<?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/NSESymbol">M&amp;M</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-04-24</xbrli:startDate><xbrli:endDate>2026-04-24</xbrli:endDate></xbrli:period></xbrli:context><xbrli:context id="MainI"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/NSESymbol">M&amp;M</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-04-24</xbrli:instant></xbrli:period></xbrli:context><xbrli:unit id="pure"><xbrli:measure>xbrli:pure</xbrli:measure></xbrli:unit><in-capmkt:NSESymbol contextRef="MainI">M&amp;M</in-capmkt:NSESymbol><in-capmkt:NameOfTheCompany contextRef="MainI">Mahindra &amp; Mahindra Limited</in-capmkt:NameOfTheCompany><in-capmkt:TypeOfAnnouncement contextRef="MainI">New</in-capmkt:TypeOfAnnouncement><in-capmkt:TypeOfAgreement contextRef="MainI">Joint venture agreements</in-capmkt:TypeOfAgreement><in-capmkt:StageOfAgreement contextRef="MainI">Revision, Rescission, Amendment or Alteration of agreement</in-capmkt:StageOfAgreement><in-capmkt:AgreementsEnteredIntoBy contextRef="MainD">Listed Entity,Related Parties of the listed entity</in-capmkt:AgreementsEnteredIntoBy><in-capmkt:WhetherEventOrInformationDisclosedIsAnOutcomeOfBoardMeeting contextRef="MainD">false</in-capmkt:WhetherEventOrInformationDisclosedIsAnOutcomeOfBoardMeeting><in-capmkt:DateOfOccurrenceOfEvent contextRef="MainI">2026-04-24</in-capmkt:DateOfOccurrenceOfEvent><in-capmkt:TimeOfOccurrenceOfEvent contextRef="MainD">12:44:00</in-capmkt:TimeOfOccurrenceOfEvent><in-capmkt:WhetherTheListedEntityIsPartyToTheAgreement contextRef="MainD">true</in-capmkt:WhetherTheListedEntityIsPartyToTheAgreement><in-capmkt:DateOfReport contextRef="MainI">2026-04-24</in-capmkt:DateOfReport><in-capmkt:DateOfInitialDisclosureOfTheExecutionOfTheAgreementToTheStockExchangeForRevisionOrRescissionOrAmendmentOrAlterationOfAgreement contextRef="MainI">2025-11-12</in-capmkt:DateOfInitialDisclosureOfTheExecutionOfTheAgreementToTheStockExchangeForRevisionOrRescissionOrAmendmentOrAlterationOfAgreement><in-capmkt:BriefDetailsOfRevisionOrRescissionOrAmendmentOrAlterationOfAgreement contextRef="MainD">Execution of a Novation and Amendment Agreement with The Manufacturers Life Insurance Company (“Manulife”), Manulife and Manulife Holdings (Bermuda) Limited (“Manulife Bermuda”), a wholly owned subsidiary of Manulife. Pursuant to the said agreement, Manulife has transferred, assigned, and novated all its rights, interests, and obligations under the JVA to Manulife Bermuda in accordance with JVA, with all other terms and conditions of the JVA remaining unchanged. Manulife Bermuda has assumed all of the rights and obligations of Manulife under the JVA, and shall be bound by the terms and conditions of the JVA.</in-capmkt:BriefDetailsOfRevisionOrRescissionOrAmendmentOrAlterationOfAgreement><in-capmkt:NumberOfPartiesRelatingToAgreementAfterRevisionOrRescissionOrAmendmentOrAlterationOfAgreement contextRef="MainI" decimals="0" unitRef="pure">3</in-capmkt:NumberOfPartiesRelatingToAgreementAfterRevisionOrRescissionOrAmendmentOrAlterationOfAgreement><in-capmkt:NamesOfPartiesWithWhomTheAgreementIsEnteredAfterRevisionOrRescissionOrAmendmentOrAlterationOfAgreement contextRef="MainD">The Manufacturers Life Insurance Company and Manulife Holdings (Bermuda) Limited</in-capmkt:NamesOfPartiesWithWhomTheAgreementIsEnteredAfterRevisionOrRescissionOrAmendmentOrAlterationOfAgreement><in-capmkt:NatureOfTheAgreementForRevisionOrRescissionOrAmendmentOrAlterationOfAgreement contextRef="MainD">Novation and Amendment Agreement</in-capmkt:NatureOfTheAgreementForRevisionOrRescissionOrAmendmentOrAlterationOfAgreement><in-capmkt:DateOfExecutionOfTheRevisionOrRescissionOrAmendmentOrAlterationOfAgreement contextRef="MainI">2026-04-24</in-capmkt:DateOfExecutionOfTheRevisionOrRescissionOrAmendmentOrAlterationOfAgreement><in-capmkt:ReasonOfRevisionOrRescissionOrAmendmentOrAlterationOfAgreement contextRef="MainD">Not applicable</in-capmkt:ReasonOfRevisionOrRescissionOrAmendmentOrAlterationOfAgreement><in-capmkt:DetailsOfImpactOfTheRevisionOrRescissionOrAmendmentOrAlterationOfAgreement contextRef="MainD">Not applicable</in-capmkt:DetailsOfImpactOfTheRevisionOrRescissionOrAmendmentOrAlterationOfAgreement></xbrli:xbrl>