystalline ingots of Co70–xNixGa30 (20 ≤ x ≤ 26) ferromagnetic shape memory alloy (FSMA) were prepared by arc melting elemental powders followed by homogenization at 1230 °C for 24 hrs and quenching in liquid nitrogen. Room temperature X-Ray diffraction (XRD) patterns of as-quenched samples exhibited single-phase tetragonal structure for alloy compositions with x = 21 to 26, and a two-phase structure (cubic A2-phase along with weak tetragonal phase) for the alloy with x = 20. Rietveld refinement was performed on the X-ray diffraction patterns to obtain the refined structural parameters. Differential Scanning Calorimeter (DSC) curves recorded from 30 °C to 250 °C revealed martensite-austenite and austenite-martensite transformations in all alloys except the alloy with composition x = 20. Low temperature ac magnetic susceptibility measurements confirmed the existence of martensitic transformations in the alloy with x = 20. The structural transformation temperatures show a linear variation with e/a ratio. All the alloys were ferromagnetic at room temperature. Curie temperature was determined using a high temperature ac magnetic susceptibility measurement set-up.