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<xbrli:xbrl xmlns:in-capmkt="http://www.sebi.gov.in/xbrl/2026-03-31/in-capmkt" xmlns:in-capmkt-ent="http://www.sebi.gov.in/xbrl/Action_Initiation_Or_Action_Taken_Or_Order_Passed/2026-03-31/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="http://www.sebi.gov.in/xbrl/2026-03-31/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-2026-03-31.xsd"/><xbrli:context id="MainI"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/ScripCode">532432</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-11-05</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="I_ActionsInitiated1"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/ScripCode">532432</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-11-05</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:ActionsInitiatedOrOrdersPassedAxis"><in-capmkt:ActionsInitiatedOrOrdersPassedDomain>ActionsInitiatedOrOrdersPassedDomain1</in-capmkt:ActionsInitiatedOrOrdersPassedDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:context id="I_ActionsInitiated1_PersonsAgainstWhomActionsInitiated1"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/ScripCode">532432</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-11-05</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:typedMember 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dimension="in-capmkt:ActionsInitiatedOrOrdersPassedAxis"><in-capmkt:ActionsInitiatedOrOrdersPassedDomain>ActionsInitiatedOrOrdersPassedDomain2</in-capmkt:ActionsInitiatedOrOrdersPassedDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:context id="I_ActionsInitiated2_PersonsAgainstWhomActionsInitiated1"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/ScripCode">532432</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-11-05</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:ActionsInitiatedOrOrdersPassedAxis"><in-capmkt:ActionsInitiatedOrOrdersPassedDomain>ActionsInitiatedOrOrdersPassedDomain2</in-capmkt:ActionsInitiatedOrOrdersPassedDomain></xbrldi:typedMember><xbrldi:typedMember dimension="in-capmkt:PersonsAgainstWhomActionsInitiatedOrOrdersPassedAxis"><in-capmkt:PersonsAgainstWhomActionsInitiatedOrOrdersPassedDomain>PersonsAgainstWhomActionsInitiatedOrOrdersPassedDomain1</in-capmkt:PersonsAgainstWhomActionsInitiatedOrOrdersPassedDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:context id="I_Signatories1"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/ScripCode">532432</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-11-05</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:SignatoriesAxis"><in-capmkt:SignatoriesDomain>SignatoriesDomain1</in-capmkt:SignatoriesDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:unit id="pure"><xbrli:measure>xbrli:pure</xbrli:measure></xbrli:unit><in-capmkt:NSESymbol contextRef="MainI">UNITDSPR</in-capmkt:NSESymbol><in-capmkt:NameOfTheCompany contextRef="MainI">United Spirits Limited</in-capmkt:NameOfTheCompany><in-capmkt:ScripCode contextRef="MainI">532432</in-capmkt:ScripCode><in-capmkt:MSEISymbol contextRef="MainI">NOTLISTED</in-capmkt:MSEISymbol><in-capmkt:ISIN contextRef="MainI">INE854D01024</in-capmkt:ISIN><in-capmkt:TypeOfAnnouncement contextRef="MainI">New</in-capmkt:TypeOfAnnouncement><in-capmkt:TypeOfEvent contextRef="MainI">Action(s) initiated or orders passed (sub-para 19)</in-capmkt:TypeOfEvent><in-capmkt:WhetherEventOrInformationDisclosedIsAnOutcomeOfTheBoardMeeting contextRef="MainI">false</in-capmkt:WhetherEventOrInformationDisclosedIsAnOutcomeOfTheBoardMeeting><in-capmkt:DateOfOccurrenceOfEventOrInformation