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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_ChangeInManagement3"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">533344</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-06-04</xbrli:startDate><xbrli:endDate>2026-06-04</xbrli:endDate></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:ChangeInManagementAxis"><in-capmkt:ChangeInManagementDomain>ChangeInManagementDomain3</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">PFS</in-capmkt:NSESymbol><in-capmkt:NameOfTheCompany contextRef="MainI">PTC India Financial Services Limited</in-capmkt:NameOfTheCompany><in-capmkt:ScripCode contextRef="MainI">533344</in-capmkt:ScripCode><in-capmkt:MSEISymbol contextRef="MainI">NOTLISTED</in-capmkt:MSEISymbol><in-capmkt:ISIN contextRef="MainI">INE560K01014</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">2026-06-04</in-capmkt:DateOfBoardMeeting><in-capmkt:StartTimeOfBoardMeeting contextRef="MainD">16:00:00</in-capmkt:StartTimeOfBoardMeeting><in-capmkt:EndTimeOfBoardMeeting contextRef="MainD">17:00:00</in-capmkt:EndTimeOfBoardMeeting><in-capmkt:NumberOfPersonsOrEntitiesForWhomChangeIsBeingReported contextRef="MainI" unitRef="pure" decimals="0">3</in-capmkt:NumberOfPersonsOrEntitiesForWhomChangeIsBeingReported><in-capmkt:DateOfReport contextRef="MainI">2026-06-04</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">Not Applicable</in-capmkt:PositionOfDirectorInBoardTwo><in-capmkt:PositionOfDirectorInBoardThree contextRef="D_ChangeInManagement1">CEO-MD</in-capmkt:PositionOfDirectorInBoardThree><in-capmkt:SalutationOfDesignatedPerson contextRef="D_ChangeInManagement1">Mr.</in-capmkt:SalutationOfDesignatedPerson><in-capmkt:NameOfDesignatedPerson contextRef="I_ChangeInManagement1">Rajiv Malhotra</in-capmkt:NameOfDesignatedPerson><in-capmkt:EffectiveDateOfReasonOfChange contextRef="I_ChangeInManagement1">2026-07-01</in-capmkt:EffectiveDateOfReasonOfChange><in-capmkt:TermOfAppointmentInMonths contextRef="D_ChangeInManagement1" unitRef="pure" decimals="INF">5</in-capmkt:TermOfAppointmentInMonths><in-capmkt:BriefProfile contextRef="D_ChangeInManagement1">Mr. Rajiv Malhotra, aged about 59 years, is a Mechanical engineer and has undergone the Post Graduate Program (PGP) in Management. He is an alumnus of NIT, Kurukshetra and Indian Institute of Management, Lucknow. He also has a charter in Financial Analysis (CFA). He has been in position as Executive Director &amp; Group Chief Risk Officer since June, 2013 in PTC India Ltd.
The initial nine years of his career were with NTPC, a Maharatna Company where he served in various capacities. Before joining PTC, he was also the Chief Operating Officer, Athena Energy Ventures Pvt. Ltd. (AEVPL), a joint venture of PTC and IDFC with AIP Power Pvt. Ltd. and Sr. Vice President (Business &amp; Corporate Development) at Energy Infratech Pvt. Ltd., a project engineering and management services company. In an earlier stint, he was Vice President at PTC. 
