This study examines how circular value is created under conditions of structural fragility, disruption, and resource scarcity, where prevailing circular supply chain theories offer limited explanatory power. While prior research emphasizes efficiency and optimization, it provides limited insight into how circular supply chains function when stable infrastructure, predictable flows, and formal coordination mechanisms are absent. Drawing on dynamic capabilities theory and insights from humanitarian logistics, this study proposes a conceptual framework that reconceptualizes circular value creation as an adaptive and capability-mediated process. The framework posits that digital circular capabilities, sensing, seizing, and reconfiguring, enable organizations to develop adaptive reverse logistics systems, which serve as the primary mechanism through which circular value is realized under constrained conditions. Structural fragility and disruption intensity are introduced as boundary conditions shaping the effectiveness of these relationships. The study contributes by reframing circular supply chain theory beyond efficiency-based assumptions, extending dynamic capabilities to disrupted and resource-constrained environments, and positioning reverse logistics as a central adaptive mechanism for circular value recovery. By integrating insights from humanitarian logistics and circular supply chain research, the study advances a more context-sensitive understanding of supply chain functioning under disruption.