contextRef="MainI">2026-10-30</in-capmkt:DateOfOccurrenceOfEventOrInformation><in-capmkt:TimeOfOccurrenceOfEventOrInformation contextRef="MainI">21:50:00</in-capmkt:TimeOfOccurrenceOfEventOrInformation><in-capmkt:DateOfReport contextRef="MainI">2026-11-05</in-capmkt:DateOfReport><in-capmkt:TypeOfActionsInitiatedOrOrdersPassed contextRef="I_ActionsInitiated1">Search or seizure</in-capmkt:TypeOfActionsInitiatedOrOrdersPassed><in-capmkt:ActionsInitiatedOrOrdersPassedBy contextRef="I_ActionsInitiated1">Enforcement Authority</in-capmkt:ActionsInitiatedOrOrdersPassedBy><in-capmkt:NameOfAuthorityFromWhomActionsInitiatedOrOrdersPassed contextRef="I_ActionsInitiated1">Directorate of Revenue Intelligence, Department of Revenue, Government of India (DRI).</in-capmkt:NameOfAuthorityFromWhomActionsInitiatedOrOrdersPassed><in-capmkt:NumberOfPersonsAgainstWhomActionsInitiatedOrOrdersPassed contextRef="I_ActionsInitiated1" unitRef="pure" decimals="0">1</in-capmkt:NumberOfPersonsAgainstWhomActionsInitiatedOrOrdersPassed><in-capmkt:ActionsInitiatedOrOrdersPassedAgainst contextRef="I_ActionsInitiated1_PersonsAgainstWhomActionsInitiated1">Listed Entity (Self)</in-capmkt:ActionsInitiatedOrOrdersPassedAgainst><in-capmkt:NameOfPersonAgainstWhomActionsInitiatedOrOrdersPassed contextRef="I_ActionsInitiated1_PersonsAgainstWhomActionsInitiated1">United Spirits Limited</in-capmkt:NameOfPersonAgainstWhomActionsInitiatedOrOrdersPassed><in-capmkt:TypeOfCommunicationReceivedForActionsInitiatedOrOrdersPassed contextRef="I_ActionsInitiated1">Memo</in-capmkt:TypeOfCommunicationReceivedForActionsInitiatedOrOrdersPassed><in-capmkt:NatureAndDetailsOfTheActionsInitiatedOrOrdersPassed contextRef="I_ActionsInitiated1">In continuation to our intimation dated 17th October 2026 (enclosed as Annexure B), the DRI has issued a seizure memos under Section 110 of the Customs Act, 1962, in respect of goods valued at approximately INR 6.45 crore.</in-capmkt:NatureAndDetailsOfTheActionsInitiatedOrOrdersPassed><in-capmkt:DateOfReceiptOfCommunicationReceivedForActionsInitiatedOrOrdersPassed contextRef="I_ActionsInitiated1">2026-10-30</in-capmkt:DateOfReceiptOfCommunicationReceivedForActionsInitiatedOrOrdersPassed><in-capmkt:BriefDetailsOfTheMaterialContentsOfTheCommunicationReceivedForActionsInitiatedOrOrdersPassed contextRef="I_ActionsInitiated1">In continuation to our intimation dated 17th October 2026 (enclosed as Annexure B), the DRI has issued a seizure memos under Section 110 of the Customs Act, 1962, in respect of goods valued at approximately INR 6.45 crore.</in-capmkt:BriefDetailsOfTheMaterialContentsOfTheCommunicationReceivedForActionsInitiatedOrOrdersPassed><in-capmkt:PeriodForWhichCommunicationWouldBeApplicableForActionsInitiatedOrOrdersPassed contextRef="I_ActionsInitiated1">Not applicable</in-capmkt:PeriodForWhichCommunicationWouldBeApplicableForActionsInitiatedOrOrdersPassed><in-capmkt:ExpectedImpactOfActionInitiatedOnFinancialAndOperationalOrOtherActivitiesOfTheListedEntity contextRef="I_ActionsInitiated1">The Company is taking necessary steps to continue its operations in the normal course of business, and, as of now, there is no material impact/ disruption to business.</in-capmkt:ExpectedImpactOfActionInitiatedOnFinancialAndOperationalOrOtherActivitiesOfTheListedEntity><in-capmkt:DetailsOfAnyAberrationsOrNonCompliancesOrViolationsOrContraventionsIdentifiedByTheAuthorityInTheCommunicationForActionsInitiatedOrOrdersPassed contextRef="I_ActionsInitiated1">The aforesaid matter relates to an Industry wide customs tariff classification of certain imported goods and the preferential tariff treatment under the India–United Kingdom (“UK”) Free Trade Agreement.

