This report is the first-ever detailed physical climate risk and vulnerability assessment for India’s cotton value chain. The study considers a wide range of climate hazards including thresholds that are specific to cotton production. A total of 41 climate hazard indicators and socio-economic indicators were used to assess the risk not only to production but also to the wider cotton value chain. The study focused on cotton cultivation and cotton processing in 13 districts across three of India's major cotton-growing states: Gujarat, Maharashtra and Telangana.