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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 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id="pure"><xbrli:measure>xbrli:pure</xbrli:measure></xbrli:unit><in-capmkt:NameOfTheCompany contextRef="MainI">NAZARA TECHNOLOGIES LIMITED</in-capmkt:NameOfTheCompany><in-capmkt:NSESymbol contextRef="MainI">NAZARA</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">Loan 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">2026-09-21</in-capmkt:DateOfOccurrenceOfEvent><in-capmkt:TimeOfOccurrenceOfEvent contextRef="MainD">10:35:00</in-capmkt:TimeOfOccurrenceOfEvent><in-capmkt:WhetherTheListedEntityIsPartyToTheAgreement contextRef="MainD">true</in-capmkt:WhetherTheListedEntityIsPartyToTheAgreement><in-capmkt:RemarksForWebsiteDissemination contextRef="MainI">Disclosure under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements), Regulations, 2015, as amended (the “Listing Regulations”)</in-capmkt:RemarksForWebsiteDissemination><in-capmkt:DateOfReport contextRef="MainI">2026-09-22</in-capmkt:DateOfReport><in-capmkt:DetailsOfExecutionOfAgreement contextRef="MainI">Loan Agreement</in-capmkt:DetailsOfExecutionOfAgreement><in-capmkt:WhetherProposedOrExecutedAgreementIsInNormalCourseOfBusiness contextRef="MainI">false</in-capmkt:WhetherProposedOrExecutedAgreementIsInNormalCourseOfBusiness><in-capmkt:ReasonForProposedOrExecutedAgreementIsNotInNormalCourseOfBusiness contextRef="MainI">The Company has entered into a Loan Agreement with Smaaash Entertainment Private Limited (“Smaaash”), a wholly-owned subsidiary of the Company on September 21, 2026, for granting an unsecured loan of an aggregate amount not exceeding Rs.28.00 Crores (Rupees Twenty Eight Crores), in one or more tranches.  The loan is being extended to Smaaash for its general business purposes, including working capital, capital expenditure and acquisition of capital assets, subject to compliance with applicable laws.</in-capmkt:ReasonForProposedOrExecutedAgreementIsNotInNormalCourseOfBusiness><in-capmkt:ImpactOfAgreementOnManagementAndControlOfTheListedEntity contextRef="MainI">Not Applicable</in-capmkt:ImpactOfAgreementOnManagementAndControlOfTheListedEntity><in-capmkt:NumberOfPartiesToTheAgreement contextRef="MainI" unitRef="pure" decimals="0">2</in-capmkt:NumberOfPartiesToTheAgreement><in-capmkt:NameOfPartiesOrCounterPartiesOfTheAgreement contextRef="D_PartiesOfTheAgreement1">Nazara Technologies Limited</in-capmkt:NameOfPartiesOrCounterPartiesOfTheAgreement><in-capmkt:NatureOfThePartiesOfTheAgreement contextRef="I_PartiesOfTheAgreement1">Party entering into the agreement</in-capmkt:NatureOfThePartiesOfTheAgreement><in-capmkt:DetailsOfShareholdingInTheEntityWithWhomTheAgreementIsExecuted contextRef="I_PartiesOfTheAgreement1">Smaaash is a wholly-owned subsidiary of the Company</in-capmkt:DetailsOfShareholdingInTheEntityWithWhomTheAgreementIsExecuted><in-capmkt:WhetherThePartiesToTheAgreementAreRelatedToPromoterOrPromoterGroupOrAssociateOrHoldingOrSubsidiaryOrGroupCompaniesOrDirectorOrKMPAndItsRelativesInAnyManner contextRef="I_PartiesOfTheAgreement1">true</in-capmkt:WhetherThePartiesToTheAgreementAreRelatedToPromoterOrPromoterGroupOrAssociateOrHoldingOrSubsidiaryOrGroupCompaniesOrDirectorOrKMPAndItsRelativesInAnyManner><in-capmkt:NatureOfRelationshipOfTheAgreement contextRef="I_PartiesOfTheAgreement1">Smaaash, being a wholly-owned subsidiary of the Company is a related party of the Company.  

Furthermore, as the transaction is between a holding company and its wholly-owned subsidiary, it is exempt from the provisions applicable to related party transactions under Listing Regulations.  

The promoter / promoter group / group companies of the Company do not have any interest in the said transaction.  The said transaction is on arm’s length basis</in-capmkt:NatureOfRelationshipOfTheAgreement><in-capmkt:NameOfPartiesOrCounterPartiesOfTheAgreement contextRef="D_PartiesOfTheAgreement2">Smaaash Entertainment Private Limited</in-capmkt:NameOfPartiesOrCounterPartiesOfTheAgreement><in-capmkt:NatureOfThePartiesOfTheAgreement contextRef="I_PartiesOfTheAgreement2">Counterparties to the agreement</in-capmkt:NatureOfThePartiesOfTheAgreement><in-capmkt:DetailsOfShareholdingInTheEntityWithWhomTheAgreementIsExecuted contextRef="I_PartiesOfTheAgreement2">Smaaash is a wholly-owned subsidiary of the Company.</in-capmkt:DetailsOfShareholdingInTheEntityWithWhomTheAgreementIsExecuted><in-capmkt:WhetherThePartiesToTheAgreementAreRelatedToPromoterOrPromoterGroupOrAssociateOrHoldingOrSubsidiaryOrGroupCompaniesOrDirectorOrKMPAndItsRelativesInAnyManner contextRef="I_PartiesOfTheAgreement2">true</in-capmkt:WhetherThePartiesToTheAgreementAreRelatedToPromoterOrPromoterGroupOrAssociateOrHoldingOrSubsidiaryOrGroupCompaniesOrDirectorOrKMPAndItsRelativesInAnyManner><in-capmkt:NatureOfRelationshipOfTheAgreement contextRef="I_PartiesOfTheAgreement2">Smaaash, being a wholly-owned subsidiary of the Company is a related party of the Company.  