The issue has been discussed by the Industry Association with the Ministry of Commerce on 2nd November 2026, wherein assurance has been provided on earliest resolution of the matter.</in-capmkt:DetailsOfAnyAberrationsOrNonCompliancesOrViolationsOrContraventionsIdentifiedByTheAuthorityInTheCommunicationForActionsInitiatedOrOrdersPassed><in-capmkt:DetailsOfAnyPenaltyOrRestrictionOrSanctionImposedPursuantToTheCommunicationForActionsInitiatedOrOrdersPassed contextRef="I_ActionsInitiated1">Not applicable</in-capmkt:DetailsOfAnyPenaltyOrRestrictionOrSanctionImposedPursuantToTheCommunicationForActionsInitiatedOrOrdersPassed><in-capmkt:ActionsTakenByListedCompanyWithRespectToTheCommunicationForActionsInitiatedOrOrdersPassed contextRef="I_ActionsInitiated1">Seizure memos were issued on 30th October 2026, Friday night at 21:50 hrs IST and on 4th November 2026 at 17:20 hrs IST. The Company is confident of an early resolution of the matter and continues to engage with the concerned authorities and is taking necessary steps to seek provisional release of the goods.

Delay in reporting is unintentional and is promptly actioned, once the issue was brought to the notice of the appropriate Company executives.</in-capmkt:ActionsTakenByListedCompanyWithRespectToTheCommunicationForActionsInitiatedOrOrdersPassed><in-capmkt:TypeOfActionsInitiatedOrOrdersPassed contextRef="I_ActionsInitiated2">Search or seizure</in-capmkt:TypeOfActionsInitiatedOrOrdersPassed><in-capmkt:ActionsInitiatedOrOrdersPassedBy contextRef="I_ActionsInitiated2">Enforcement Authority</in-capmkt:ActionsInitiatedOrOrdersPassedBy><in-capmkt:NameOfAuthorityFromWhomActionsInitiatedOrOrdersPassed contextRef="I_ActionsInitiated2">Directorate of Revenue Intelligence, Department of Revenue, Government of India (DRI).</in-capmkt:NameOfAuthorityFromWhomActionsInitiatedOrOrdersPassed><in-capmkt:NumberOfPersonsAgainstWhomActionsInitiatedOrOrdersPassed contextRef="I_ActionsInitiated2" unitRef="pure" decimals="0">1</in-capmkt:NumberOfPersonsAgainstWhomActionsInitiatedOrOrdersPassed><in-capmkt:ActionsInitiatedOrOrdersPassedAgainst contextRef="I_ActionsInitiated2_PersonsAgainstWhomActionsInitiated1">Listed Entity (Self)</in-capmkt:ActionsInitiatedOrOrdersPassedAgainst><in-capmkt:NameOfPersonAgainstWhomActionsInitiatedOrOrdersPassed contextRef="I_ActionsInitiated2_PersonsAgainstWhomActionsInitiated1">United Spirits Limited</in-capmkt:NameOfPersonAgainstWhomActionsInitiatedOrOrdersPassed><in-capmkt:TypeOfCommunicationReceivedForActionsInitiatedOrOrdersPassed contextRef="I_ActionsInitiated2">Memo</in-capmkt:TypeOfCommunicationReceivedForActionsInitiatedOrOrdersPassed><in-capmkt:NatureAndDetailsOfTheActionsInitiatedOrOrdersPassed contextRef="I_ActionsInitiated2">In continuation to our intimation dated 17th October 2026 (enclosed as Annexure B), the DRI has issued a seizure memos under Section 110 of the Customs Act, 1962, in respect of goods valued at approximately INR 6.45 crore.