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<xbrli:xbrl xmlns:in-capmkt="http://www.sebi.gov.in/xbrl/2025-11-30/in-capmkt" xmlns:in-capmkt-ent="http://www.sebi.gov.in/xbrl/Changes_In_Management/2025-11-30/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="http://www.sebi.gov.in/xbrl/2025-11-30/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.w3.org/1999/xlink"><link:schemaRef xlink:type="simple" xlink:href="in-capmkt-ent-2025-11-30.xsd"/><xbrli:context id="MainD"><xbrli:entity><xbrli:identifier 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id="D_ChangeInManagement2"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">523630</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-04-18</xbrli:startDate><xbrli:endDate>2026-04-18</xbrli:endDate></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:ChangeInManagementAxis"><in-capmkt:ChangeInManagementDomain>ChangeInManagementDomain2</in-capmkt:ChangeInManagementDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:unit id="pure"><xbrli:measure>xbrli:pure</xbrli:measure></xbrli:unit><in-capmkt:NSESymbol contextRef="MainI">NFL</in-capmkt:NSESymbol><in-capmkt:NameOfTheCompany contextRef="MainI">NATIONAL FERTILIZERS LIMITED</in-capmkt:NameOfTheCompany><in-capmkt:ScripCode contextRef="MainI">523630</in-capmkt:ScripCode><in-capmkt:MSEISymbol contextRef="MainI">NOTLISTED</in-capmkt:MSEISymbol><in-capmkt:ISIN contextRef="MainI">INE870D01012</in-capmkt:ISIN><in-capmkt:WhetherDisclosureFiledForListedEntity 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contextRef="D_ChangeInManagement1">Vacation of office due to statutory authority order</in-capmkt:CategoryOfCessation><in-capmkt:CategoryForChange contextRef="D_ChangeInManagement1">Director</in-capmkt:CategoryForChange><in-capmkt:DesignationOfDesignatedPerson contextRef="D_ChangeInManagement1">Non-Executive - Nominee Director</in-capmkt:DesignationOfDesignatedPerson><in-capmkt:PositionOfDirectorInBoardTwo contextRef="D_ChangeInManagement1">Not Applicable</in-capmkt:PositionOfDirectorInBoardTwo><in-capmkt:PositionOfDirectorInBoardThree contextRef="D_ChangeInManagement1">Not Applicable</in-capmkt:PositionOfDirectorInBoardThree><in-capmkt:SalutationOfDesignatedPerson contextRef="D_ChangeInManagement1">Ms.</in-capmkt:SalutationOfDesignatedPerson><in-capmkt:NameOfDesignatedPerson contextRef="I_ChangeInManagement1">Prathibha Anirudhan</in-capmkt:NameOfDesignatedPerson><in-capmkt:EffectiveDateOfReasonOfChange contextRef="I_ChangeInManagement1">2026-04-17</in-capmkt:EffectiveDateOfReasonOfChange><in-capmkt:RemarksForChangeInManagement contextRef="D_ChangeInManagement1">Cessation as per DoF's Order No. 95/1/2019-HR-PSU (Part-2) (e-31042) dated 17.04.2026</in-capmkt:RemarksForChangeInManagement><in-capmkt:TypeOfChange contextRef="D_ChangeInManagement2">Appointment</in-capmkt:TypeOfChange><in-capmkt:CategoryForChange contextRef="D_ChangeInManagement2">Director</in-capmkt:CategoryForChange><in-capmkt:DesignationOfDesignatedPerson contextRef="D_ChangeInManagement2">Non-Executive - Nominee Director</in-capmkt:DesignationOfDesignatedPerson><in-capmkt:PositionOfDirectorInBoardTwo contextRef="D_ChangeInManagement2">Not Applicable</in-capmkt:PositionOfDirectorInBoardTwo><in-capmkt:PositionOfDirectorInBoardThree contextRef="D_ChangeInManagement2">Not Applicable</in-capmkt:PositionOfDirectorInBoardThree><in-capmkt:SalutationOfDesignatedPerson contextRef="D_ChangeInManagement2">Mr.</in-capmkt:SalutationOfDesignatedPerson><in-capmkt:NameOfDesignatedPerson contextRef="I_ChangeInManagement2">Kuntal Sensarma</in-capmkt:NameOfDesignatedPerson><in-capmkt:EffectiveDateOfReasonOfChange contextRef="I_ChangeInManagement2">2026-04-17</in-capmkt:EffectiveDateOfReasonOfChange><in-capmkt:TermOfAppointmentInMonths contextRef="D_ChangeInManagement2" unitRef="pure" decimals="INF">3</in-capmkt:TermOfAppointmentInMonths><in-capmkt:BriefProfile contextRef="D_ChangeInManagement2">Shri Kuntal Sensarma was born in December, 1967. He holds a graduation degree in Economics (Honours) from Presidency College and a post-graduate degree in International Economics from the University of Calcutta. He has also completed M.A. in Public Policy &amp; Sustainable Development from TERI University and a Management Development Programme in Public Administration from the Indian Institute of Public Administration, New Delhi. 

He is an Indian Economic Service (IES) officer of 1995 batch and is currently serving as Senior Economic Adviser. He has held various significant positions across Ministries/Departments including Department for Promotion of Industry and Internal Trade, Ministry of Electronics &amp; IT, Ministry of Food Processing Industries, Department of Investment and Public Asset Management, and Department of Rural Development.

He is also holding Additional Charge of Chairman &amp; Managing Director on the Board of Fertilizer Corporation of India Limited and Hindustan Fertilizer Corporation Limited.

Currently, he serves as the Senior Economic Adviser in the Department of Fertilizers, the Ministry of Chemical &amp; Fertilizers, Government of India.
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