<?xml version="1.0" encoding="UTF-8"?>
<!--CIMG V1.1 (21-04-2026)-->
<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 scheme="https://www.sebi.gov.in/in-capmkt/NSESymbol">NATIONALUM</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-07-31</xbrli:startDate><xbrli:endDate>2026-07-31</xbrli:endDate></xbrli:period></xbrli:context><xbrli:context id="MainI"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/NSESymbol">NATIONALUM</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-07-31</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="I_ChangeInManagement1"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/NSESymbol">NATIONALUM</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-07-31</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:ChangeInManagementAxis"><in-capmkt:ChangeInManagementDomain>ChangeInManagementDomain1</in-capmkt:ChangeInManagementDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:context id="D_ChangeInManagement1"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/NSESymbol">NATIONALUM</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-07-31</xbrli:startDate><xbrli:endDate>2026-07-31</xbrli:endDate></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:ChangeInManagementAxis"><in-capmkt:ChangeInManagementDomain>ChangeInManagementDomain1</in-capmkt:ChangeInManagementDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:context id="I_ChangeInManagement2"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/NSESymbol">NATIONALUM</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-07-31</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:ChangeInManagementAxis"><in-capmkt:ChangeInManagementDomain>ChangeInManagementDomain2</in-capmkt:ChangeInManagementDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:context id="D_ChangeInManagement2"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/NSESymbol">NATIONALUM</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-07-31</xbrli:startDate><xbrli:endDate>2026-07-31</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">NATIONALUM</in-capmkt:NSESymbol><in-capmkt:NameOfTheCompany contextRef="MainI">NATIONAL ALUMINIUM COMPANY LIMITED</in-capmkt:NameOfTheCompany><in-capmkt:ScripCode contextRef="MainI">532234</in-capmkt:ScripCode><in-capmkt:MSEISymbol contextRef="MainI">NOTLISTED</in-capmkt:MSEISymbol><in-capmkt:ISIN contextRef="MainI">INE139A01034</in-capmkt:ISIN><in-capmkt:WhetherDisclosureFiledForListedEntity contextRef="MainD">true</in-capmkt:WhetherDisclosureFiledForListedEntity><in-capmkt:RelationshipWithTheListedEntity contextRef="MainD">Listed Entity (self)</in-capmkt:RelationshipWithTheListedEntity><in-capmkt:WhetherEventOrInformationIsAnOutcomeOfBoardMeeting contextRef="MainD">true</in-capmkt:WhetherEventOrInformationIsAnOutcomeOfBoardMeeting><in-capmkt:DateOfBoardMeeting contextRef="MainD">2026-07-31</in-capmkt:DateOfBoardMeeting><in-capmkt:StartTimeOfBoardMeeting contextRef="MainD">17:00:00</in-capmkt:StartTimeOfBoardMeeting><in-capmkt:EndTimeOfBoardMeeting contextRef="MainD">20:00:00</in-capmkt:EndTimeOfBoardMeeting><in-capmkt:NumberOfPersonsOrEntitiesForWhomChangeIsBeingReported contextRef="MainI" unitRef="pure" decimals="0">2</in-capmkt:NumberOfPersonsOrEntitiesForWhomChangeIsBeingReported><in-capmkt:DateOfReport contextRef="MainI">2026-07-31</in-capmkt:DateOfReport><in-capmkt:TypeOfChange contextRef="D_ChangeInManagement1">Appointment</in-capmkt:TypeOfChange><in-capmkt:CategoryForChange contextRef="D_ChangeInManagement1">Auditors</in-capmkt:CategoryForChange><in-capmkt:DesignationOfDesignatedPerson contextRef="D_ChangeInManagement1">Cost Auditors</in-capmkt:DesignationOfDesignatedPerson><in-capmkt:SalutationOfDesignatedPerson contextRef="D_ChangeInManagement1">M/s.</in-capmkt:SalutationOfDesignatedPerson><in-capmkt:NameOfDesignatedPerson contextRef="I_ChangeInManagement1">Tanmaya S. Pradhan</in-capmkt:NameOfDesignatedPerson><in-capmkt:EffectiveDateOfReasonOfChange contextRef="I_ChangeInManagement1">2026-07-31</in-capmkt:EffectiveDateOfReasonOfChange><in-capmkt:TermOfAppointmentInMonths contextRef="D_ChangeInManagement1" unitRef="pure" decimals="INF">12</in-capmkt:TermOfAppointmentInMonths><in-capmkt:BriefProfile contextRef="D_ChangeInManagement1">Tanmaya S. Pradhan &amp; Co. is a Cost Accountants firm founded in 2006 and registered with the Institute of Cost Accountants of India (FRN: 000177). Headquartered in Bhubaneswar, Odisha, with branch offices across Sambalpur, New Delhi, Ranchi, Kolkata, and Rourkela, the firm is led by a team of seven experienced Cost Accountants comprising FCMAs and ACMAs.

Over the years, the firm has built an extensive track record in Cost Audit, Internal Audit, GST/VAT Audit, Physical Verification of Assets and Inventory, Cost Records Preparation, System and Process Audits, Compliance Reviews, and Financial Consultancy. It has successfully served several leading Central and State Public Sector Undertakings (PSUs), Government Departments, and private sector organizations across diverse industries.