</in-capmkt:NatureAndDetailsOfTheActionsInitiatedOrOrdersPassed><in-capmkt:DateOfReceiptOfCommunicationReceivedForActionsInitiatedOrOrdersPassed contextRef="I_ActionsInitiated2">2026-11-04</in-capmkt:DateOfReceiptOfCommunicationReceivedForActionsInitiatedOrOrdersPassed><in-capmkt:BriefDetailsOfTheMaterialContentsOfTheCommunicationReceivedForActionsInitiatedOrOrdersPassed contextRef="I_ActionsInitiated2">In continuation to our intimation dated 17th October 2026 (enclosed as Annexure B), the DRI has issued a seizure memos under Section 110 of the Customs Act, 1962, in respect of goods valued at approximately INR 6.45 crore.</in-capmkt:BriefDetailsOfTheMaterialContentsOfTheCommunicationReceivedForActionsInitiatedOrOrdersPassed><in-capmkt:PeriodForWhichCommunicationWouldBeApplicableForActionsInitiatedOrOrdersPassed contextRef="I_ActionsInitiated2">Not applicable</in-capmkt:PeriodForWhichCommunicationWouldBeApplicableForActionsInitiatedOrOrdersPassed><in-capmkt:ExpectedImpactOfActionInitiatedOnFinancialAndOperationalOrOtherActivitiesOfTheListedEntity contextRef="I_ActionsInitiated2">The Company is taking necessary steps to continue its operations in the normal course of business, and, as of now, there is no material impact/ disruption to business.</in-capmkt:ExpectedImpactOfActionInitiatedOnFinancialAndOperationalOrOtherActivitiesOfTheListedEntity><in-capmkt:DetailsOfAnyAberrationsOrNonCompliancesOrViolationsOrContraventionsIdentifiedByTheAuthorityInTheCommunicationForActionsInitiatedOrOrdersPassed contextRef="I_ActionsInitiated2">The aforesaid matter relates to an Industry wide customs tariff classification of certain imported goods and the preferential tariff treatment under the India–United Kingdom (“UK”) Free Trade Agreement.

The issue has been discussed by the Industry Association with the Ministry of Commerce on 2nd November 2026, wherein assurance has been provided on earliest resolution of the matter.</in-capmkt:DetailsOfAnyAberrationsOrNonCompliancesOrViolationsOrContraventionsIdentifiedByTheAuthorityInTheCommunicationForActionsInitiatedOrOrdersPassed><in-capmkt:DetailsOfAnyPenaltyOrRestrictionOrSanctionImposedPursuantToTheCommunicationForActionsInitiatedOrOrdersPassed contextRef="I_ActionsInitiated2">Not applicable</in-capmkt:DetailsOfAnyPenaltyOrRestrictionOrSanctionImposedPursuantToTheCommunicationForActionsInitiatedOrOrdersPassed><in-capmkt:ActionsTakenByListedCompanyWithRespectToTheCommunicationForActionsInitiatedOrOrdersPassed contextRef="I_ActionsInitiated2">Seizure memos were issued on 30th October 2026, Friday night at 21:50 hrs IST and on 4th November 2026 at 17:20 hrs IST. The Company is confident of an early resolution of the matter and continues to engage with the concerned authorities and is taking necessary steps to seek provisional release of the goods.

Delay in reporting is unintentional and is promptly actioned, once the issue was brought to the notice of the appropriate Company executives.</in-capmkt:ActionsTakenByListedCompanyWithRespectToTheCommunicationForActionsInitiatedOrOrdersPassed><in-capmkt:NameOfTheSignatory contextRef="I_Signatories1">Ms. Pragya Kaul</in-capmkt:NameOfTheSignatory><in-capmkt:DesignationOfTheSignatory contextRef="I_Signatories1">Company Secretary and Compliance Officer</in-capmkt:DesignationOfTheSignatory><in-capmkt:DateOfOfTheSignatory contextRef="I_Signatories1">2026-11-05</in-capmkt:DateOfOfTheSignatory><in-capmkt:PlaceOfOfTheSignatory contextRef="I_Signatories1">Bengaluru</in-capmkt:PlaceOfOfTheSignatory></xbrli:xbrl>
