<?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">BHEL</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-04-17</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="I_AmendmentOrTerminationOfOrdersOrContracts"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/NSESymbol">BHEL</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-04-17</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:explicitMember dimension="in-capmkt:AwardingOrBaggingOrReceivingOfOrdersOrContractsAxis">in-capmkt:AmendmentOrTerminationOfOrdersOrContractsMember</xbrldi:explicitMember></xbrli:scenario></xbrli:context><in-capmkt:NSESymbol contextRef="MainI">BHEL</in-capmkt:NSESymbol><in-capmkt:NameOfTheCompany contextRef="MainI">BHARAT HEAVY ELECTRICALS LIMITED</in-capmkt:NameOfTheCompany><in-capmkt:ScripCode contextRef="MainI">500103</in-capmkt:ScripCode><in-capmkt:MSEISymbol contextRef="MainI">NOTLISTED</in-capmkt:MSEISymbol><in-capmkt:ISIN contextRef="MainI">INE257A01026</in-capmkt:ISIN><in-capmkt:TypeOfAnnouncement contextRef="MainI">Update</in-capmkt:TypeOfAnnouncement><in-capmkt:TypeOfEvent contextRef="MainI">Amendment or termination of orders/contracts</in-capmkt:TypeOfEvent><in-capmkt:DateOfOccurrenceOfEvent contextRef="MainI">2026-04-17</in-capmkt:DateOfOccurrenceOfEvent><in-capmkt:TimeOfOccurrenceOfEvent contextRef="MainI">16:36:00</in-capmkt:TimeOfOccurrenceOfEvent><in-capmkt:DateOfInitialAnnouncement contextRef="MainI">2025-09-03</in-capmkt:DateOfInitialAnnouncement><in-capmkt:DateOfLatestAnnouncement contextRef="MainI">2025-09-03</in-capmkt:DateOfLatestAnnouncement><in-capmkt:DateOfReport contextRef="MainI">2026-04-17</in-capmkt:DateOfReport><in-capmkt:NameOfPartiesToTheOrdersOrContracts contextRef="I_AmendmentOrTerminationOfOrdersOrContracts">MB Power (Madhya Pradesh) Limited</in-capmkt:NameOfPartiesToTheOrdersOrContracts><in-capmkt:NatureOfOrdersOrContracts contextRef="I_AmendmentOrTerminationOfOrdersOrContracts">Supply of equipment - Boiler, Turbine, Generator and associated auxiliaries along with control and instrumentation</in-capmkt:NatureOfOrdersOrContracts><in-capmkt:DateOfExecutionOfTheOrdersOrContracts contextRef="I_AmendmentOrTerminationOfOrdersOrContracts">2025-09-03</in-capmkt:DateOfExecutionOfTheOrdersOrContracts><in-capmkt:DateOfTerminationOrAmendmentOfTheOrdersOrContracts contextRef="I_AmendmentOrTerminationOfOrdersOrContracts">2026-04-17</in-capmkt:DateOfTerminationOrAmendmentOfTheOrdersOrContracts><in-capmkt:DetailsOfAmendmentOrReasonsForTerminationsAndImpactOfTheOrdersOrContracts contextRef="I_AmendmentOrTerminationOfOrdersOrContracts">the LOI was subject to execution of a formal contract within the agreed timeline. However, despite multiple discussions and extensions, the contract could not be executed, as per the terms of LOI. Accordingly, BHEL’s acceptance to LOI dated 03.09.2025 stands withdrawn.</in-capmkt:DetailsOfAmendmentOrReasonsForTerminationsAndImpactOfTheOrdersOrContracts></xbrli:xbrl>