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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">532921</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-09-12</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="I_ActionsTaken1"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/ScripCode">532921</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-09-12</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:ActionsTakenOrOrdersPassedAxis"><in-capmkt:ActionsTakenOrOrdersPassedDomain>ActionsTakenOrOrdersPassedDomain1</in-capmkt:ActionsTakenOrOrdersPassedDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:context id="I_ActionsTaken1_PersonsAgainstWhomActionsTaken1"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/ScripCode">532921</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-09-12</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:typedMember 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id="pure"><xbrli:measure>xbrli:pure</xbrli:measure></xbrli:unit><in-capmkt:NSESymbol contextRef="MainI">ADANIPORTS</in-capmkt:NSESymbol><in-capmkt:NameOfTheCompany contextRef="MainI">ADANI PORTS AND SPECIAL ECONOMIC ZONE LIMITED</in-capmkt:NameOfTheCompany><in-capmkt:ScripCode contextRef="MainI">532921</in-capmkt:ScripCode><in-capmkt:MSEISymbol contextRef="MainI">NOTLISTED</in-capmkt:MSEISymbol><in-capmkt:ISIN contextRef="MainI">INE742F01042</in-capmkt:ISIN><in-capmkt:TypeOfAnnouncement contextRef="MainI">New</in-capmkt:TypeOfAnnouncement><in-capmkt:TypeOfEvent contextRef="MainI">Action(s) taken or orders passed (sub-para 20)</in-capmkt:TypeOfEvent><in-capmkt:WhetherEventOrInformationDisclosedIsAnOutcomeOfTheBoardMeeting contextRef="MainI">false</in-capmkt:WhetherEventOrInformationDisclosedIsAnOutcomeOfTheBoardMeeting><in-capmkt:DateOfOccurrenceOfEventOrInformation contextRef="MainI">2026-09-10</in-capmkt:DateOfOccurrenceOfEventOrInformation><in-capmkt:TimeOfOccurrenceOfEventOrInformation contextRef="MainI">21:00:00</in-capmkt:TimeOfOccurrenceOfEventOrInformation><in-capmkt:DateOfReport contextRef="MainI">2026-09-12</in-capmkt:DateOfReport><in-capmkt:TypeOfActionsTakenOrOrdersPassed contextRef="I_ActionsTaken1">Settlement of proceedings</in-capmkt:TypeOfActionsTakenOrOrdersPassed><in-capmkt:ActionsTakenOrOrdersPassedBy contextRef="I_ActionsTaken1">Regulatory Authority</in-capmkt:ActionsTakenOrOrdersPassedBy><in-capmkt:NameOfAuthorityFromWhomActionsTakenOrOrdersPassed contextRef="I_ActionsTaken1">Securities and Exchange Board of India</in-capmkt:NameOfAuthorityFromWhomActionsTakenOrOrdersPassed><in-capmkt:NumberOfPersonsAgainstWhomActionsTakenOrOrdersPassed contextRef="I_ActionsTaken1" unitRef="pure" decimals="0">2</in-capmkt:NumberOfPersonsAgainstWhomActionsTakenOrOrdersPassed><in-capmkt:ActionsTakenOrOrdersPassedAgainst contextRef="I_ActionsTaken1_PersonsAgainstWhomActionsTaken1">Director</in-capmkt:ActionsTakenOrOrdersPassedAgainst><in-capmkt:NameOfPersonAgainstWhomActionsTakenOrOrdersPassed contextRef="I_ActionsTaken1_PersonsAgainstWhomActionsTaken1">Karan Adani</in-capmkt:NameOfPersonAgainstWhomActionsTakenOrOrdersPassed><in-capmkt:DesignationOfPersonAgainstWhomActionsTakenOrOrdersPassed contextRef="I_ActionsTaken1_PersonsAgainstWhomActionsTaken1">Managing Director</in-capmkt:DesignationOfPersonAgainstWhomActionsTakenOrOrdersPassed><in-capmkt:ActionsTakenOrOrdersPassedAgainst contextRef="I_ActionsTaken1_PersonsAgainstWhomActionsTaken2">Key Managerial Personnel</in-capmkt:ActionsTakenOrOrdersPassedAgainst><in-capmkt:NameOfPersonAgainstWhomActionsTakenOrOrdersPassed contextRef="I_ActionsTaken1_PersonsAgainstWhomActionsTaken2">B. Ravi</in-capmkt:NameOfPersonAgainstWhomActionsTakenOrOrdersPassed><in-capmkt:DesignationOfPersonAgainstWhomActionsTakenOrOrdersPassed contextRef="I_ActionsTaken1_PersonsAgainstWhomActionsTaken2">Former Chief Financial Officer</in-capmkt:DesignationOfPersonAgainstWhomActionsTakenOrOrdersPassed><in-capmkt:TypeOfCommunicationReceivedForActionsTakenOrOrdersPassed contextRef="I_ActionsTaken1">Settlement Order</in-capmkt:TypeOfCommunicationReceivedForActionsTakenOrOrdersPassed><in-capmkt:NatureAndDetailsOfTheActionsTakenOrOrdersPassed contextRef="I_ActionsTaken1">Settlement Order</in-capmkt:NatureAndDetailsOfTheActionsTakenOrOrdersPassed><in-capmkt:DateOfReceiptOfCommunicationReceivedForActionsTakenOrOrdersPassed contextRef="I_ActionsTaken1">2026-09-10</in-capmkt:DateOfReceiptOfCommunicationReceivedForActionsTakenOrOrdersPassed><in-capmkt:BriefDetailsOfTheMaterialContentsOfTheCommunicationReceivedForActionsTakenOrOrdersPassed contextRef="I_ActionsTaken1">Mr. B. Ravi and Mr. Karan Adani had filed settlement applications with SEBI under SEBI (Settlement Proceedings) Regulations, 2018, proposing to settle, by neither admitting nor denying the findings of facts and conclusions of law, the proceedings initiated for the alleged violations of Regulation 17(8) read with Paragraph B of Part B of Schedule II of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with Section 21 of the Securities Contracts (Regulation) Act, 1956.

