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<!--OBM V1.0 (01-01-2026)-->
<xbrli:xbrl xmlns:in-capmkt="https://www.sebi.gov.in/xbrl/2024-05-31/in-capmkt" xmlns:in-capmkt-roles="https://www.sebi.gov.in/xbrl/Announcements_Pertaining_To_Outcome_Of_Board_Meeting/2024-05-31/in-capmkt/in-capmkt-ent" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:nonnum="http://www.xbrl.org/dtr/type/non-numeric" xmlns:in-capmkt-types="https://www.sebi.gov.in/xbrl/2024-05-31/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.w3.org/1999/xlink"><link:schemaRef xlink:type="simple" xlink:href="in-capmkt-ent-2024-05-31.xsd"/><xbrli:context id="MainD"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">524342</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-05-21</xbrli:startDate><xbrli:endDate>2026-05-21</xbrli:endDate></xbrli:period></xbrli:context><xbrli:context id="MainI"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">524342</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-05-21</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="DividendD"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">524342</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-05-21</xbrli:startDate><xbrli:endDate>2026-05-21</xbrli:endDate></xbrli:period></xbrli:context><xbrli:context id="DividendI"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">524342</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-05-21</xbrli:instant></xbrli:period></xbrli:context><in-capmkt:NSESymbol contextRef="MainI">INDOBORAX</in-capmkt:NSESymbol><in-capmkt:NameOfTheCompany contextRef="MainI">INDO BORAX &amp; CHEMICALS LIMITED</in-capmkt:NameOfTheCompany><in-capmkt:TypeOfAnnouncementOfBoardMeeting contextRef="MainD">New</in-capmkt:TypeOfAnnouncementOfBoardMeeting><in-capmkt:FirstEventOfBoardMeeting contextRef="MainD">Dividend</in-capmkt:FirstEventOfBoardMeeting><in-capmkt:DateOfReport contextRef="MainI">2026-05-21</in-capmkt:DateOfReport><in-capmkt:WhetherPriorIntimationOfBoardMeetingConsideringInterimOrFinalDividendGivenToStockExchange contextRef="DividendI">true</in-capmkt:WhetherPriorIntimationOfBoardMeetingConsideringInterimOrFinalDividendGivenToStockExchange><in-capmkt:DateOfPriorIntimationSubmittedToStockExchangeOnBoardMeetingToConsiderDeclarationOfInterimOrRecommendationOfFinalDividend contextRef="DividendI">2026-05-18</in-capmkt:DateOfPriorIntimationSubmittedToStockExchangeOnBoardMeetingToConsiderDeclarationOfInterimOrRecommendationOfFinalDividend><in-capmkt:DateOfBoardMeetingConsideringDeclarationOfInterimOrRecommendationOfFinalDividend contextRef="DividendI">2026-05-21</in-capmkt:DateOfBoardMeetingConsideringDeclarationOfInterimOrRecommendationOfFinalDividend><in-capmkt:StartTimeOfBoardMeetingForAnnouncementOfDividend contextRef="DividendD">11:30:00</in-capmkt:StartTimeOfBoardMeetingForAnnouncementOfDividend><in-capmkt:EndTimeOfBoardMeetingForAnnouncementOfDividend contextRef="DividendD">14:10:00</in-capmkt:EndTimeOfBoardMeetingForAnnouncementOfDividend><in-capmkt:WhetherDeclarationOfInterimDividendOrRecommendationOfFinalDividendApprovedByTheBoard contextRef="DividendD">Yes</in-capmkt:WhetherDeclarationOfInterimDividendOrRecommendationOfFinalDividendApprovedByTheBoard><in-capmkt:FirstTypeOfDividend contextRef="DividendD">Final</in-capmkt:FirstTypeOfDividend><in-capmkt:SecondTypeOfDividend contextRef="DividendD">Others</in-capmkt:SecondTypeOfDividend><in-capmkt:DetailsOfOtherTypeOfDividendDeclaredOrRecommendedByTheCompany contextRef="DividendI">Special Dividend</in-capmkt:DetailsOfOtherTypeOfDividendDeclaredOrRecommendedByTheCompany><in-capmkt:RateOfFinalDividendRecommendedPerEquityShare contextRef="DividendI">The Board of Directors at its meeting held on May 21, 2026 has recommended Final dividend of ₹10/- (Rupees Ten only) per Equity Share of face value of ₹ 1/- (Rupee One only) each (i.e. 1000%) for the financial year 2025-26.