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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">540180</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-07-20</xbrli:startDate><xbrli:endDate>2026-07-20</xbrli:endDate></xbrli:period></xbrli:context><xbrli:context id="MainI"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">540180</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-07-20</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="I_ChangeInManagement1"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">540180</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-07-20</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">540180</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-07-20</xbrli:startDate><xbrli:endDate>2026-07-20</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:context id="I_ChangeInManagement2"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">540180</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-07-20</xbrli:instant></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="D_ChangeInManagement2"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">540180</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-07-20</xbrli:startDate><xbrli:endDate>2026-07-20</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:unit id="pure"><xbrli:measure>xbrli:pure</xbrli:measure></xbrli:unit><in-capmkt:NSESymbol contextRef="MainI">VBL</in-capmkt:NSESymbol><in-capmkt:NameOfTheCompany contextRef="MainI">VARUN BEVERAGES LIMITED</in-capmkt:NameOfTheCompany><in-capmkt:ScripCode contextRef="MainI">540180</in-capmkt:ScripCode><in-capmkt:MSEISymbol contextRef="MainI">NOTLISTED</in-capmkt:MSEISymbol><in-capmkt:ISIN contextRef="MainI">INE200M01039</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">2026-07-20</in-capmkt:DateOfBoardMeeting><in-capmkt:StartTimeOfBoardMeeting contextRef="MainD">10:51:00</in-capmkt:StartTimeOfBoardMeeting><in-capmkt:EndTimeOfBoardMeeting contextRef="MainD">12:47:00</in-capmkt:EndTimeOfBoardMeeting><in-capmkt:NumberOfPersonsOrEntitiesForWhomChangeIsBeingReported contextRef="MainI" unitRef="pure" decimals="0">2</in-capmkt:NumberOfPersonsOrEntitiesForWhomChangeIsBeingReported><in-capmkt:DateOfReport contextRef="MainI">2026-07-20</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">Chief Human Resources Officer</in-capmkt:DesignationOfDesignatedPerson><in-capmkt:SalutationOfDesignatedPerson contextRef="D_ChangeInManagement1">Mr.</in-capmkt:SalutationOfDesignatedPerson><in-capmkt:NameOfDesignatedPerson contextRef="I_ChangeInManagement1">Sarabjeet Singh Gujral</in-capmkt:NameOfDesignatedPerson><in-capmkt:EffectiveDateOfReasonOfChange contextRef="I_ChangeInManagement1">2026-07-20</in-capmkt:EffectiveDateOfReasonOfChange><in-capmkt:BriefProfile contextRef="D_ChangeInManagement1">Mr. Sarabjeet is a seasoned HR leader with over 19 years of diverse, multi-sector experience across the Agri Inputs, FMCG and Textiles industries. His last role was with DCM Shriram, India where he was the Head HR for Shriram Farm Solutions (A unit of DCM Shriram). Prior to DCM Shriram, Mr. Sarabjeet spent 11 years with Hindustan Coca-Cola Beverages (HCCB), India in various roles. 

Before joining HCCB in 2010, Mr. Sarabjeet spent over three and a half years with Trident Group. 

He has done Master in Human Resources &amp; Corporate Governance from IMT Ghaziabad and Bachelor of Commerce from Sri Guru Gobind Singh College of Commerce, Delhi University.  

Term of appointment: Full-time employment</in-capmkt:BriefProfile><in-capmkt:TypeOfChange contextRef="D_ChangeInManagement2">Appointment</in-capmkt:TypeOfChange><in-capmkt:CategoryForChange contextRef="D_ChangeInManagement2">Senior Management Personnel</in-capmkt:CategoryForChange><in-capmkt:DesignationOfDesignatedPerson contextRef="D_ChangeInManagement2">Chief Manufacturing Officer</in-capmkt:DesignationOfDesignatedPerson><in-capmkt:SalutationOfDesignatedPerson contextRef="D_ChangeInManagement2">Mr.</in-capmkt:SalutationOfDesignatedPerson><in-capmkt:NameOfDesignatedPerson contextRef="I_ChangeInManagement2">Srinivasan Sourirajan</in-capmkt:NameOfDesignatedPerson><in-capmkt:EffectiveDateOfReasonOfChange contextRef="I_ChangeInManagement2">2026-07-20</in-capmkt:EffectiveDateOfReasonOfChange><in-capmkt:BriefProfile contextRef="D_ChangeInManagement2">Mr. Srinivasan comes with over 30 years of experience in FMCG and Food Sector. His last role was with Pernod Ricard, India where he was the VP Manufacturing and Engineering. Prior to Pernod Ricard, Mr. Srinivasan spent 20 years with Perfetti Van Melle, in Italy and India in various roles. 

Before joining Perfetti Van Melle in 1996, Mr. Srinivasan has worked with Good Year India Limited, New Delhi. 

He has done Master of Business Administration – Strategic Management, Indian Institute of Technology, Delhi and Bachelor of Engineering – Mechanical, Bharathidasan University, Trichy. 

Term of appointment: Full-time employment</in-capmkt:BriefProfile></xbrli:xbrl>