Furthermore, as the transaction is between a holding company and its wholly-owned subsidiary, it is exempt from the provisions applicable to related party transactions under Listing Regulations.  

The promoter / promoter group / group companies of the Company do not have any interest in the said transaction.  The said transaction is on arm’s length basis</in-capmkt:NatureOfRelationshipOfTheAgreement><in-capmkt:WhetherTheAgreementWouldFallWithinRelatedPartyTransactions contextRef="MainI">true</in-capmkt:WhetherTheAgreementWouldFallWithinRelatedPartyTransactions><in-capmkt:WhetherTheAgreementIsDoneAtArmsLength contextRef="MainI">true</in-capmkt:WhetherTheAgreementIsDoneAtArmsLength><in-capmkt:DateOnWhichAgreementWasEntered contextRef="MainI">2026-09-21</in-capmkt:DateOnWhichAgreementWasEntered><in-capmkt:PurposeOfEnteringIntoTheAgreement contextRef="MainI">The Company has entered into the said Agreement with Smaaash to grant an unsecured loan for an amount not exceeding Rs.28.00 Crores in one or more tranches. The loan is being extended to Smaaash for its general business purposes, including working capital, capital expenditure and acquisition of capital assets, subject to compliance with applicable laws.</in-capmkt:PurposeOfEnteringIntoTheAgreement><in-capmkt:SignificantTermsOfTheAgreementInBriefSpecialRightsLikeRightToAppointDirectorsOrFirstRightToShareSubscriptionInCaseOfIssuanceOfSharesOrRightToRestrictAnyChangeInCapitalStructure contextRef="MainI">Subject to receipt of all requisite approvals, the Lender may, at its discretion, convert all or any part of the Loan into such number of Equity Shares as it may determine, by issuing written notice to the Borrower.</in-capmkt:SignificantTermsOfTheAgreementInBriefSpecialRightsLikeRightToAppointDirectorsOrFirstRightToShareSubscriptionInCaseOfIssuanceOfSharesOrRightToRestrictAnyChangeInCapitalStructure><in-capmkt:WhetherThereIsAnyIssuanceOrTransferOfSharesToTheParties contextRef="MainI">false</in-capmkt:WhetherThereIsAnyIssuanceOrTransferOfSharesToTheParties><in-capmkt:DetailsAndQuantificationOfTheRestrictionOrLiabilityImposedUponTheListedEntity contextRef="MainD">Not Applicable</in-capmkt:DetailsAndQuantificationOfTheRestrictionOrLiabilityImposedUponTheListedEntity><in-capmkt:OtherInformationForExecutionAgreements contextRef="MainI">Note: &lt;BR&gt; 
 &lt;BR&gt; 
A] This is further to our disclosures dated March 30, 2026 and August 3, 2026, and in compliance with Regulation 30 read with Schedule III of Listing Regulations, we hereby inform you that the Company has entered into a Loan Agreement with Smaaash Entertainment Private Limited (“Smaaash”), a wholly-owned subsidiary of the Company on September 21, 2026, for granting an unsecured loan of an aggregate amount not exceeding Rs.28.00 Crores (Rupees Twenty Eight Crores), in one or more tranches.   &lt;BR&gt; 
 &lt;BR&gt; 
The loan is being extended to Smaaash for its general business purposes, including working capital, capital expenditure and acquisition of capital assets, subject to compliance with applicable laws.  &lt;BR&gt; 
 &lt;BR&gt; 
The details in this regard, pursuant to Regulation 30 of the Listing Regulations read with SEBI Master Circular No. SEBI/HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026, was enclosed as Annexure A to intimation dated September 21, 2026. &lt;BR&gt; 
 &lt;BR&gt; 
B] Name(s) of parties with whom the agreement is entered: The Loan Agreement (“Agreement”) has been entered into between the Nazara Technologies Limited (“Nazara/ the Company/ Lender”) and Smaaash Entertainment Private Limited (“Smaaash/Borrower”), a wholly-owned subsidiary of the Company. &lt;BR&gt; 
 &lt;BR&gt; 
C] Size of agreement: Aggregate amount not exceeding Rs.28.00 Crores. &lt;BR&gt; 
 &lt;BR&gt; 
D] In case of loan agreements, details of lender/borrower, nature of the loan, total amount of loan granted/taken, total amount outstanding, date of execution of the loan agreement/sanction letter, details of the security provided to the lenders / by the borrowers for such loan or in case outstanding loans lent to a party or borrowed from a party become material on a cumulative basis: &lt;BR&gt; 
 &lt;BR&gt; 
Lender: Nazara Technologies Limited &lt;BR&gt; 
Borrower: Smaaash Entertainment Private Limited. &lt;BR&gt; 
Nature of Loan: Unsecured Loan &lt;BR&gt; 
Total amount of loan: Aggregate amount not exceeding Rs.28.00 Crores, in one or more tranches, subject to compliance with the applicable laws. &lt;BR&gt; 
Date of execution of Loan Agreement: September 21, 2026 &lt;BR&gt; 
Details of security provided to lender: Nil &lt;BR&gt; 
Amount of loan outstanding as on date of disclosure: Rs.116.00 Crores &lt;BR&gt; 
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