Ni-Mn-Ga magnetic shape memory alloys are employed for applications in actuators and sensing devices. Ni-Mn-Ga single crystalline alloys exhibit ferromagnetic shape memory effect with large reproducible strains in moderate magnetic fields. The cost for producing single crystals is high and there is a requirement to investigate the polycrystalline Ni-Mn-Ga alloys for similar applications. This work presents a study of the effect of composition and heat treatment on the microstructure, in polycrystalline off-stoichiometric compositions of high Ni, Ni-Mn-Ga alloys. Cast polycrystalline alloys were homogenized and analysed using optical microscopy, X-ray diffraction, and thermal analysis. Stability of the martensitic transformation temperature was studied by aging the alloys at different temperatures. Martensitic structure was found in both the alloys (~ 54at% and 58 at%). The alloy with high Ni~58 at% content was found to be having a dual phase structure (martensite and FCC γ). Single phase Ni-Mn-Ga alloy has shown transformation at temperature >400K while the dual phase alloy with Ni ~58at% has transformed at temperature >700K thus making it suitable for high temperature applications. Martensitic stabilization effect was observed in alloy with Ni ~54 at% after aging treatment while it was absent in alloy with ~58at% Ni.