The Settlement Order is available at:
https://www.sebi.gov.in/enforcement/
orders/sep-2026/settlement-order-inthe-matter-of-pmc-projects-indiaprivate-limited_104410.html</in-capmkt:BriefDetailsOfTheMaterialContentsOfTheCommunicationReceivedForActionsTakenOrOrdersPassed><in-capmkt:PeriodForWhichCommunicationWouldBeApplicableForActionsTakenOrOrdersPassed contextRef="I_ActionsTaken1">Not applicable</in-capmkt:PeriodForWhichCommunicationWouldBeApplicableForActionsTakenOrOrdersPassed><in-capmkt:ExpectedImpactOfActionsTakenOnFinancialAndOperationalOrOtherActivitiesOfTheListedEntity contextRef="I_ActionsTaken1">Mr. B. Ravi and Mr. Karan Adani have paid the settlement amount of INR 13,65,000 each. 

There is nil financial impact to the Company arising out of this Settlement Order.</in-capmkt:ExpectedImpactOfActionsTakenOnFinancialAndOperationalOrOtherActivitiesOfTheListedEntity><in-capmkt:DetailsOfAnyAberrationsOrNonCompliancesOrViolationsOrContraventionsIdentifiedByTheAuthorityInTheCommunicationForActionsTakenOrOrdersPassed contextRef="I_ActionsTaken1">Not applicable</in-capmkt:DetailsOfAnyAberrationsOrNonCompliancesOrViolationsOrContraventionsIdentifiedByTheAuthorityInTheCommunicationForActionsTakenOrOrdersPassed><in-capmkt:DetailsOfAnyPenaltyOrRestrictionOrSanctionImposedPursuantToTheCommunicationForActionsTakenOrOrdersPassed contextRef="I_ActionsTaken1">Settlement amount of INR 13,65,000 each.</in-capmkt:DetailsOfAnyPenaltyOrRestrictionOrSanctionImposedPursuantToTheCommunicationForActionsTakenOrOrdersPassed><in-capmkt:DetailsOfRegulatoryActionsOrSanctions contextRef="I_ActionsTaken1">Mr. B. Ravi and Mr. Karan Adani had filed settlement applications with SEBI under SEBI (Settlement Proceedings) Regulations, 2018, proposing to settle, by neither admitting nor denying the findings of facts and conclusions of law, the proceedings initiated for the alleged violations of Regulation 17(8) read with Paragraph B of Part B of Schedule II of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with Section 21 of the Securities Contracts (Regulation) Act, 1956.

The Settlement Order is available at:
https://www.sebi.gov.in/enforcement/
orders/sep-2026/settlement-order-inthe-matter-of-pmc-projects-indiaprivate-limited_104410.html</in-capmkt:DetailsOfRegulatoryActionsOrSanctions><in-capmkt:ActionsTakenByListedCompanyWithRespectToTheCommunicationForActionsTakenOrOrdersPassed contextRef="I_ActionsTaken1">Not applicable</in-capmkt:ActionsTakenByListedCompanyWithRespectToTheCommunicationForActionsTakenOrOrdersPassed><in-capmkt:AnyOtherRelevantInformationForActionsTakenOrOrdersPassed contextRef="I_ActionsTaken1">None</in-capmkt:AnyOtherRelevantInformationForActionsTakenOrOrdersPassed><in-capmkt:NameOfTheSignatory contextRef="I_Signatories1">Kamlesh Bhagia</in-capmkt:NameOfTheSignatory><in-capmkt:DesignationOfTheSignatory contextRef="I_Signatories1">Company Secretary</in-capmkt:DesignationOfTheSignatory><in-capmkt:DateOfOfTheSignatory contextRef="I_Signatories1">2026-09-12</in-capmkt:DateOfOfTheSignatory><in-capmkt:PlaceOfOfTheSignatory contextRef="I_Signatories1">Ahmedabad</in-capmkt:PlaceOfOfTheSignatory></xbrli:xbrl>
