<?xml version="1.0" encoding="UTF-8" standalone="no"?><xbrli:xbrl xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:in-capmkt="https://www.sebi.gov.in/xbrl/2024-04-30/in-capmkt" xmlns:in-capmkt-ent="https://www.sebi.gov.in/xbrl/Announcement_For_Agreements/2024-04-30/in-capmkt/in-capmkt-ent" xmlns:in-capmkt-roles="https://www.sebi.gov.in/xbrl/Announcement_For_Agreements/2024-04-30/in-capmkt-roles" xmlns:in-capmkt-type="https://www.sebi.gov.in/xbrl/2024-04-30/in-capmkt-types" xmlns:iso4217="http://www.xbrl.org/2003/iso4217" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:negated="http://www.xbrl.org/2009/role/negated" xmlns:net="http://www.xbrl.org/2009/role/net" xmlns:nonnum="http://www.xbrl.org/dtr/type/non-numeric" xmlns:num="http://www.xbrl.org/dtr/type/numeric" xmlns:xbrldi="http://xbrl.org/2006/xbrldi" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:xl="http://www.xbrl.org/2003/XLink" xmlns:xlink="http://www.w3.org/1999/xlink"><link:schemaRef xlink:href="in-capmkt-ent-2024-04-30.xsd" xlink:type="simple"/><xbrli:context id="MainD"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">532343</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-04-20</xbrli:startDate><xbrli:endDate>2026-04-20</xbrli:endDate></xbrli:period></xbrli:context><xbrli:context id="MainI"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">532343</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-04-20</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="D_PartiesOfTheAgreement1"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">532343</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-04-20</xbrli:startDate><xbrli:endDate>2026-04-20</xbrli:endDate></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:PartiesOfTheAgreementAxis"><in-capmkt:PartiesOfTheAgreementDomain>PartiesOfTheAgreementDomain1</in-capmkt:PartiesOfTheAgreementDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:context id="I_PartiesOfTheAgreement1"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">532343</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-04-20</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:PartiesOfTheAgreementAxis"><in-capmkt:PartiesOfTheAgreementDomain>PartiesOfTheAgreementDomain1</in-capmkt:PartiesOfTheAgreementDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:unit id="pure"><xbrli:measure>xbrli:pure</xbrli:measure></xbrli:unit><xbrli:unit id="shares"><xbrli:measure>xbrli:shares</xbrli:measure></xbrli:unit><in-capmkt:NameOfTheCompany contextRef="MainI">TVS Motor Company Limited</in-capmkt:NameOfTheCompany><in-capmkt:NSESymbol contextRef="MainI">TVSMOTOR</in-capmkt:NSESymbol><in-capmkt:TypeOfAnnouncement contextRef="MainI">New</in-capmkt:TypeOfAnnouncement><in-capmkt:TypeOfAgreement contextRef="MainI">Others</in-capmkt:TypeOfAgreement><in-capmkt:DetailsOfOtherTypeOfAnnouncement contextRef="MainI">Joint Development Agreement</in-capmkt:DetailsOfOtherTypeOfAnnouncement><in-capmkt:StageOfAgreement contextRef="MainI">Execution of agreement</in-capmkt:StageOfAgreement><in-capmkt:AgreementsEnteredIntoBy contextRef="MainD">Listed Entity</in-capmkt:AgreementsEnteredIntoBy><in-capmkt:WhetherEventOrInformationDisclosedIsAnOutcomeOfBoardMeeting contextRef="MainD">false</in-capmkt:WhetherEventOrInformationDisclosedIsAnOutcomeOfBoardMeeting><in-capmkt:DateOfOccurrenceOfEvent contextRef="MainI">2026-04-20</in-capmkt:DateOfOccurrenceOfEvent><in-capmkt:TimeOfOccurrenceOfEvent contextRef="MainD">17:54:00</in-capmkt:TimeOfOccurrenceOfEvent><in-capmkt:WhetherTheListedEntityIsPartyToTheAgreement contextRef="MainD">true</in-capmkt:WhetherTheListedEntityIsPartyToTheAgreement><in-capmkt:DateOfReport contextRef="MainI">2026-04-20</in-capmkt:DateOfReport><in-capmkt:DetailsOfExecutionOfAgreement contextRef="MainI">The Company has entered into a Joint Development Agreement (JDA) with Hyundai Motor Company on 20 April 2026. 
