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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">544599</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-07-01</xbrli:startDate><xbrli:endDate>2026-07-01</xbrli:endDate></xbrli:period></xbrli:context><xbrli:context id="MainI"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">544599</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-07-01</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="I_ChangeInManagement1"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">544599</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-07-01</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">544599</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-07-01</xbrli:startDate><xbrli:endDate>2026-07-01</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">544599</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-07-01</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">544599</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-07-01</xbrli:startDate><xbrli:endDate>2026-07-01</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">STUDDS</in-capmkt:NSESymbol><in-capmkt:NameOfTheCompany contextRef="MainI">Studds Accessories Limited</in-capmkt:NameOfTheCompany><in-capmkt:ScripCode contextRef="MainI">544599</in-capmkt:ScripCode><in-capmkt:MSEISymbol contextRef="MainI">NOTLISTTED</in-capmkt:MSEISymbol><in-capmkt:ISIN contextRef="MainI">INE00Q601028</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">2026-07-01</in-capmkt:DateOfOccurrenceOfEventOrInformation><in-capmkt:TimeOfOccurrenceOfEventOrInformation contextRef="MainD">00:00:00</in-capmkt:TimeOfOccurrenceOfEventOrInformation><in-capmkt:NumberOfPersonsOrEntitiesForWhomChangeIsBeingReported contextRef="MainI" unitRef="pure" decimals="0">3</in-capmkt:NumberOfPersonsOrEntitiesForWhomChangeIsBeingReported><in-capmkt:DateOfReport contextRef="MainI">2026-07-01</in-capmkt:DateOfReport><in-capmkt:TypeOfChange contextRef="D_ChangeInManagement1">Cessation</in-capmkt:TypeOfChange><in-capmkt:CategoryOfCessation contextRef="D_ChangeInManagement1">Cessation</in-capmkt:CategoryOfCessation><in-capmkt:CategoryForChange contextRef="D_ChangeInManagement1">Key Managerial Personnel</in-capmkt:CategoryForChange><in-capmkt:DesignationOfDesignatedPerson contextRef="D_ChangeInManagement1">Chief Financial Officer</in-capmkt:DesignationOfDesignatedPerson><in-capmkt:SalutationOfDesignatedPerson contextRef="D_ChangeInManagement1">Mr.</in-capmkt:SalutationOfDesignatedPerson><in-capmkt:NameOfDesignatedPerson contextRef="I_ChangeInManagement1">Manish Mehta</in-capmkt:NameOfDesignatedPerson><in-capmkt:EffectiveDateOfReasonOfChange contextRef="I_ChangeInManagement1">2026-07-01</in-capmkt:EffectiveDateOfReasonOfChange><in-capmkt:RemarksForChangeInManagement contextRef="D_ChangeInManagement1">As the Company continues to scale its operations across the STUDDS and SMK brands with increasing geographic reach and business complexity, the Board has undertaken a deliberate review for strategic organizational restructuring which simultaneously focusing on effective succession planning, thereby, Mr. Manish Mehta stepping down from the position of Chief Financial Officer (CFO) and Key Managerial Personnel (KMP) of the Company  and continues to serve the Company on his new role as Vice President- Taxation &amp; Compliance in the category of Senior Management Personnel of the Company, effective from July 1, 2026</in-capmkt:RemarksForChangeInManagement><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">Chief Financial Officer</in-capmkt:DesignationOfDesignatedPerson><in-capmkt:SalutationOfDesignatedPerson contextRef="D_ChangeInManagement2">Mr.</in-capmkt:SalutationOfDesignatedPerson><in-capmkt:NameOfDesignatedPerson contextRef="I_ChangeInManagement2">Bharat Goyal</in-capmkt:NameOfDesignatedPerson><in-capmkt:EffectiveDateOfReasonOfChange contextRef="I_ChangeInManagement2">2026-07-01</in-capmkt:EffectiveDateOfReasonOfChange><in-capmkt:BriefProfile contextRef="D_ChangeInManagement2">Mr. Bharat Goyal is a Chartered Accountant (CA) from the Institute of Chartered Accountants of India (ICAI) with over 17 years of experience in financial control, statutory reporting, treasury management, budgeting, and strategic financial management. He has held senior leadership positions across marquee Indian and multinational corporations, demonstrating consistent ability to combine strategic foresight with execution excellence.

Prior to this appointment, Mr. Goyal has served in senior finance roles at Tata 1mg Technologies Private Limited (AGM – Financial Control &amp; Statutory Reporting), Studds Accessories Limited (Finance Controller / DGM – Finance), Daikin Airconditioning India Private Limited (Head – Accounts &amp; Finance), and Honda Cars India Limited (across Revenue Accounting, Fixed Assets &amp; Budget, and Banking &amp; Treasury functions). Across these roles, he has led controllership, treasury, statutory reporting, budgeting, and large-scale process transformation mandates.

His core expertise spans financial controlling, SAP S/4 HANA implementation, finance automation, budgeting and forecasting, variance analysis, capital structure management, investor relations, and strategic decision support. He has significantly contributed to greenfield SAP implementations across multiple organisations and driven measurable improvements in profitability, governance, and operational efficiency.

In his new role as Chief Financial Officer, Mr. Goyal will be responsible for upholding financial discipline and instituting scalable financial systems, reinforcing internal controls and governance frameworks, advancing finance operations through automation and process improvements, and driving a forward-looking financial strategy aligned with the Company’s growth objectives — contributing meaningfully to the Company’s financial robustness and long-term value creation.</in-capmkt:BriefProfile><in-capmkt:TypeOfChange contextRef="D_ChangeInManagement3">Appointment</in-capmkt:TypeOfChange><in-capmkt:CategoryForChange contextRef="D_ChangeInManagement3">Senior Management Personnel</in-capmkt:CategoryForChange><in-capmkt:DesignationOfDesignatedPerson contextRef="D_ChangeInManagement3">Vice President- Taxation &amp; Compliance</in-capmkt:DesignationOfDesignatedPerson><in-capmkt:SalutationOfDesignatedPerson contextRef="D_ChangeInManagement3">Mr.</in-capmkt:SalutationOfDesignatedPerson><in-capmkt:NameOfDesignatedPerson contextRef="I_ChangeInManagement3">Manish Mehta</in-capmkt:NameOfDesignatedPerson><in-capmkt:EffectiveDateOfReasonOfChange contextRef="I_ChangeInManagement3">2026-07-01</in-capmkt:EffectiveDateOfReasonOfChange><in-capmkt:BriefProfile contextRef="D_ChangeInManagement3">Mr. Manish Mehta is a Chartered Accountant with over 22 years of professional experience across taxation, finance, and corporate compliance. He has previously served as the Chief Financial Officer of the Company, where he was responsible for overall financial management, statutory compliance, and strategic financial planning. Over the years, he has developed deep expertise in direct and indirect tax laws, transfer pricing, tax assessments and litigation, and corporate regulatory frameworks. He has been actively involved in handling tax audits, representing the Company before tax and regulatory authorities, and advising the management on tax-efficient structuring of business transactions. In his new  role as Vice President – Taxation and Compliance, he will oversee the Company's direct and indirect taxation matters and related regulatory compliances and advisory functions.</in-capmkt:BriefProfile></xbrli:xbrl>
