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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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scheme="https://www.sebi.gov.in/in-capmkt/NSESymbol">MCON</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-05-27</xbrli:startDate><xbrli:endDate>2026-05-27</xbrli:endDate></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:ChangeInManagementAxis"><in-capmkt:ChangeInManagementDomain>ChangeInManagementDomain4</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">MCON</in-capmkt:NSESymbol><in-capmkt:NameOfTheCompany contextRef="MainI">MCON RASAYAN INDIA LIMITED</in-capmkt:NameOfTheCompany><in-capmkt:ScripCode contextRef="MainI">000000</in-capmkt:ScripCode><in-capmkt:MSEISymbol contextRef="MainI">NOTLISTED</in-capmkt:MSEISymbol><in-capmkt:ISIN contextRef="MainI">INE0O4M01019</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">2026-05-27</in-capmkt:DateOfBoardMeeting><in-capmkt:StartTimeOfBoardMeeting contextRef="MainD">13:00:00</in-capmkt:StartTimeOfBoardMeeting><in-capmkt:EndTimeOfBoardMeeting contextRef="MainD">19:45:00</in-capmkt:EndTimeOfBoardMeeting><in-capmkt:NumberOfPersonsOrEntitiesForWhomChangeIsBeingReported contextRef="MainI" unitRef="pure" decimals="0">4</in-capmkt:NumberOfPersonsOrEntitiesForWhomChangeIsBeingReported><in-capmkt:DateOfReport contextRef="MainI">2026-05-27</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">Statutory Auditor</in-capmkt:DesignationOfDesignatedPerson><in-capmkt:SalutationOfDesignatedPerson contextRef="D_ChangeInManagement1">M/s.</in-capmkt:SalutationOfDesignatedPerson><in-capmkt:NameOfDesignatedPerson contextRef="I_ChangeInManagement1">M/s. Patkar &amp; Pendse, Chartered Accountants</in-capmkt:NameOfDesignatedPerson><in-capmkt:EffectiveDateOfReasonOfChange contextRef="I_ChangeInManagement1">2026-05-27</in-capmkt:EffectiveDateOfReasonOfChange><in-capmkt:TermOfAppointmentInMonths contextRef="D_ChangeInManagement1" unitRef="pure" decimals="INF">60</in-capmkt:TermOfAppointmentInMonths><in-capmkt:BriefProfile contextRef="D_ChangeInManagement1">M/s. Patkar &amp; Pendse, Chartered Accountants, Firm Registration No. 107824W, is a reputed firm of Chartered Accountants established in the year 1981, having rich experience of more than four decades in the field of Statutory Audit, Internal Audit, Assurance, Risk Management, Corporate Finance, Taxation, Management Consultancy and Outsourcing Services. 
The firm is led by experienced professionals having expertise in statutory and internal audits, Company Law, IFRS, Indian GAAP, direct and indirect taxation, forensic audits, due diligence, regulatory compliances, FEMA advisory, business restructuring and risk management. 
The firm provides comprehensive professional services including assurance and audit services, taxation advisory, project finance, valuation, internal financial controls review, compliance support and management consultancy to various corporate and non-corporate clients across diverse industries. 
The firm has a diversified clientele comprising listed companies, private companies and various business groups and is committed to maintaining high standards of professionalism, integrity and quality in all professional assignments.</in-capmkt:BriefProfile><in-capmkt:WhetherTheStatutoryAuditorOrSecretarialAuditorHoldsAValidCertificateIssuedByThePeerReviewBoardOfInstituteOfCharteredAccountantsOfIndiaOrInstituteOfCompanySecretariesOfIndia contextRef="D_ChangeInManagement1">true</in-capmkt:WhetherTheStatutoryAuditorOrSecretarialAuditorHoldsAValidCertificateIssuedByThePeerReviewBoardOfInstituteOfCharteredAccountantsOfIndiaOrInstituteOfCompanySecretariesOfIndia><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">Secretarial Auditor</in-capmkt:DesignationOfDesignatedPerson><in-capmkt:SalutationOfDesignatedPerson contextRef="D_ChangeInManagement2">M/s.