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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">500710</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-05-14</xbrli:startDate><xbrli:endDate>2026-05-14</xbrli:endDate></xbrli:period></xbrli:context><xbrli:context id="MainI"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">500710</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-05-14</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="I_ChangeInManagement1"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">500710</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-05-14</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 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id="D_ChangeInManagement2"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">500710</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-05-14</xbrli:startDate><xbrli:endDate>2026-05-14</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:context id="I_ChangeInManagement3"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">500710</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-05-14</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:ChangeInManagementAxis"><in-capmkt:ChangeInManagementDomain>ChangeInManagementDomain3</in-capmkt:ChangeInManagementDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:context id="D_ChangeInManagement3"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">500710</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-05-14</xbrli:startDate><xbrli:endDate>2026-05-14</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">JSWDULUX</in-capmkt:NSESymbol><in-capmkt:NameOfTheCompany contextRef="MainI">JSW Dulux Limited</in-capmkt:NameOfTheCompany><in-capmkt:ScripCode contextRef="MainI">500710</in-capmkt:ScripCode><in-capmkt:MSEISymbol contextRef="MainI">NOTLISTED</in-capmkt:MSEISymbol><in-capmkt:ISIN contextRef="MainI">INE133A01011</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">2026-05-13</in-capmkt:DateOfBoardMeeting><in-capmkt:StartTimeOfBoardMeeting contextRef="MainD">15:30:00</in-capmkt:StartTimeOfBoardMeeting><in-capmkt:EndTimeOfBoardMeeting contextRef="MainD">20:00:00</in-capmkt:EndTimeOfBoardMeeting><in-capmkt:NumberOfPersonsOrEntitiesForWhomChangeIsBeingReported contextRef="MainI" unitRef="pure" decimals="0">3</in-capmkt:NumberOfPersonsOrEntitiesForWhomChangeIsBeingReported><in-capmkt:DateOfReport contextRef="MainI">2026-05-14</in-capmkt:DateOfReport><in-capmkt:TypeOfChange contextRef="D_ChangeInManagement1">Appointment</in-capmkt:TypeOfChange><in-capmkt:CategoryForChange contextRef="D_ChangeInManagement1">Senior Management Personnel</in-capmkt:CategoryForChange><in-capmkt:DesignationOfDesignatedPerson contextRef="D_ChangeInManagement1">Head HR</in-capmkt:DesignationOfDesignatedPerson><in-capmkt:SalutationOfDesignatedPerson contextRef="D_ChangeInManagement1">Ms.</in-capmkt:SalutationOfDesignatedPerson><in-capmkt:NameOfDesignatedPerson contextRef="I_ChangeInManagement1">Ritika Chopra</in-capmkt:NameOfDesignatedPerson><in-capmkt:EffectiveDateOfReasonOfChange contextRef="I_ChangeInManagement1">2026-05-13</in-capmkt:EffectiveDateOfReasonOfChange><in-capmkt:BriefProfile contextRef="D_ChangeInManagement1">Ritika Chopra is the Head of Human Resources at JSW Dulux Limited, where she leads the people and organization agenda. 

Prior to this, Ritika was heading HR for the non-platform business at Purplle (a beauty unicorn), Amazon (for Prime Video and Music businesses in India and as an HR program leader across the APAC and MEA regions).

Ritika began her career with the Aditya Birla Group, as part of their Leadership Program where she held multiple roles across the Fashion &amp; Retail sector spanning HR business partnering, talent management, learning, and talent acquisition. As Zonal HR Head for West at Pantaloons, she led the HR agenda for a large and distributed retail workforce, managing scale, cost, and complexity, including unionized environments. 

