The Cold spray method of material deposition is widely used for surface enhancement, to improve properties such as corrosion and wear. A detailed microstructural analysis of cold sprayed Ni based coatings (IN625 (Inconel 625 is a Trademark of Huntington alloys corporation) using the transmission electron microscope, revealed the occurrence of three distinct types of microstructures in the as sprayed condition, adjacent to each other. These include the occurrence of large (> 1 μm) grains having a high dislocation density, along with regions comprising shear bands (20-30 nm wide) and twins with a large aspect ratio (> 1000), along with locations having a very fine grained structure (20-30 nm). The crystallite size, using a Hall-Williamson plot measures an average 50 nm. The substrate deformation indicates a bilayer dynamic recrystallization, as a means to accommodate the strain. The microscopy studies will serve to correlate the bonding mechanism of cold sprayed IN625 on 4130 steel.