diff --git a/src/Castle.Windsor.Tests/Components/PropertyCycleComponents.cs b/src/Castle.Windsor.Tests/Components/PropertyCycleComponents.cs
new file mode 100644
index 0000000000..ac95c1b766
--- /dev/null
+++ b/src/Castle.Windsor.Tests/Components/PropertyCycleComponents.cs
@@ -0,0 +1,51 @@
+// Copyright 2004-2024 Castle Project - http://www.castleproject.org/
+// 
+// Licensed under the Apache License, Version 2.0 (the "License");
+// you may not use this file except in compliance with the License.
+// You may obtain a copy of the License at
+// 
+//     http://www.apache.org/licenses/LICENSE-2.0
+// 
+// Unless required by applicable law or agreed to in writing, software
+// distributed under the License is distributed on an "AS IS" BASIS,
+// WITHOUT WARRANTIES OR CONDITIONS OF ANY KIND, either express or implied.
+// See the License for the specific language governing permissions and
+// limitations under the License.
+
+namespace CastleTests.Components
+{
+	public interface IHasState<T>
+	{
+		IState<T> State { get; set; }
+	}
+
+	public interface IState<T>
+	{
+	}
+
+	/// <summary>
+	///   A component that has a property dependency on <see cref="IState{T}"/>.
+	///   When registered as singleton, resolving this component will trigger a
+	///   property injection cycle if the <see cref="IState{T}"/> implementation
+	///   depends back on <see cref="IHasState{T}"/>.
+	/// </summary>
+	public class PublisherWithState<T> : IHasState<T>
+	{
+		public IState<T> State { get; set; }
+	}
+
+	/// <summary>
+	///   A component that takes <see cref="IHasState{T}"/> as a constructor
+	///   dependency, forming the other half of a cycle with
+	///   <see cref="PublisherWithState{T}"/>.
+	/// </summary>
+	public class StateComponent<T> : IState<T>
+	{
+		public StateComponent(IHasState<T> publisher)
+		{
+			Publisher = publisher;
+		}
+
+		public IHasState<T> Publisher { get; }
+	}
+}
diff --git a/src/Castle.Windsor.Tests/PropertyCycleTestCase.cs b/src/Castle.Windsor.Tests/PropertyCycleTestCase.cs
new file mode 100644
index 0000000000..b7cdb4285d
--- /dev/null
+++ b/src/Castle.Windsor.Tests/PropertyCycleTestCase.cs
@@ -0,0 +1,92 @@
+// Copyright 2004-2024 Castle Project - http://www.castleproject.org/
+// 
+// Licensed under the Apache License, Version 2.0 (the "License");
+// you may not use this file except in compliance with the License.
+// You may obtain a copy of the License at
+// 
+//     http://www.apache.org/licenses/LICENSE-2.0
+// 
+// Unless required by applicable law or agreed to in writing, software
+// distributed under the License is distributed on an "AS IS" BASIS,
+// WITHOUT WARRANTIES OR CONDITIONS OF ANY KIND, either express or implied.
+// See the License for the specific language governing permissions and
+// limitations under the License.
+
+namespace CastleTests
+{
+	using Castle.MicroKernel;
+	using Castle.MicroKernel.Registration;
+
+	using CastleTests.Components;
+
+	using NUnit.Framework;
+
+	[TestFixture]
+	public class PropertyCycleTestCase : AbstractContainerTestCase
+	{
+		[Test]
+		public void Singleton_property_cycle_should_not_return_wrong_component_from_instance_stash()
+		{
+			// This test reproduces a bug where TryGetHandlerFromKernel returns a cycling handler
+			// when no non-cycling alternative exists, instead of setting handler = null.
+			// When the property is required (non-optional), CanResolve is not called, so the
+			// code path goes directly through TryGetHandlerFromKernel → ResolveCore →
+			// GetContextInstance, which reads the wrong instance from the InstanceStash.