The firm’s major clientele includes prestigious organizations such as Coal India Limited and its subsidiaries (MCL, SECL, CCL, WCL), NTPC Limited, Power Grid Corporation of India Limited, NALCO, NMDC, NTEC Limited, NTPC-SAIL Power Company, BSNL, Odisha Mining Corporation, Odisha Power Generation Corporation, OPTCL, GRIDCO, OHPC, SOUTHCO, WESCO, Odisha Coal and Power Company Limited, Neelachal Ispat Nigam Limited, and several other Government and private enterprises. The firm has also undertaken special audits for Government departments, including the Central Excise &amp; Customs Department and the Department of Fertilizers, Government of India.

With significant expertise in the mining, metals, power, manufacturing, telecommunications, and infrastructure sectors, the firm has consistently delivered high-quality professional services involving statutory cost audits, internal audits, inventory and asset verification, coal sale audits, GST and VAT audits, cost record maintenance, and financial certification assignments. The firm has also been associated with large-scale audit engagements involving operational reviews, system audits, inventory reconciliation, and fixed asset management for some of India’s largest public sector enterprises.

In addition to its audit and assurance services, the firm provides advisory support in cost management, finance, accounting, compliance, and business administration. It is empanelled with organizations such as Power Finance Corporation and continues to serve a wide range of clients through its commitment to professional excellence, technical competence, integrity, and timely delivery of services.

With nearly two decades of experience, a strong multidisciplinary team, and a proven record of serving premier Government and private sector organizations, Tanmaya S. Pradhan &amp; Co. has established itself as a trusted professional firm offering comprehensive cost and management accounting, audit, and consultancy services across India.</in-capmkt:BriefProfile><in-capmkt:TypeOfChange contextRef="D_ChangeInManagement2">Appointment</in-capmkt:TypeOfChange><in-capmkt:CategoryForChange contextRef="D_ChangeInManagement2">Auditors</in-capmkt:CategoryForChange><in-capmkt:DesignationOfDesignatedPerson contextRef="D_ChangeInManagement2">Cost Auditors</in-capmkt:DesignationOfDesignatedPerson><in-capmkt:SalutationOfDesignatedPerson contextRef="D_ChangeInManagement2">M/s.</in-capmkt:SalutationOfDesignatedPerson><in-capmkt:NameOfDesignatedPerson contextRef="I_ChangeInManagement2">S Dhal &amp; Co</in-capmkt:NameOfDesignatedPerson><in-capmkt:EffectiveDateOfReasonOfChange contextRef="I_ChangeInManagement2">2026-07-31</in-capmkt:EffectiveDateOfReasonOfChange><in-capmkt:TermOfAppointmentInMonths contextRef="D_ChangeInManagement2" unitRef="pure" decimals="INF">12</in-capmkt:TermOfAppointmentInMonths><in-capmkt:BriefProfile contextRef="D_ChangeInManagement2">S Dhal &amp; Co., Cost Accountants is a professionally managed partnership firm established in 2002 and registered with the Institute of Cost Accountants of India (FRN: 000197). Headquartered in Bhubaneswar, Odisha, the firm has an extensive pan-India presence through branch offices in Kolkata, Ghaziabad, Mumbai, Bengaluru, and Hyderabad. The firm comprises six experienced Cost Accountants with diverse expertise in cost management, audit, financial compliance, and advisory services.

Over the past two decades, the firm has established a strong reputation for delivering professional services to leading Central and State Public Sector Undertakings (PSUs) as well as private sector enterprises across the power, mining, metals, manufacturing, steel, aluminium, telecommunications, cement, and infrastructure sectors. Its core service offerings include Cost Audit, Internal Audit, Cost Accounting Records, Perpetual Inventory Audit, Road Sale/E-Auction Audit, Special Audit under the Central Excise Act, Cost of Production Certification (CAS-4), and VAT Audit.

The firm has successfully executed audit and assurance assignments for several prestigious organisations, including NALCO, NTPC , Mahanadi Coalfields Limited, Bharat Coking Coal Limited, Rashtriya Ispat Nigam Limited, Odisha Power Generation Corporation, Cement Corporation of India , Western Coalfields Limited , Blamer Lawrie &amp; Co. Ltd., Odisha Power Transmission Corporation Limited , Bharat Sanchar Nigam Limited , West Bengal Power Development Corporation Limited , Odisha Hydro Power Corporation Limited , GRIDCO, CESU, Tata Steel, Indian Oil Corporation Limited, Odisha Mining Corporation , Jyothy Laboratories Limited, Kurlon Limited, NAFED, and several other leading public and private sector organisations.

The firm’s longstanding association with major Government enterprises reflects its expertise in statutory and management audits, inventory and asset verification, cost record maintenance, regulatory compliance, and operational reviews. With a focus on quality, integrity, technical excellence, and timely execution, S Dhal &amp; Co. continues to provide reliable, value-driven professional services tailored to the evolving needs of industry and Government organisations.

Backed by experienced professionals, a diversified client portfolio, and more than two decades of professional excellence, S Dhal &amp; Co., Cost Accountants has earned a reputation as a trusted advisor in the fields of cost management, audit, assurance, compliance, and financial consultancy, serving organisations across India.</in-capmkt:BriefProfile></xbrli:xbrl>
