The circular economy replaces the linear model by emphasizing recycling, reuse, regeneration, and renewable resources. Hence, adopting management controls for the circular economy is necessary to ensure resource efficiency, cost savings, regulatory compliance, stakeholder engagement, and performance measurement. The agriculture sector faces challenges during this transition to closed-loop circular economy business models due to fragmented supply chains, biological complexity, economic constraints, and infrastructure gaps. This study examines the significance of management control systems in circular economy business models by selecting the tea industry in Sri Lanka. Specifically, the analysis explores which circular economy business models are applied, focusing on management accounting tools, key performance indicators, and aspects such as reporting structures and reward schemes. Conducted at two prominent Sri Lankan tea plantation companies, the study uses semi-structured interviews, documentary analysis, and field visits for data collection. The study revealed that categories of management accounting tools—measurement, audit and benchmarking, and control tools—are adopted at different extents within circular economy practices, with significant potential for further development. The application of each circular economy business model within the industry and the connectivity of key performance indicators with each model were identified as major findings. The study also highlights the critical role and alignment of key performance indicators and reward schemes in driving employee behavior towards circular economy practices.