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<!--OBM V1.0 (01-01-2026)-->
<xbrli:xbrl xmlns:in-capmkt="https://www.sebi.gov.in/xbrl/2024-05-31/in-capmkt" xmlns:in-capmkt-roles="https://www.sebi.gov.in/xbrl/Announcements_Pertaining_To_Outcome_Of_Board_Meeting/2024-05-31/in-capmkt/in-capmkt-ent" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:nonnum="http://www.xbrl.org/dtr/type/non-numeric" xmlns:in-capmkt-types="https://www.sebi.gov.in/xbrl/2024-05-31/in-capmkt-types" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:net="http://www.xbrl.org/2009/role/net" xmlns:num="http://www.xbrl.org/dtr/type/numeric" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:iso4217="http://www.xbrl.org/2003/iso4217" xmlns:negated="http://www.xbrl.org/2009/role/negated" xmlns:xbrldi="http://xbrl.org/2006/xbrldi" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:xl="http://www.w3.org/1999/xlink"><link:schemaRef xlink:type="simple" xlink:href="in-capmkt-ent-2024-05-31.xsd"/><xbrli:context id="MainD"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">532321</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-05-19</xbrli:startDate><xbrli:endDate>2026-05-19</xbrli:endDate></xbrli:period></xbrli:context><xbrli:context id="MainI"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">532321</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-05-19</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="DividendD"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">532321</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-05-19</xbrli:startDate><xbrli:endDate>2026-05-19</xbrli:endDate></xbrli:period></xbrli:context><xbrli:context id="DividendI"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">532321</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-05-19</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="BuybackD"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">532321</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-05-19</xbrli:startDate><xbrli:endDate>2026-05-19</xbrli:endDate></xbrli:period></xbrli:context><xbrli:context id="BuybackI"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">532321</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-05-19</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="PreI"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">532321</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-05-19</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="PostI"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">532321</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-05-19</xbrli:instant></xbrli:period></xbrli:context><xbrli:unit id="INR"><xbrli:measure>iso4217:INR</xbrli:measure></xbrli:unit><xbrli:unit id="pure"><xbrli:measure>xbrli:pure</xbrli:measure></xbrli:unit><xbrli:unit id="shares"><xbrli:measure>xbrli:shares</xbrli:measure></xbrli:unit><xbrli:unit id="INRPerShare"><xbrli:divide><xbrli:unitNumerator><xbrli:measure>iso4217:INR</xbrli:measure></xbrli:unitNumerator><xbrli:unitDenominator><xbrli:measure>xbrli:shares</xbrli:measure></xbrli:unitDenominator></xbrli:divide></xbrli:unit><in-capmkt:NSESymbol contextRef="MainI">ZYDUSLIFE</in-capmkt:NSESymbol><in-capmkt:NameOfTheCompany contextRef="MainI">ZYDUS LIFESCIENCES LIMITED</in-capmkt:NameOfTheCompany><in-capmkt:TypeOfAnnouncementOfBoardMeeting contextRef="MainD">New</in-capmkt:TypeOfAnnouncementOfBoardMeeting><in-capmkt:FirstEventOfBoardMeeting contextRef="MainD">Buy-back</in-capmkt:FirstEventOfBoardMeeting><in-capmkt:SecondEventOfBoardMeeting contextRef="MainD">Dividend</in-capmkt:SecondEventOfBoardMeeting><in-capmkt:DateOfReport contextRef="MainI">2026-05-19</in-capmkt:DateOfReport><in-capmkt:WhetherPriorIntimationOfBoardMeetingConsideringInterimOrFinalDividendGivenToStockExchange contextRef="DividendI">true</in-capmkt:WhetherPriorIntimationOfBoardMeetingConsideringInterimOrFinalDividendGivenToStockExchange><in-capmkt:DateOfPriorIntimationSubmittedToStockExchangeOnBoardMeetingToConsiderDeclarationOfInterimOrRecommendationOfFinalDividend