Laser cladding of stainless steel substrate was carried out using Ni–32Mo–15Cr–3Si (wt%) alloy powder. Laser cladding parameters were optimized to obtain defect-free and metallurgically bonded clad. Variation in solidification rate, cooling rate and compositional variation resulted in heterogeneous microstructure. Microstructure was found to be distinctly different in regions of clad cross-section. Majority of the region was found to consist of eutectic of Mo-rich hcp intermetallic Laves phase and NiFe fcc gamma solid solution phases. Extensive microstructural examinations of different clad regions have been carried out using microscopy and microanalysis techniques.