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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 scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">542649</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-04-18</xbrli:startDate><xbrli:endDate>2026-04-18</xbrli:endDate></xbrli:period></xbrli:context><xbrli:context id="MainI"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">542649</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-04-18</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="I_ChangeInManagement1"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">542649</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-04-18</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">542649</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>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">RVNL</in-capmkt:NSESymbol><in-capmkt:NameOfTheCompany contextRef="MainI">RAIL VIKAS NIGAM LIMITED</in-capmkt:NameOfTheCompany><in-capmkt:ScripCode contextRef="MainI">542649</in-capmkt:ScripCode><in-capmkt:MSEISymbol contextRef="MainI">NOTLISTED</in-capmkt:MSEISymbol><in-capmkt:ISIN contextRef="MainI">INE415G01027</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">2026-04-17</in-capmkt:DateOfOccurrenceOfEventOrInformation><in-capmkt:TimeOfOccurrenceOfEventOrInformation contextRef="MainD">15:41:00</in-capmkt:TimeOfOccurrenceOfEventOrInformation><in-capmkt:NumberOfPersonsOrEntitiesForWhomChangeIsBeingReported contextRef="MainI" unitRef="pure" decimals="0">1</in-capmkt:NumberOfPersonsOrEntitiesForWhomChangeIsBeingReported><in-capmkt:DateOfReport contextRef="MainI">2026-04-18</in-capmkt:DateOfReport><in-capmkt:TypeOfChange contextRef="D_ChangeInManagement1">Appointment</in-capmkt:TypeOfChange><in-capmkt:CategoryForChange contextRef="D_ChangeInManagement1">Others</in-capmkt:CategoryForChange><in-capmkt:DesignationOfDesignatedPerson contextRef="D_ChangeInManagement1">Executive Director (Civil)</in-capmkt:DesignationOfDesignatedPerson><in-capmkt:SalutationOfDesignatedPerson contextRef="D_ChangeInManagement1">Mr.</in-capmkt:SalutationOfDesignatedPerson><in-capmkt:NameOfDesignatedPerson contextRef="I_ChangeInManagement1">Ashutosh Gautam</in-capmkt:NameOfDesignatedPerson><in-capmkt:EffectiveDateOfReasonOfChange contextRef="I_ChangeInManagement1">2026-04-17</in-capmkt:EffectiveDateOfReasonOfChange><in-capmkt:TermOfAppointmentInMonths contextRef="D_ChangeInManagement1" unitRef="pure" decimals="INF">36</in-capmkt:TermOfAppointmentInMonths><in-capmkt:BriefProfile contextRef="D_ChangeInManagement1">Mr. Ashutosh Gautam has joined RVNL as ED (Civil). He was earlier on deputation to NHAI (MORTH) as Member (Technical) cum Dy. Project Director, Jal Marg Vikas Project (JMVP) along with the additional charge of Member (Traffic &amp; Logistics) in Inland Waterways Authority of India (IWAI), MoPSW, GoI. He has been awarded with Gold medal for B.Tech in (Civil) &amp; Silver medal for M.Tech from (IITD). 
He additionally or co-terminus has served as Managing Director for Ahemdabad Vadodara Expressway Ltd (SPV)and Kolaghat Haldia Highways Ltd. (SPV) during Gujarat and West Bengal tenure respectively. On behalf of IWAI/MoPSW, he has also been nominated as Director in SPVs formed with Govt of Odisha (IWCOL) and MoRTH(Varanasi MMLP Ltd). 
In addition, he has also served as General Manager Commercial Operations &amp; Logistics and Project Directors (nodal officer) of World Bank road projects stationed at Kanpur and Lucknow (Golden Quadrilateral and NSEW) for about 12 years in the state of Uttar Pradesh, Nodal officer of UP for world bank road projects.
He is also an honorary visiting faculty to various IITs, IIMs, LBSNAA, IAHE NITs etc in the field of highways contract administration or FIDIC contracts. He has been part of the team to prepare Vision 2047 representing IWAI MoPSW. 
He has been serving for more than 33 years in multi-disciplinary wings of infrastructure viz highways, ports, inland water transport, urban development etc. managing/administration of the projects of thousands of crores during various line of duties.</in-capmkt:BriefProfile></xbrli:xbrl>