</in-capmkt:SalutationOfDesignatedPerson><in-capmkt:NameOfDesignatedPerson contextRef="I_ChangeInManagement2">Prem Pyara Tiwari &amp; Associates</in-capmkt:NameOfDesignatedPerson><in-capmkt:EffectiveDateOfReasonOfChange contextRef="I_ChangeInManagement2">2026-05-27</in-capmkt:EffectiveDateOfReasonOfChange><in-capmkt:TermOfAppointmentInMonths contextRef="D_ChangeInManagement2" unitRef="pure" decimals="INF">12</in-capmkt:TermOfAppointmentInMonths><in-capmkt:BriefProfile contextRef="D_ChangeInManagement2">M/s. Prem Pyara Tiwari &amp; Associates is a firm of Practising Company Secretaries having experience in the areas of corporate laws, secretarial compliances, SEBI regulations, IPO advisory, due diligence, FEMA compliances, mergers and acquisitions, startup advisory and corporate restructuring. The firm has experience in handling secretarial audits, corporate actions, regulatory approvals and various compliance matters for listed and unlisted companies across diverse sectors.</in-capmkt:BriefProfile><in-capmkt:WhetherTheStatutoryAuditorOrSecretarialAuditorHoldsAValidCertificateIssuedByThePeerReviewBoardOfInstituteOfCharteredAccountantsOfIndiaOrInstituteOfCompanySecretariesOfIndia contextRef="D_ChangeInManagement2">true</in-capmkt:WhetherTheStatutoryAuditorOrSecretarialAuditorHoldsAValidCertificateIssuedByThePeerReviewBoardOfInstituteOfCharteredAccountantsOfIndiaOrInstituteOfCompanySecretariesOfIndia><in-capmkt:TypeOfChange contextRef="D_ChangeInManagement3">Tenure completion</in-capmkt:TypeOfChange><in-capmkt:CategoryForChange contextRef="D_ChangeInManagement3">Auditors</in-capmkt:CategoryForChange><in-capmkt:DesignationOfDesignatedPerson contextRef="D_ChangeInManagement3">Statutory Auditor</in-capmkt:DesignationOfDesignatedPerson><in-capmkt:SalutationOfDesignatedPerson contextRef="D_ChangeInManagement3">M/s.</in-capmkt:SalutationOfDesignatedPerson><in-capmkt:NameOfDesignatedPerson contextRef="I_ChangeInManagement3">Devang Kumar Dand &amp; Associates</in-capmkt:NameOfDesignatedPerson><in-capmkt:EffectiveDateOfReasonOfChange contextRef="I_ChangeInManagement3">2026-05-27</in-capmkt:EffectiveDateOfReasonOfChange><in-capmkt:TypeOfChange contextRef="D_ChangeInManagement4">Appointment</in-capmkt:TypeOfChange><in-capmkt:CategoryForChange contextRef="D_ChangeInManagement4">Auditors</in-capmkt:CategoryForChange><in-capmkt:DesignationOfDesignatedPerson contextRef="D_ChangeInManagement4">Internal Auditor</in-capmkt:DesignationOfDesignatedPerson><in-capmkt:SalutationOfDesignatedPerson contextRef="D_ChangeInManagement4">M/s.</in-capmkt:SalutationOfDesignatedPerson><in-capmkt:NameOfDesignatedPerson contextRef="I_ChangeInManagement4">B H DOSHI &amp; ASSOCIATES</in-capmkt:NameOfDesignatedPerson><in-capmkt:EffectiveDateOfReasonOfChange contextRef="I_ChangeInManagement4">2026-04-01</in-capmkt:EffectiveDateOfReasonOfChange><in-capmkt:TermOfAppointmentInMonths contextRef="D_ChangeInManagement4" unitRef="pure" decimals="INF">12</in-capmkt:TermOfAppointmentInMonths><in-capmkt:BriefProfile contextRef="D_ChangeInManagement4">M/s. B. H. Doshi &amp; Associates is a firm of Chartered Accountants having experience in the areas of Audit &amp; Assurance, Direct and Indirect Taxation, Advisory Services and Secretarial Compliances.

The firm possesses experience in conducting Statutory Audits, Tax Audits, Internal Audits, GST Audits and various certification assignments. The firm also provides advisory services relating to direct tax compliances, assessments, appeals, TDS matters and other taxation related matters.

Further, the firm has experience in indirect taxation including GST and VAT compliances, audits, assessments and litigations. The firm also provides advisory services relating to project reports, valuation of unlisted equity shares, company law matters, business registrations and allied regulatory compliances.

Apart from taxation and advisory services, the firm also assists clients in company and LLP related compliances including incorporation, drafting of constitutional documents, filing of returns with Registrar of Companies and other secretarial compliances.</in-capmkt:BriefProfile></xbrli:xbrl>