</in-capmkt:RateOfFinalDividendRecommendedPerEquityShare><in-capmkt:WhetherRecordDateOrBookClosureBeenFixedForFinalDividend contextRef="DividendI">false</in-capmkt:WhetherRecordDateOrBookClosureBeenFixedForFinalDividend><in-capmkt:NotesForRecordDateOrBookClosureHasNotBeenFixed contextRef="DividendI">The Board of Directors has not yet fixed/ approved the date of ensuing Annual General Meeting (‘AGM’) of the Company. Consequently, the Record/ Book Closure dates for declaration of final dividend has not been fixed. It shall be intimated in due course once the AGM date is fixed by the Board of Directors in compliance with the applicable provisions of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015</in-capmkt:NotesForRecordDateOrBookClosureHasNotBeenFixed><in-capmkt:WhetherDateOfGeneralMeetingIsFixedForThePurposeOfFinalDividend contextRef="DividendI">false</in-capmkt:WhetherDateOfGeneralMeetingIsFixedForThePurposeOfFinalDividend><in-capmkt:NotesForDateOfGeneralMeetingIsNotFixedForThePurposeOfFinalDividend contextRef="DividendI">The Board of Directors has not yet fixed/ approved the date of ensuing Annual General Meeting (‘AGM’) of the Company for considering/ approving final dividend along with the other business items. It shall be decided by the Board of Directors in due course of time and shall be intimated accordingly</in-capmkt:NotesForDateOfGeneralMeetingIsNotFixedForThePurposeOfFinalDividend><in-capmkt:PeriodForWhichFinalDividendIsDeclared contextRef="DividendI">FY 2025-26</in-capmkt:PeriodForWhichFinalDividendIsDeclared><in-capmkt:RateOfOtherTypeDividendRecommendedPerEquityShare contextRef="DividendI">The Board of Directors at its meeting held on May 21, 2026 has recommended Special Dividend of ₹30/- (Rupees Thirty only) per Equity Share of face value of ₹1/- (Rupees One only) each (i.e. 3000%) for the financial year 2025-26</in-capmkt:RateOfOtherTypeDividendRecommendedPerEquityShare><in-capmkt:WhetherRecordDateOrBookClosureBeenFixedForOtherTypeOfDividend contextRef="DividendI">false</in-capmkt:WhetherRecordDateOrBookClosureBeenFixedForOtherTypeOfDividend><in-capmkt:NotesForRecordDateOrBookClosureHasNotBeenFixedOfOtherTypeOfDividend contextRef="DividendI">The Board of Directors has not yet fixed/ approved the date of ensuing Annual General Meeting (‘AGM’) of the Company. Consequently, the Record/ Book Closure dates for declaration of dividend has not been fixed. It shall be intimated in due course once the AGM date is fixed by the Board of Directors in compliance with the applicable provisions of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015</in-capmkt:NotesForRecordDateOrBookClosureHasNotBeenFixedOfOtherTypeOfDividend><in-capmkt:WhetherDateOfGeneralMeetingIsFixedForThePurposeOfOtherTypeOfDividend contextRef="DividendI">false</in-capmkt:WhetherDateOfGeneralMeetingIsFixedForThePurposeOfOtherTypeOfDividend><in-capmkt:NotesForDateOfGeneralMeetingIsNotFixedForThePurposeOfOtherTypeDividend contextRef="DividendI">The Board of Directors has not yet fixed/ approved the date of ensuing Annual General Meeting (‘AGM’) of the Company for considering/ approving dividend along with the other business items. It shall be decided by the Board of Directors in due course of time and shall be intimated accordingly.</in-capmkt:NotesForDateOfGeneralMeetingIsNotFixedForThePurposeOfOtherTypeDividend><in-capmkt:PeriodForWhichOtherTypeOfDividendIsDeclared contextRef="DividendI">FY 2025-26</in-capmkt:PeriodForWhichOtherTypeOfDividendIsDeclared></xbrli:xbrl>
