The effect of Co addition has been studied in Fe-30Mn-6Si-xCo (x = 0 to 9 wt pct) shape memory alloys in terms of their microstructure, martensitic transformation and shape recovery. Microstructural investigations reveal that in Fe-Mn-Si-Co alloys, the microstructure remains single-phase austenite (γ) up to 5 pct Co and beyond that becomes two-phase comprising c and off-stoichiometric (Fe,Co)5Mn3Si2 intermetallic Π-phases. The forward γ-ε martensite transformation start temperature (MS) decreases with the addition of Co up to 5 pct, and alloys containing more than 5 pct Co, show slightly higher MS possibly on account of two-phase microstructure. UnlikeMS, the ε-Υ reverse transformation start temperature (AS) has been found to remain almost unaltered by Co addition. In general, addition of Co to Fe-Mn-Si alloys deteriorates shape recovery due to decreasing resistance to plastic yielding concomitant with the formation of stress induced e martensite. However, there is an improvement in shape recovery beyond 5 pct Co addition, possibly due to the strengthening effect arising from the presence of (Fe,Co)5Mn3Si2 precipitates within the two-phase microstructure and due to higher amount of stress induced ε martensite.