<?xml version="1.0" encoding="UTF-8"?>
<!--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">540048</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-07-30</xbrli:startDate><xbrli:endDate>2026-07-30</xbrli:endDate></xbrli:period></xbrli:context><xbrli:context id="MainI"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">540048</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-07-30</xbrli:instant></xbrli:period></xbrli:context><in-capmkt:NameOfTheCompany contextRef="MainI">S.P.APPARELS LIMITED</in-capmkt:NameOfTheCompany><in-capmkt:NSESymbol contextRef="MainI">SPAL</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">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">2026-07-30</in-capmkt:DateOfOccurrenceOfEvent><in-capmkt:TimeOfOccurrenceOfEvent contextRef="MainD">14:00:00</in-capmkt:TimeOfOccurrenceOfEvent><in-capmkt:WhetherTheListedEntityIsPartyToTheAgreement contextRef="MainD">true</in-capmkt:WhetherTheListedEntityIsPartyToTheAgreement><in-capmkt:DateOfReport contextRef="MainI">2026-07-30</in-capmkt:DateOfReport><in-capmkt:DateOfInitialDisclosureOfTheExecutionOfTheAgreementToTheStockExchange contextRef="MainI">2026-06-11</in-capmkt:DateOfInitialDisclosureOfTheExecutionOfTheAgreementToTheStockExchange><in-capmkt:BriefDetailsOfTerminationOfAgreement contextRef="MainI">The Company hereby wishes to inform you that the Loan Agreement was duly executed between the parties. However, no loan amount was disbursed by the Lender to the Borrower pursuant to the said Agreement. Accordingly, as the agreed conditions under the Agreement were not fulfilled and the loan was not disbursed, the aforesaid Loan Agreement has been terminated in accordance with the terms thereof.</in-capmkt:BriefDetailsOfTerminationOfAgreement><in-capmkt:NamesOfPartiesWithWhomTheAgreementWasEntered contextRef="MainI">S.P. Apparels Limited, (“the Lender”) and S.P. Apparels (UK) (P) Limited, (“Borrower”) a Wholly owned subsidiary of the Company.
</in-capmkt:NamesOfPartiesWithWhomTheAgreementWasEntered><in-capmkt:NatureOfTheAgreementForTerminationOfAgreement contextRef="MainI">Loan Agreement</in-capmkt:NatureOfTheAgreementForTerminationOfAgreement><in-capmkt:DateOfExecutionOfTheAgreement contextRef="MainI">2026-06-11</in-capmkt:DateOfExecutionOfTheAgreement><in-capmkt:ReasonForTerminatingTheAgreement contextRef="MainI">The agreement terminated due to not fulfilled the agreed terms and conditions under the Agreement.</in-capmkt:ReasonForTerminatingTheAgreement><in-capmkt:DetailsOfImpactOfTerminationOfTheAgreement contextRef="MainI">There is no impact on the business of the Company.</in-capmkt:DetailsOfImpactOfTerminationOfTheAgreement></xbrli:xbrl>