contextRef="DividendI">2026-05-08</in-capmkt:DateOfPriorIntimationSubmittedToStockExchangeOnBoardMeetingToConsiderDeclarationOfInterimOrRecommendationOfFinalDividend><in-capmkt:DateOfBoardMeetingConsideringDeclarationOfInterimOrRecommendationOfFinalDividend contextRef="DividendI">2026-05-19</in-capmkt:DateOfBoardMeetingConsideringDeclarationOfInterimOrRecommendationOfFinalDividend><in-capmkt:StartTimeOfBoardMeetingForAnnouncementOfDividend contextRef="DividendD">12:00:00</in-capmkt:StartTimeOfBoardMeetingForAnnouncementOfDividend><in-capmkt:EndTimeOfBoardMeetingForAnnouncementOfDividend contextRef="DividendD">14:00:00</in-capmkt:EndTimeOfBoardMeetingForAnnouncementOfDividend><in-capmkt:WhetherDeclarationOfInterimDividendOrRecommendationOfFinalDividendApprovedByTheBoard contextRef="DividendD">Yes</in-capmkt:WhetherDeclarationOfInterimDividendOrRecommendationOfFinalDividendApprovedByTheBoard><in-capmkt:FirstTypeOfDividend contextRef="DividendD">Final</in-capmkt:FirstTypeOfDividend><in-capmkt:RateOfFinalDividendRecommendedPerEquityShare contextRef="DividendI">1</in-capmkt:RateOfFinalDividendRecommendedPerEquityShare><in-capmkt:WhetherRecordDateOrBookClosureBeenFixedForFinalDividend contextRef="DividendI">true</in-capmkt:WhetherRecordDateOrBookClosureBeenFixedForFinalDividend><in-capmkt:RecordDateOrBookClosureDateForFinalDividend contextRef="DividendD">Record Date</in-capmkt:RecordDateOrBookClosureDateForFinalDividend><in-capmkt:RecordDateOfFinalDividend contextRef="DividendI">2026-07-24</in-capmkt:RecordDateOfFinalDividend><in-capmkt:WhetherDateOfGeneralMeetingIsFixedForThePurposeOfFinalDividend contextRef="DividendI">true</in-capmkt:WhetherDateOfGeneralMeetingIsFixedForThePurposeOfFinalDividend><in-capmkt:DateOfGeneralMeetingForFinalDividend contextRef="DividendI">2026-08-11</in-capmkt:DateOfGeneralMeetingForFinalDividend><in-capmkt:ProposedDateWithinWhichPaymentOfFinalDividendShallBeMadeByTheCompanyForWhichGeneralMeetingDateHasBeenFixed contextRef="DividendI">2026-08-14</in-capmkt:ProposedDateWithinWhichPaymentOfFinalDividendShallBeMadeByTheCompanyForWhichGeneralMeetingDateHasBeenFixed><in-capmkt:PeriodForWhichFinalDividendIsDeclared contextRef="DividendI">2025-2026</in-capmkt:PeriodForWhichFinalDividendIsDeclared><in-capmkt:TypeOfSecuritiesOfBuyback contextRef="BuybackD">Equity</in-capmkt:TypeOfSecuritiesOfBuyback><in-capmkt:DateOfBoardMeetingToConsiderTheDecisionOnBuybackOfSecurities contextRef="BuybackI">2026-05-19</in-capmkt:DateOfBoardMeetingToConsiderTheDecisionOnBuybackOfSecurities><in-capmkt:StartTimeOfBoardMeetingForAnnouncementOfBuyback contextRef="BuybackD">12:00:00</in-capmkt:StartTimeOfBoardMeetingForAnnouncementOfBuyback><in-capmkt:EndTimeOfBoardMeetingForAnnouncementOfBuyback contextRef="BuybackD">14:00:00</in-capmkt:EndTimeOfBoardMeetingForAnnouncementOfBuyback><in-capmkt:WhetherPriorIntimationOfBoardMeetingForConsideringBuybackOfSecuritiesFiledWithTheExchange contextRef="BuybackI">true</in-capmkt:WhetherPriorIntimationOfBoardMeetingForConsideringBuybackOfSecuritiesFiledWithTheExchange><in-capmkt:DateOfPriorIntimationSubmittedToStockExchangeOnBoardMeetingForConsideringBuybackOfSecuritiesFiledWithTheExchange contextRef="BuybackI">2026-05-13</in-capmkt:DateOfPriorIntimationSubmittedToStockExchangeOnBoardMeetingForConsideringBuybackOfSecuritiesFiledWithTheExchange><in-capmkt:WhetherDecisionOnBuybackOfSecuritiesApprovedByTheBoard contextRef="BuybackD">Yes</in-capmkt:WhetherDecisionOnBuybackOfSecuritiesApprovedByTheBoard><in-capmkt:WhetherBuybackIsLessThanOrEqualToTenPercentOfTheTotalPaidUpEquityCapitalAndFreeReservesOfTheCompany contextRef="BuybackI">true</in-capmkt:WhetherBuybackIsLessThanOrEqualToTenPercentOfTheTotalPaidUpEquityCapitalAndFreeReservesOfTheCompany><in-capmkt:WhetherAnyRecordDateOrBookClosureDateIntimatedEarlierForBuyback contextRef="BuybackI">false</in-capmkt:WhetherAnyRecordDateOrBookClosureDateIntimatedEarlierForBuyback><in-capmkt:WhetherTheModeOrQuantumOrPricingOrTimingAndOtherDetailsOfBuybackDecidedByTheBoard contextRef="BuybackI">true</in-capmkt:WhetherTheModeOrQuantumOrPricingOrTimingAndOtherDetailsOfBuybackDecidedByTheBoard><in-capmkt:WhetherRecordDateOrBookClosureDateIsFixedByTheCompanyForBuyback