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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">531642</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-11-02</xbrli:startDate><xbrli:endDate>2026-11-02</xbrli:endDate></xbrli:period></xbrli:context><xbrli:context id="MainI"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">531642</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-11-02</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="I_ChangeInManagement1"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">531642</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-11-02</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">531642</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-11-02</xbrli:startDate><xbrli:endDate>2026-11-02</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">MARICO</in-capmkt:NSESymbol><in-capmkt:NameOfTheCompany contextRef="MainI">MARICO LIMITED</in-capmkt:NameOfTheCompany><in-capmkt:ScripCode contextRef="MainI">531642</in-capmkt:ScripCode><in-capmkt:MSEISymbol contextRef="MainI">NOTLISTED</in-capmkt:MSEISymbol><in-capmkt:ISIN contextRef="MainI">INE196A01026</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">2026-11-02</in-capmkt:DateOfBoardMeeting><in-capmkt:StartTimeOfBoardMeeting contextRef="MainD">11:30:00</in-capmkt:StartTimeOfBoardMeeting><in-capmkt:EndTimeOfBoardMeeting contextRef="MainD">17:00:00</in-capmkt:EndTimeOfBoardMeeting><in-capmkt:NumberOfPersonsOrEntitiesForWhomChangeIsBeingReported contextRef="MainI" unitRef="pure" decimals="0">1</in-capmkt:NumberOfPersonsOrEntitiesForWhomChangeIsBeingReported><in-capmkt:DateOfReport contextRef="MainI">2026-11-02</in-capmkt:DateOfReport><in-capmkt:TypeOfChange contextRef="D_ChangeInManagement1">Appointment</in-capmkt:TypeOfChange><in-capmkt:CategoryForChange contextRef="D_ChangeInManagement1">Director</in-capmkt:CategoryForChange><in-capmkt:DesignationOfDesignatedPerson contextRef="D_ChangeInManagement1">Non - Executive Independent Director</in-capmkt:DesignationOfDesignatedPerson><in-capmkt:PositionOfDirectorInBoardTwo contextRef="D_ChangeInManagement1">Not Applicable</in-capmkt:PositionOfDirectorInBoardTwo><in-capmkt:PositionOfDirectorInBoardThree contextRef="D_ChangeInManagement1">Not Applicable</in-capmkt:PositionOfDirectorInBoardThree><in-capmkt:SalutationOfDesignatedPerson contextRef="D_ChangeInManagement1">Mr.</in-capmkt:SalutationOfDesignatedPerson><in-capmkt:NameOfDesignatedPerson contextRef="I_ChangeInManagement1">Rohit Jawa</in-capmkt:NameOfDesignatedPerson><in-capmkt:EffectiveDateOfReasonOfChange contextRef="I_ChangeInManagement1">2027-01-01</in-capmkt:EffectiveDateOfReasonOfChange><in-capmkt:TermOfAppointmentInMonths contextRef="D_ChangeInManagement1" unitRef="pure" decimals="INF">60</in-capmkt:TermOfAppointmentInMonths><in-capmkt:BriefProfile contextRef="D_ChangeInManagement1">Mr. Rohit Jawa has over 38 years of corporate and leadership experience in building, scaling, and transforming consumer businesses across India and international markets. He has extensive experience across India, South-East Asia, and North Asia, with expertise in emerging markets, international growth, brand building, business transformation, digitalisation, premiumisation and organisational leadership.

Mr. Jawa was appointed Whole-time Director of Hindustan Unilever Limited and President, Unilever South Asia in April 2023, and subsequently became Managing Director &amp; Chief Executive Officer of Hindustan Unilever Limited in June 2023. He served as President, Unilever South Asia and Managing Director &amp; Chief Executive Officer of Hindustan Unilever Limited until July 2025 and was also a member of the Unilever Leadership Executive, the company’s global executive leadership team.

Immediately prior to returning to India, Mr. Jawa served as Chief of Transformation for Unilever in London, where he led a major end-to-end transformation programme for the company. Earlier, as Executive Vice President, North Asia, and Chairman of Unilever China, he helped transform the China business into Unilever’s third-largest market globally, with a strategic focus on digitalisation, premiumisation and portfolio development. As Chairman and CEO of Unilever Philippines, he led the business as it became one of Unilever’s top ten markets globally.
 
Mr. Jawa holds a bachelor’s degree from St. Stephen’s College and an MBA from the Faculty of Management Studies, both at the University of Delhi. He completed the Breakthrough Program for Senior Executives at IMD Business School, Lausanne, in 2018 and the Advanced Management Program at Harvard Business School in 2022.
 
Alongside his executive responsibilities, Mr. Jawa has held several industry and institutional roles. In India, he served as an Executive Member of the CII National Council and the FICCI Executive Council, and as an Executive Committee Member of Vikaasa – the UN SDG Accelerator in India.
 
Earlier, he was the Founding Secretary of Food Industry Asia, Singapore, and Co-Chair of Grow Asia Philippines, alongside the Secretary of Agriculture of the Philippines, as part of a World Economic Forum initiative promoting inclusive business models in agriculture. He also served on the Consumer Goods Forum China Board, a global CEO-led industry platform.
 
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