I have Matalb R2014B and have developed a GUI based application, while compiling the exe using deploytool & application Compiler (to compile 32 bit executable), help me to locate the settings for selecting 32 bit as o/p executable.
As of R2010b, it is possible to compile 32-bit Windows applications using MATLAB on a 64-bit machine. See the -win32 option on themcc documentation page . Note that you also need to install 32-bit MATLAB.
Even if you are using an older version, you could try getting 32-bit version of MATLAB on your 64-bit machine and compile using that. Although this was not officially supported, several users have been able to have this working in the past.