The JDA is being entered into for the development, manufacturing, and commercialisation of electric micromobility 3-wheelers (including its versions or variants). The JDA sets out the terms governing the arrangement between the parties.</in-capmkt:DetailsOfExecutionOfAgreement><in-capmkt:WhetherProposedOrExecutedAgreementIsInNormalCourseOfBusiness contextRef="MainI">true</in-capmkt:WhetherProposedOrExecutedAgreementIsInNormalCourseOfBusiness><in-capmkt:ImpactOfAgreementOnManagementAndControlOfTheListedEntity contextRef="MainI">No impact on the management and control of the listed entity</in-capmkt:ImpactOfAgreementOnManagementAndControlOfTheListedEntity><in-capmkt:NumberOfPartiesToTheAgreement contextRef="MainI" decimals="0" unitRef="pure">1</in-capmkt:NumberOfPartiesToTheAgreement><in-capmkt:NameOfPartiesOrCounterPartiesOfTheAgreement contextRef="D_PartiesOfTheAgreement1">Hyundai Motor Company</in-capmkt:NameOfPartiesOrCounterPartiesOfTheAgreement><in-capmkt:NatureOfThePartiesOfTheAgreement contextRef="I_PartiesOfTheAgreement1">Party entering into the agreement</in-capmkt:NatureOfThePartiesOfTheAgreement><in-capmkt:DetailsOfShareholdingInTheEntityWithWhomTheAgreementIsExecuted contextRef="I_PartiesOfTheAgreement1">Nil</in-capmkt:DetailsOfShareholdingInTheEntityWithWhomTheAgreementIsExecuted><in-capmkt:NumberOfSharesOfPartyOfTheAgreement contextRef="I_PartiesOfTheAgreement1" decimals="INF" unitRef="shares">0</in-capmkt:NumberOfSharesOfPartyOfTheAgreement><in-capmkt:PercentageOfShareholdingOfPartyOfTheAgreement contextRef="I_PartiesOfTheAgreement1" decimals="INF" unitRef="pure">0</in-capmkt:PercentageOfShareholdingOfPartyOfTheAgreement><in-capmkt:WhetherThePartiesToTheAgreementAreRelatedToPromoterOrPromoterGroupOrAssociateOrHoldingOrSubsidiaryOrGroupCompaniesOrDirectorOrKMPAndItsRelativesInAnyManner contextRef="I_PartiesOfTheAgreement1">false</in-capmkt:WhetherThePartiesToTheAgreementAreRelatedToPromoterOrPromoterGroupOrAssociateOrHoldingOrSubsidiaryOrGroupCompaniesOrDirectorOrKMPAndItsRelativesInAnyManner><in-capmkt:DateOnWhichAgreementWasEntered contextRef="MainI">2026-04-20</in-capmkt:DateOnWhichAgreementWasEntered><in-capmkt:PurposeOfEnteringIntoTheAgreement contextRef="MainI">Joint Development Agreement</in-capmkt:PurposeOfEnteringIntoTheAgreement><in-capmkt:SignificantTermsOfTheAgreementInBriefSpecialRightsLikeRightToAppointDirectorsOrFirstRightToShareSubscriptionInCaseOfIssuanceOfSharesOrRightToRestrictAnyChangeInCapitalStructure contextRef="MainI">(1)	HMC will lead the concept design of the Products.
(2)	The Parties will jointly develop the Products, with each Party leading the development phases to be undertaken by it. 
(3)	The Company will have worldwide exclusive right to manufacturing the Products.
(4)	TVSM will have exclusive right to sell and distribute the Products in India and other territories agreed in the JDA.
(5)	HMC will have exclusive right to sell and distribute the Products in Korea and other territories agreed in the JDA.
(6)	The Agreement does not have a specific term and will continue until termination.</in-capmkt:SignificantTermsOfTheAgreementInBriefSpecialRightsLikeRightToAppointDirectorsOrFirstRightToShareSubscriptionInCaseOfIssuanceOfSharesOrRightToRestrictAnyChangeInCapitalStructure><in-capmkt:WhetherThereIsAnyIssuanceOrTransferOfSharesToTheParties contextRef="MainI">false</in-capmkt:WhetherThereIsAnyIssuanceOrTransferOfSharesToTheParties><in-capmkt:DetailsAndQuantificationOfTheRestrictionOrLiabilityImposedUponTheListedEntity contextRef="MainD">Not Applicable</in-capmkt:DetailsAndQuantificationOfTheRestrictionOrLiabilityImposedUponTheListedEntity></xbrli:xbrl>