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<!--ANNAgreement V1.0 (10-04-2026)-->
<xbrli:xbrl 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:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:nonnum="http://www.xbrl.org/dtr/type/non-numeric" xmlns:in-capmkt-type="https://www.sebi.gov.in/xbrl/2024-04-30/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.xbrl.org/2003/XLink"><link:schemaRef xlink:type="simple" xlink:href="in-capmkt-ent-2024-04-30.xsd"/><xbrli:context id="MainD"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">532357</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-09-15</xbrli:startDate><xbrli:endDate>2026-09-15</xbrli:endDate></xbrli:period></xbrli:context><xbrli:context id="MainI"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">532357</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-09-15</xbrli:instant></xbrli:period></xbrli:context><in-capmkt:NameOfTheCompany contextRef="MainI">Mukta Arts Limited</in-capmkt:NameOfTheCompany><in-capmkt:NSESymbol contextRef="MainI">MUKTAARTS</in-capmkt:NSESymbol><in-capmkt:TypeOfAnnouncement contextRef="MainI">New</in-capmkt:TypeOfAnnouncement><in-capmkt:TypeOfAgreement contextRef="MainI">Shareholder agreements</in-capmkt:TypeOfAgreement><in-capmkt:StageOfAgreement contextRef="MainI">Termination 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">2026-09-15</in-capmkt:DateOfOccurrenceOfEvent><in-capmkt:TimeOfOccurrenceOfEvent contextRef="MainD">12:30:00</in-capmkt:TimeOfOccurrenceOfEvent><in-capmkt:WhetherTheListedEntityIsPartyToTheAgreement contextRef="MainD">true</in-capmkt:WhetherTheListedEntityIsPartyToTheAgreement><in-capmkt:DateOfReport contextRef="MainI">2026-09-15</in-capmkt:DateOfReport><in-capmkt:DateOfInitialDisclosureOfTheExecutionOfTheAgreementToTheStockExchange contextRef="MainI">2024-02-14</in-capmkt:DateOfInitialDisclosureOfTheExecutionOfTheAgreementToTheStockExchange><in-capmkt:BriefDetailsOfTerminationOfAgreement contextRef="MainI">Binding Term Sheet dated 28th February, 2024, Shareholders Agreement and Securities Subscription Agreement executed on 7th August, 2024 between the Company, Mukta A2 Cinemas Private Limited (Formerly Mukta A2 Cinemas Limited) a Subsidiary Company (“Mukta A2”), Mr. Rajiv Malhotra and Maverick Media Private Limited, being proposed Investor in Mukta A2, the parties have mutually agreed to terminate the said agreements and have accordingly executed Consent Terms due to the unresolvable differences between parties</in-capmkt:BriefDetailsOfTerminationOfAgreement><in-capmkt:NamesOfPartiesWithWhomTheAgreementWasEntered contextRef="MainI">Mukta Arts Limited, Mukta A2 Cinemas Private Limited, Maverick Media Private Limited and Mr. Rajiv Rameshchandra Malhotra</in-capmkt:NamesOfPartiesWithWhomTheAgreementWasEntered><in-capmkt:NatureOfTheAgreementForTerminationOfAgreement contextRef="MainI">Termination of the Binding Term Sheet, Securities Subscription Agreement and Shareholders Agreement being the Transaction Documents</in-capmkt:NatureOfTheAgreementForTerminationOfAgreement><in-capmkt:DateOfExecutionOfTheAgreement contextRef="MainI">2024-08-07</in-capmkt:DateOfExecutionOfTheAgreement><in-capmkt:ReasonForTerminatingTheAgreement contextRef="MainI">Due to unresolvable difference between the parties to the Transaction Documents and as per the terms of the Consent Terms dated 15th September, 2026, the aforementioned Transaction Documents are treated as terminated with effect from Share Transfer Date.</in-capmkt:ReasonForTerminatingTheAgreement><in-capmkt:DetailsOfImpactOfTerminationOfTheAgreement contextRef="MainI">The said termination does not have any material adverse impact on the operations, revenue or business of the Company.</in-capmkt:DetailsOfImpactOfTerminationOfTheAgreement></xbrli:xbrl>