contextRef="BuybackI">true</in-capmkt:WhetherRecordDateOrBookClosureDateIsFixedByTheCompanyForBuyback><in-capmkt:RecordDateOrBookClosureDateForBuyback contextRef="BuybackD">Record Date</in-capmkt:RecordDateOrBookClosureDateForBuyback><in-capmkt:RecordDateOfBuyback contextRef="BuybackI">2026-05-29</in-capmkt:RecordDateOfBuyback><in-capmkt:MethodsOfBuyback contextRef="BuybackD">Tender Offer</in-capmkt:MethodsOfBuyback><in-capmkt:MaximumBuybackSizeApprovedByBoardOfDirectors contextRef="BuybackI" unitRef="INR" decimals="0">11000000000</in-capmkt:MaximumBuybackSizeApprovedByBoardOfDirectors><in-capmkt:NumberOfSecuritiesProposedForBuyback contextRef="BuybackI" unitRef="shares" decimals="INF">9565217</in-capmkt:NumberOfSecuritiesProposedForBuyback><in-capmkt:NumberOfSecuritiesProposedForBuybackAsAPercentageOfExistingPaidUpCapital contextRef="BuybackI" unitRef="shares" decimals="INF">1</in-capmkt:NumberOfSecuritiesProposedForBuybackAsAPercentageOfExistingPaidUpCapital><in-capmkt:BuybackPrice contextRef="BuybackD" unitRef="INRPerShare" decimals="INF">1150</in-capmkt:BuybackPrice><in-capmkt:NumberOfActualSecuritiesInOfExistingPaidUpCapitalBoughtBack contextRef="BuybackI" unitRef="shares" decimals="INF">0</in-capmkt:NumberOfActualSecuritiesInOfExistingPaidUpCapitalBoughtBack><in-capmkt:PercentageOfActualSecuritiesOfExistingPaidUpCapitalBoughtBack contextRef="BuybackI" unitRef="pure" decimals="INF">0</in-capmkt:PercentageOfActualSecuritiesOfExistingPaidUpCapitalBoughtBack><in-capmkt:ConfirmThatTheBuybackUndertakenIsNotWithinAPeriodOfOneYearFromTheDateOfExpiryOfBuybackPeriodOfThePrecedingOfferOfBuyback contextRef="BuybackD">Yes</in-capmkt:ConfirmThatTheBuybackUndertakenIsNotWithinAPeriodOfOneYearFromTheDateOfExpiryOfBuybackPeriodOfThePrecedingOfferOfBuyback><in-capmkt:ConfirmThatNumberOfSharesOrOtherSpecifiedSecuritiesAreIssuedDuringTheBuybackPeriod contextRef="BuybackD">Yes</in-capmkt:ConfirmThatNumberOfSharesOrOtherSpecifiedSecuritiesAreIssuedDuringTheBuybackPeriod><in-capmkt:PreBuybackNumberOfSharesUnderPromoterAndPromoterGroupCategory contextRef="PreI" unitRef="shares" decimals="INF">754625314</in-capmkt:PreBuybackNumberOfSharesUnderPromoterAndPromoterGroupCategory><in-capmkt:PreBuybackPercentageForPromoterAndPromoterGroupCategoryOfExistingShareCapital contextRef="PreI" unitRef="pure" decimals="INF">0.75</in-capmkt:PreBuybackPercentageForPromoterAndPromoterGroupCategoryOfExistingShareCapital><in-capmkt:PreBuybackNumberOfSharesUnderPublicCategory contextRef="PreI" unitRef="shares" decimals="INF">251608676</in-capmkt:PreBuybackNumberOfSharesUnderPublicCategory><in-capmkt:PreBuybackPercentageForPublicCategoryOfExistingShareCapital contextRef="PreI" unitRef="pure" decimals="INF">0.25</in-capmkt:PreBuybackPercentageForPublicCategoryOfExistingShareCapital><in-capmkt:PreBuybackNumberOfSharesUnderOtherCategory contextRef="PreI" unitRef="shares" decimals="INF">0</in-capmkt:PreBuybackNumberOfSharesUnderOtherCategory><in-capmkt:PreBuybackPercentageForOtherCategoryOfExistingShareCapital contextRef="PreI" unitRef="pure" decimals="INF">0</in-capmkt:PreBuybackPercentageForOtherCategoryOfExistingShareCapital><in-capmkt:PreBuybackNumberOfShares contextRef="PreI" unitRef="shares" decimals="INF">1006233990</in-capmkt:PreBuybackNumberOfShares><in-capmkt:PreBuybackPercentageForTotalBuybackOfExistingShareCapital contextRef="PreI" unitRef="pure" decimals="INF">1</in-capmkt:PreBuybackPercentageForTotalBuybackOfExistingShareCapital><in-capmkt:WhetherPostBuybackShareholdingPatternAvailable contextRef="PostI">false</in-capmkt:WhetherPostBuybackShareholdingPatternAvailable><in-capmkt:NotesForUnAvailabilityOfPostBuybackShareholdingDetails contextRef="PostI">The details regarding the post-buyback shareholding pattern have not been provided since the
actual number of Equity Shares that are bought back and category of shareholders from whom the
Equity Shares will be bought back can be determined after the Record Date.</in-capmkt:NotesForUnAvailabilityOfPostBuybackShareholdingDetails></xbrli:xbrl>
