Adaptation efforts need to be advanced significantly, involving multiple actors and a diverse portfolio of options. Despite this being well established, there is little understanding of different actors’ perceptions of adaptation goals and their associated expectations regarding roles and responsibilities to achieve them. In this analysis, we seek to address this gap by elucidating the diverging viewpoints held by various actor groups concerning adaptation objectives, target beneficiaries, and the distribution of roles and responsibilities for adaptation. Here, we use the case study of flood risk in Mumbai, drawing upon qualitative interview data collected through key informant interviews with diverse stakeholders including state, civil society, and academic actors. Interviews revealed stark disparities between state and non-state actors, in particular on the objective of efficiency, largely emphasized by state actors for physical infrastructure measures. Other contested objectives included ecosystem protection and fairness for vulnerable populations. The findings showed consensus on the importance of planning. Non-state actors heavily debated the lack of planning and implementation of institutional changes and ecosystem-based measures. They called for a stronger role of the state in caretaking and fairness for vulnerable populations, mainly through deeper institutional changes. Overall, the findings point to the urgent need for understanding how actors navigate competing priorities, make trade-offs, and negotiate conflicting viewpoints on the distribution of roles and responsibilities. This paper makes an empirical and conceptual contribution to the debates on “social contracts” for adaptation, offering an operationalization of the concept and application to a real-world example through an actor lens.