+			//
+			// The chain is:
+			//   Resolve IState<string> (StateComponent<string>)
+			//     → StateComponent ctor needs IHasState<string> (PublisherWithState<string>)
+			//       → PublisherWithState is created and stashed in the CreationContext
+			//       → PublisherWithState.State property (IState<string>) is resolved
+			//         → Handler for IState<string> is StateComponent, which IS cycling
+			//         → TryGetHandlerFromKernel finds no non-cycling alternative
+			//         → BUG: returns true with the cycling handler
+			//         → ResolveCore reads InstanceStash → gets PublisherWithState (wrong type!)
+			//         → SetValue fails with type mismatch → ComponentActivatorException
+			Container.Register(
+				Component.For<IHasState<string>>().ImplementedBy<PublisherWithState<string>>()
+					.LifestyleSingleton()
+					.PropertiesRequire(p => p.Name == "State"),
+				Component.For<IState<string>>().ImplementedBy<StateComponent<string>>().LifestyleSingleton());
+
+			// Before the fix: ComponentActivatorException wrapping InvalidCastException
+			// ("Object of type 'PublisherWithState`1[String]' cannot be converted to type 'IState`1[String]'")
+			// After the fix: CircularDependencyException with a proper cycle message
+			Assert.Throws<CircularDependencyException>(() => Container.Resolve<IState<string>>());
+		}
+
+		[Test]
+		public void Singleton_optional_property_cycle_should_leave_property_null()
+		{
+			// When properties are optional (the default), CanResolve detects the cycle
+			// and skips the property (left null).
+			Container.Register(
+				Component.For<IHasState<string>>().ImplementedBy<PublisherWithState<string>>().LifestyleSingleton(),
+				Component.For<IState<string>>().ImplementedBy<StateComponent<string>>().LifestyleSingleton());
+
+			var state = (StateComponent<string>)Container.Resolve<IState<string>>();
+
+			Assert.IsNotNull(state);
+			Assert.IsNotNull(state.Publisher);
+			Assert.IsNull(((PublisherWithState<string>)state.Publisher).State,
+				"Optional cycling property should be left null.");
+		}
+
+		[Test]
+		public void Singleton_property_cycle_with_concrete_types_should_leave_cycling_property_null()
+		{
+			// ACycleProp.Prop → BCycleProp, BCycleProp.Prop → ACycleProp (property-only cycle).
+			// Both properties are optional, so the cycling property should be left null.
+			Container.Register(
+				Component.For<ACycleProp>().LifestyleSingleton(),
+				Component.For<BCycleProp>().LifestyleSingleton());
+
+			var a = Container.Resolve<ACycleProp>();
+
+			Assert.IsNotNull(a);
+			Assert.IsNotNull(a.Prop, "Non-cycling direction should resolve normally.");
+			Assert.IsNull(a.Prop.Prop,
+				"Cycling property should be left null, not set to the wrong component instance.");
+		}
+	}
+}
diff --git a/src/Castle.Windsor/MicroKernel/Lifestyle/SingletonLifestyleManager.cs b/src/Castle.Windsor/MicroKernel/Lifestyle/SingletonLifestyleManager.cs
index 5367ddee22..4e7451d75f 100644
--- a/src/Castle.Windsor/MicroKernel/Lifestyle/SingletonLifestyleManager.cs
+++ b/src/Castle.Windsor/MicroKernel/Lifestyle/SingletonLifestyleManager.cs
@@ -70,7 +70,27 @@ public override object Resolve(CreationContext context, IReleasePolicy releasePo
 
 		public object GetContextInstance(CreationContext context)
 		{
-			return context.GetContextualProperty(DefaultComponentActivator.InstanceStash);
+			var instance = context.GetContextualProperty(DefaultComponentActivator.InstanceStash);
+			if (instance == null)
+			{
+				return null;
+			}
+
+			// The InstanceStash is a single shared key per context, so during a dependency
+			// cycle it may contain an instance from a different component that was being
+			// activated in the same context chain. Only return it if the instance actually
+			// matches this component's service types; otherwise the caller will follow the
+			// normal cycle detection path (returning null for optional dependencies or
+			// throwing CircularDependencyException for required ones).
+			foreach (var s in Model.Services)
+			{
+				if (s.IsInstanceOfType(instance))
+				{
+					return instance;
+				}
+			}
+
+			return null;
 		}
 	}
 }
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