<?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/ScripCode">533206</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">533206</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-07-30</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="I_ChangeInManagement1"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">533206</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-07-30</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/ScripCode">533206</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-07-30</xbrli:startDate><xbrli:endDate>2026-07-30</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:unit id="pure"><xbrli:measure>xbrli:pure</xbrli:measure></xbrli:unit><in-capmkt:NSESymbol contextRef="MainI">SJVN</in-capmkt:NSESymbol><in-capmkt:NameOfTheCompany contextRef="MainI">SJVN Limited</in-capmkt:NameOfTheCompany><in-capmkt:ScripCode contextRef="MainI">533206</in-capmkt:ScripCode><in-capmkt:MSEISymbol contextRef="MainI">NOTLISTED</in-capmkt:MSEISymbol><in-capmkt:ISIN contextRef="MainI">INE002L01015</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">false</in-capmkt:WhetherEventOrInformationIsAnOutcomeOfBoardMeeting><in-capmkt:DateOfOccurrenceOfEventOrInformation contextRef="MainD">2026-07-30</in-capmkt:DateOfOccurrenceOfEventOrInformation><in-capmkt:TimeOfOccurrenceOfEventOrInformation contextRef="MainD">15:42:00</in-capmkt:TimeOfOccurrenceOfEventOrInformation><in-capmkt:NumberOfPersonsOrEntitiesForWhomChangeIsBeingReported contextRef="MainI" unitRef="pure" decimals="0">1</in-capmkt:NumberOfPersonsOrEntitiesForWhomChangeIsBeingReported><in-capmkt:DateOfReport contextRef="MainI">2026-07-30</in-capmkt:DateOfReport><in-capmkt:TypeOfChange contextRef="D_ChangeInManagement1">Appointment</in-capmkt:TypeOfChange><in-capmkt:CategoryForChange contextRef="D_ChangeInManagement1">Director</in-capmkt:CategoryForChange><in-capmkt:DesignationOfDesignatedPerson contextRef="D_ChangeInManagement1">Executive Director</in-capmkt:DesignationOfDesignatedPerson><in-capmkt:PositionOfDirectorInBoardTwo contextRef="D_ChangeInManagement1">Chairperson</in-capmkt:PositionOfDirectorInBoardTwo><in-capmkt:PositionOfDirectorInBoardThree contextRef="D_ChangeInManagement1">MD</in-capmkt:PositionOfDirectorInBoardThree><in-capmkt:SalutationOfDesignatedPerson contextRef="D_ChangeInManagement1">Mr.</in-capmkt:SalutationOfDesignatedPerson><in-capmkt:NameOfDesignatedPerson contextRef="I_ChangeInManagement1">	Bhupender Gupta</in-capmkt:NameOfDesignatedPerson><in-capmkt:EffectiveDateOfReasonOfChange contextRef="I_ChangeInManagement1">2026-08-01</in-capmkt:EffectiveDateOfReasonOfChange><in-capmkt:TermOfAppointmentInMonths contextRef="D_ChangeInManagement1" unitRef="pure" decimals="INF">0</in-capmkt:TermOfAppointmentInMonths><in-capmkt:BriefProfile contextRef="D_ChangeInManagement1">He has been serving as the Chairman &amp; Managing Director of NHPC Limited, a Navratna Enterprise under the Government of India, since 04.09.2025. He is also Chairman on the Boards of NHDC Limited and Loktak Downstream Hydroelectric Corporation Limited (Subsidiary Companies of NHPC Limited). Shri Bhupender Gupta holds a bachelor’s degree in electrical engineering and an MBA in Operations Management. He began his professional career with ACC Ltd. in 1991 and started his CPSU career by joining SJVN in 1995, where he served for 12 years in various positions. During this period, he was responsible for the planning, erection, and commissioning as well as O&amp;M of the electromechanical equipment of the 1500 MW Nathpa Jhakri Hydro Power Plant, the largest operational hydroelectric project in India. He also served on deputation in Bhutan with the 1020 MW Tala Hydroelectric Power Project for around three years (2002–2005).