She holds an MBA in Human Resources from the Symbiosis Institute of Business Management, Pune, and a Bachelor’s degree in Biotechnology. She is a national level basketball player, a recipient of the Aditya Birla Group Chairman’s Award for Emerging Professional and has been recognized as a Distinguished Leader at Aditya Birla Fashion &amp; Retail Limited.</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">Statutory Auditor</in-capmkt:DesignationOfDesignatedPerson><in-capmkt:SalutationOfDesignatedPerson contextRef="D_ChangeInManagement2">M/s.</in-capmkt:SalutationOfDesignatedPerson><in-capmkt:NameOfDesignatedPerson contextRef="I_ChangeInManagement2">Deloitte Haskins &amp; Sells LLP</in-capmkt:NameOfDesignatedPerson><in-capmkt:EffectiveDateOfReasonOfChange contextRef="I_ChangeInManagement2">2026-07-10</in-capmkt:EffectiveDateOfReasonOfChange><in-capmkt:TermOfAppointmentInMonths contextRef="D_ChangeInManagement2" unitRef="pure" decimals="INF">60</in-capmkt:TermOfAppointmentInMonths><in-capmkt:BriefProfile contextRef="D_ChangeInManagement2">M/s. Deloitte Haskins &amp; Sells LLP, Chartered Accountants (“the Firm/DHS”), a limited liability partnership firm with its registered office at One International Center, Tower 3, 31st Floor, Senapati Bapat Marg, Elphinstone Road (West), Mumbai-400 013, and operates through 15 cities in India. The firm is registered with the Institute of Chartered Accountants of India (“ICAI”) with (ICAI Firm Registration No. 117366W/W-100018). 

The Firm has a strength of over 41,500+ professionals and 983 partners and executive directors and serves as statutory auditor to several companies listed on stock exchanges in India across industries with experience, scale, and multi-disciplinary capabilities necessary to understand the dynamics and complexities of businesses.

The Firm is primarily engaged in providing audit and assurance services to its clients.</in-capmkt:BriefProfile><in-capmkt:WhetherTheStatutoryAuditorOrSecretarialAuditorHoldsAValidCertificateIssuedByThePeerReviewBoardOfInstituteOfCharteredAccountantsOfIndiaOrInstituteOfCompanySecretariesOfIndia contextRef="D_ChangeInManagement2">true</in-capmkt:WhetherTheStatutoryAuditorOrSecretarialAuditorHoldsAValidCertificateIssuedByThePeerReviewBoardOfInstituteOfCharteredAccountantsOfIndiaOrInstituteOfCompanySecretariesOfIndia><in-capmkt:TypeOfChange contextRef="D_ChangeInManagement3">Appointment</in-capmkt:TypeOfChange><in-capmkt:CategoryForChange contextRef="D_ChangeInManagement3">Auditors</in-capmkt:CategoryForChange><in-capmkt:DesignationOfDesignatedPerson contextRef="D_ChangeInManagement3">Cost Auditors</in-capmkt:DesignationOfDesignatedPerson><in-capmkt:SalutationOfDesignatedPerson contextRef="D_ChangeInManagement3">M/s.</in-capmkt:SalutationOfDesignatedPerson><in-capmkt:NameOfDesignatedPerson contextRef="I_ChangeInManagement3">Chandra Wadhwa &amp; Co.</in-capmkt:NameOfDesignatedPerson><in-capmkt:EffectiveDateOfReasonOfChange contextRef="I_ChangeInManagement3">2026-05-13</in-capmkt:EffectiveDateOfReasonOfChange><in-capmkt:TermOfAppointmentInMonths contextRef="D_ChangeInManagement3" unitRef="pure" decimals="INF">12</in-capmkt:TermOfAppointmentInMonths><in-capmkt:BriefProfile contextRef="D_ChangeInManagement3">Chandra Wadhwa &amp; Co. is one of India's leading Assurance and Cost Management consulting services firms. The firm represents a combination of specialised skills geared to offer sound financial advice and personalised, proactive services. The firm offers a wide range of professional services in the field of management audit, cost audit, cost compliance report, and allied services.</in-capmkt:BriefProfile></xbrli:xbrl>
