<?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/2025-05-31/in-capmkt" xmlns:in-capmkt-ent="https://www.sebi.gov.in/xbrl/Awarding_Or_Bagging_Or_Receiving_Of_Orders_Or_Contracts/2025-05-31/in-capmkt/in-capmkt-ent" xmlns:in-capmkt-roles="https://www.sebi.gov.in/xbrl/Awarding_Or_Bagging_Or_Receiving_Of_Orders_Or_Contracts/2025-05-31/in-capmkt-roles" xmlns:in-capmkt-types="https://www.sebi.gov.in/xbrl/2025-05-31/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-2025-05-31.xsd" xlink:type="simple"/><xbrli:context id="MainI"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/NSESymbol">MSTCLTD</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-02-27</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="I_AwardingOfOrdersOrContracts"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/NSESymbol">MSTCLTD</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-02-27</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:explicitMember dimension="in-capmkt:AwardingOrBaggingOrReceivingOfOrdersOrContractsAxis">in-capmkt:AwardingOfOrdersOrContractsMember</xbrldi:explicitMember></xbrli:scenario></xbrli:context><xbrli:unit id="INR"><xbrli:measure>iso4217:INR</xbrli:measure></xbrli:unit><in-capmkt:NSESymbol contextRef="MainI">MSTCLTD</in-capmkt:NSESymbol><in-capmkt:NameOfTheCompany contextRef="MainI">MSTC LIMITED</in-capmkt:NameOfTheCompany><in-capmkt:ScripCode contextRef="MainI">542597</in-capmkt:ScripCode><in-capmkt:MSEISymbol contextRef="MainI">NOTLISTED</in-capmkt:MSEISymbol><in-capmkt:ISIN contextRef="MainI">INE255X01014</in-capmkt:ISIN><in-capmkt:TypeOfAnnouncement contextRef="MainI">New</in-capmkt:TypeOfAnnouncement><in-capmkt:TypeOfEvent contextRef="MainI">Awarding of order(s)/contract(s)</in-capmkt:TypeOfEvent><in-capmkt:DateOfOccurrenceOfEvent contextRef="MainI">2026-02-26</in-capmkt:DateOfOccurrenceOfEvent><in-capmkt:TimeOfOccurrenceOfEvent contextRef="MainI">18:00:00</in-capmkt:TimeOfOccurrenceOfEvent><in-capmkt:DateOfReport contextRef="MainI">2026-02-27</in-capmkt:DateOfReport><in-capmkt:NameOfTheEntityToWhichOrdersOrContractsIsAwarded contextRef="I_AwardingOfOrdersOrContracts">Coal India Limited</in-capmkt:NameOfTheEntityToWhichOrdersOrContractsIsAwarded><in-capmkt:WhetherTheOrdersOrContractsIsOrdinaryCourseOfBusiness contextRef="I_AwardingOfOrdersOrContracts">true</in-capmkt:WhetherTheOrdersOrContractsIsOrdinaryCourseOfBusiness><in-capmkt:WhetherOrdersOrContractsIsAwardedToDomesticOrInternationalEntity contextRef="I_AwardingOfOrdersOrContracts">Domestic</in-capmkt:WhetherOrdersOrContractsIsAwardedToDomesticOrInternationalEntity><in-capmkt:WhetherTheCounterpartyIsIndianListedEntity contextRef="I_AwardingOfOrdersOrContracts">true</in-capmkt:WhetherTheCounterpartyIsIndianListedEntity><in-capmkt:ISINOfTheCounterparty contextRef="I_AwardingOfOrdersOrContracts">INE522F01014</in-capmkt:ISINOfTheCounterparty><in-capmkt:NSESymbolOfTheCounterparty contextRef="I_AwardingOfOrdersOrContracts">COALINDIA</in-capmkt:NSESymbolOfTheCounterparty><in-capmkt:ScripCodeOfTheCounterparty contextRef="I_AwardingOfOrdersOrContracts">533278</in-capmkt:ScripCodeOfTheCounterparty><in-capmkt:NameOfTheCountryInWhichCounterpartyIsExists contextRef="I_AwardingOfOrdersOrContracts">india</in-capmkt:NameOfTheCountryInWhichCounterpartyIsExists><in-capmkt:DateOfAwardOfOrdersOrContracts contextRef="I_AwardingOfOrdersOrContracts">2026-02-26</in-capmkt:DateOfAwardOfOrdersOrContracts><in-capmkt:AmountOfTheOrdersOrContracts contextRef="I_AwardingOfOrdersOrContracts" decimals="-7" unitRef="INR">0</in-capmkt:AmountOfTheOrdersOrContracts><in-capmkt:SignificantTermsAndConditionsOfOrdersOrContractsIsAwarded contextRef="I_AwardingOfOrdersOrContracts">MSTC limited will be responsible to provide whole gamut of associated services of NRS Linkage auction starting from conducting of auction to execution of agreement through MSTC platform for three years</in-capmkt:SignificantTermsAndConditionsOfOrdersOrContractsIsAwarded><in-capmkt:TimePeriodToWhichOrdersOrContractsIsAssociated contextRef="I_AwardingOfOrdersOrContracts">The agreement will remain valid for three years.</in-capmkt:TimePeriodToWhichOrdersOrContractsIsAssociated><in-capmkt:BroadCommercialConsiderationOrSizeOfTheOrdersOrContracts contextRef="I_AwardingOfOrdersOrContracts">Consideration amount or size of the order/contract could not be quantified at this stage.</in-capmkt:BroadCommercialConsiderationOrSizeOfTheOrdersOrContracts><in-capmkt:WhetherThePromoterOrPromoterGroupOrGroupCompaniesHaveAnyInterestInThatEntityToWhomTheOrdersOrContractsIsAwarded contextRef="I_AwardingOfOrdersOrContracts">false</in-capmkt:WhetherThePromoterOrPromoterGroupOrGroupCompaniesHaveAnyInterestInThatEntityToWhomTheOrdersOrContractsIsAwarded><in-capmkt:WhetherTheAgreementWouldFallWithinRelatedPartyTransactions contextRef="I_AwardingOfOrdersOrContracts">false</in-capmkt:WhetherTheAgreementWouldFallWithinRelatedPartyTransactions></xbrli:xbrl>