Subsequently, he joined REC Ltd. in March 2007 and was associated with project financing of Hydro, Thermal projects for approximately 6 years. Thereafter, he worked as Additional Chief Executive Officer (CEO) in two subsidiaries of REC i.e. REC Transmission Projects Co. Ltd. and REC Power Distribution Co. Ltd. as the Operational Head. During his tenure, he oversaw execution, project management, contract management, and consultancy for power sector projects across Pan India &amp; successfully completed Govt. of India Flagship scheme assigned to REC i.e. Saubhagya, Deen Dayal Upadhyaya Gram Jyoti Yojana (DDUGJY), PMDP etc.

Shri Gupta later joined as Director (Technical) at the Punatsangchhu Hydroelectric Project Authority, in Bhutan in December 2020 on deputation and spearheaded on-going construction activities and resolved long pending contractual &amp; pending issues. Thereafter, Shri Gupta joined THDCIL as Director (Technical) on 9th June 2023. Shri Gupta provided strategic leadership in addressing commissioning challenges and Covid-19 impacts, facilitating THDCIL in successfully achieving CoD of 1320MW of Khurja STPP. Shri Gupta guided Civil, HM and EM teams in resolving major civil challenges, pump-turbine operational issues, and commissioning hurdles due to implementing advanced technology (VSI) in Tehri PSP, leading to successful CoD of Unit-1 &amp; 2 (250 MW each) of Tehri PSP. He also steered the redeployment of stalled operation of Tunnel Boring Machine (TBM) in 444 MW Vishnugad Pipalkoti HEP and now the project is in advance stage of completion. After assigned additional charge of CMD SJVN from 1/5/2025, he provided strategic leadership in addressing commissioning challenges of Buxar Thermal PP and facilitated successful achieving CoD of first Unit in Sep’25 (660 MW) and Second Unit is targeted to be commissioned in March 2026. SJVNL has also commissioned entire capacity of 1000 MW Bikaner Solar Power project in Dec’2025, under his leadership.

After taking charge as CMD NHPC, Shri Gupta is actively steering NHPC towards faster execution and commissioning of ongoing projects and bringing new hydro projects in the NHPC portfolio. Since taking over the charge of NHPC, commissioning of 300MW Bikaner Solar plant and COD of four units (unit#1, #2, #3 &amp; #4) of Subansiri Lower HEP of 250 MW each has been achieved.

With an illustrious career spanning more than 34 years including 31 years in Power CPSUs, Shri Gupta has contributed significantly to the Indian power sector across hydro, thermal, renewable energy, transmission, and distribution domains. His contribution encompassed planning, design, execution, contract and project management, and O&amp;M of large hydro projects as well as transmission and distribution projects.</in-capmkt:BriefProfile><in-capmkt:DisclosureOfRelationshipsBetweenDirectorsInCaseOfAppointmentOfDirector contextRef="D_ChangeInManagement1">NA</in-capmkt:DisclosureOfRelationshipsBetweenDirectorsInCaseOfAppointmentOfDirector><in-capmkt:AffirmationThatThePersonProposedToBeAppointedAsDirectorIsNotDebarredFromHoldingTheOfficeByVirtueOfAnySEBIOrderOrAnyOtherAuthority contextRef="D_ChangeInManagement1">true</in-capmkt:AffirmationThatThePersonProposedToBeAppointedAsDirectorIsNotDebarredFromHoldingTheOfficeByVirtueOfAnySEBIOrderOrAnyOtherAuthority><in-capmkt:WhetherTheDirectorBeingAppointedIsDisqualifiedFromHoldingTheOfficeOfDirectorPursuantToProvisionsOfSection164OfTheCompaniesAct2013 contextRef="D_ChangeInManagement1">false</in-capmkt:WhetherTheDirectorBeingAppointedIsDisqualifiedFromHoldingTheOfficeOfDirectorPursuantToProvisionsOfSection164OfTheCompaniesAct2013></xbrli:xbrl>