With more than 35 years of experience in the utility and energy sector, he has a broad domain of knowledge and his experience covers strategy and finance, customer relations, building cyber resilience, people policy matters, tariff and risk analysis &amp; regulatory matters. Organizational building and stakeholder relationships have been the core of his work domain.</in-capmkt:BriefProfile><in-capmkt:DisclosureOfRelationshipsBetweenDirectorsInCaseOfAppointmentOfDirector contextRef="D_ChangeInManagement1">Shri Rajiv Malhotra and Dr. Manoj Kumar Jhawar are related to each other to the extent of both being nominees of PTC India Limited ("PTC"), the Holding Company till 1st July 2026 and both being in the employment with PTC</in-capmkt:DisclosureOfRelationshipsBetweenDirectorsInCaseOfAppointmentOfDirector><in-capmkt:AffirmationThatThePersonProposedToBeAppointedAsDirectorIsNotDebarredFromHoldingTheOfficeByVirtueOfAnySEBIOrderOrAnyOtherAuthority contextRef="D_ChangeInManagement1">true</in-capmkt:AffirmationThatThePersonProposedToBeAppointedAsDirectorIsNotDebarredFromHoldingTheOfficeByVirtueOfAnySEBIOrderOrAnyOtherAuthority><in-capmkt:WhetherTheDirectorBeingAppointedIsDisqualifiedFromHoldingTheOfficeOfDirectorPursuantToProvisionsOfSection164OfTheCompaniesAct2013 contextRef="D_ChangeInManagement1">false</in-capmkt:WhetherTheDirectorBeingAppointedIsDisqualifiedFromHoldingTheOfficeOfDirectorPursuantToProvisionsOfSection164OfTheCompaniesAct2013><in-capmkt:TypeOfChange contextRef="D_ChangeInManagement2">Appointment</in-capmkt:TypeOfChange><in-capmkt:CategoryForChange contextRef="D_ChangeInManagement2">Key Managerial Personnel</in-capmkt:CategoryForChange><in-capmkt:DesignationOfDesignatedPerson contextRef="D_ChangeInManagement2">Others</in-capmkt:DesignationOfDesignatedPerson><in-capmkt:DescriptionOfOtherDesignation contextRef="D_ChangeInManagement2">MD&amp;CEO (Addl. Charge)</in-capmkt:DescriptionOfOtherDesignation><in-capmkt:SalutationOfDesignatedPerson contextRef="D_ChangeInManagement2">Mr.</in-capmkt:SalutationOfDesignatedPerson><in-capmkt:NameOfDesignatedPerson contextRef="I_ChangeInManagement2">Rajiv Malhotra</in-capmkt:NameOfDesignatedPerson><in-capmkt:EffectiveDateOfReasonOfChange contextRef="I_ChangeInManagement2">2026-07-01</in-capmkt:EffectiveDateOfReasonOfChange><in-capmkt:TermOfAppointmentInMonths contextRef="D_ChangeInManagement2" unitRef="pure" decimals="INF">5</in-capmkt:TermOfAppointmentInMonths><in-capmkt:BriefProfile contextRef="D_ChangeInManagement2">Mr. Rajiv Malhotra, aged about 59 years, is a Mechanical engineer and has undergone the Post Graduate Program (PGP) in Management. He is an alumnus of NIT, Kurukshetra and Indian Institute of Management, Lucknow. He also has a charter in Financial Analysis (CFA). He has been in position as Executive Director &amp; Group Chief Risk Officer since June, 2013 in PTC India Ltd.
The initial nine years of his career were with NTPC, a Maharatna Company where he served in various capacities. Before joining PTC, he was also the Chief Operating Officer, Athena Energy Ventures Pvt. Ltd. (AEVPL), a joint venture of PTC and IDFC with AIP Power Pvt. Ltd. and Sr. Vice President (Business &amp; Corporate Development) at Energy Infratech Pvt. Ltd., a project engineering and management services company. In an earlier stint, he was Vice President at PTC. 
With more than 35 years of experience in the utility and energy sector, he has a broad domain of knowledge and his experience covers strategy and finance, customer relations, building cyber resilience, people policy matters, tariff and risk analysis &amp; regulatory matters. Organizational building and stakeholder relationships have been the core of his work domain.</in-capmkt:BriefProfile><in-capmkt:TypeOfChange contextRef="D_ChangeInManagement3">Cessation</in-capmkt:TypeOfChange><in-capmkt:CategoryOfCessation contextRef="D_ChangeInManagement3">Cessation</in-capmkt:CategoryOfCessation><in-capmkt:CategoryForChange contextRef="D_ChangeInManagement3">Director</in-capmkt:CategoryForChange><in-capmkt:DesignationOfDesignatedPerson contextRef="D_ChangeInManagement3">Non-Executive - Nominee Director</in-capmkt:DesignationOfDesignatedPerson><in-capmkt:PositionOfDirectorInBoardTwo contextRef="D_ChangeInManagement3">Not Applicable</in-capmkt:PositionOfDirectorInBoardTwo><in-capmkt:PositionOfDirectorInBoardThree contextRef="D_ChangeInManagement3">Not Applicable</in-capmkt:PositionOfDirectorInBoardThree><in-capmkt:SalutationOfDesignatedPerson contextRef="D_ChangeInManagement3">Mr.</in-capmkt:SalutationOfDesignatedPerson><in-capmkt:NameOfDesignatedPerson contextRef="I_ChangeInManagement3">Rajiv Malhotra</in-capmkt:NameOfDesignatedPerson><in-capmkt:EffectiveDateOfReasonOfChange contextRef="I_ChangeInManagement3">2026-07-01</in-capmkt:EffectiveDateOfReasonOfChange><in-capmkt:RemarksForChangeInManagement contextRef="D_ChangeInManagement3">Re-designation of Shri Rajiv Malhotra (DIN:02383396) from Nominee Director of PTC India Limited (“PTC”), the holding company to MD&amp;CEO (Addl. Charge).</in-capmkt:RemarksForChangeInManagement></xbrli:xbrl>
