<?xml version="1.0" encoding="UTF-8"?>
<!--CIMG V1.1 (21-04-2026)-->
<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>2026-09-24</xbrli:startDate><xbrli:endDate>2026-09-24</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>2026-09-24</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>2026-09-24</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>2026-09-24</xbrli:startDate><xbrli:endDate>2026-09-24</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_ResignationOfDirector1"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">540180</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-09-24</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:ResignationOfDirectorOrKeyManagerialPersonnelOrSeniorManagementPersonnelOrComplianceOfficerAxis"><in-capmkt:ResignationOfDirectorOrKeyManagerialPersonnelOrSeniorManagementPersonnelOrComplianceOfficerDomain>ResignationOfDirectorOrKeyManagerialPersonnelOrSeniorManagementPersonnelOrComplianceOfficerDomain1</in-capmkt:ResignationOfDirectorOrKeyManagerialPersonnelOrSeniorManagementPersonnelOrComplianceOfficerDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:context id="D_ResignationOfDirector1"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">540180</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-09-24</xbrli:startDate><xbrli:endDate>2026-09-24</xbrli:endDate></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:ResignationOfDirectorOrKeyManagerialPersonnelOrSeniorManagementPersonnelOrComplianceOfficerAxis"><in-capmkt:ResignationOfDirectorOrKeyManagerialPersonnelOrSeniorManagementPersonnelOrComplianceOfficerDomain>ResignationOfDirectorOrKeyManagerialPersonnelOrSeniorManagementPersonnelOrComplianceOfficerDomain1</in-capmkt:ResignationOfDirectorOrKeyManagerialPersonnelOrSeniorManagementPersonnelOrComplianceOfficerDomain></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">false</in-capmkt:WhetherEventOrInformationIsAnOutcomeOfBoardMeeting><in-capmkt:DateOfOccurrenceOfEventOrInformation contextRef="MainD">2026-09-24</in-capmkt:DateOfOccurrenceOfEventOrInformation><in-capmkt:TimeOfOccurrenceOfEventOrInformation contextRef="MainD">16:45:00</in-capmkt:TimeOfOccurrenceOfEventOrInformation><in-capmkt:NumberOfPersonsOrEntitiesForWhomChangeIsBeingReported contextRef="MainI" unitRef="pure" decimals="0">1</in-capmkt:NumberOfPersonsOrEntitiesForWhomChangeIsBeingReported><in-capmkt:RemarksForWebsiteDissemination contextRef="MainI">Pursuant to the provisions of Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”) read with Para A of Part A of Schedule III to the Listing Regulations, We would like to inform that pursuant to resignation of Mr. Manmohan Rupal Paul (Senior Management Personnel), he has been relieved from duties w.e.f. September 24, 2026 (last working day). 

</in-capmkt:RemarksForWebsiteDissemination><in-capmkt:DateOfReport contextRef="MainI">2026-09-24</in-capmkt:DateOfReport><in-capmkt:TypeOfChange contextRef="D_ChangeInManagement1">Cessation</in-capmkt:TypeOfChange><in-capmkt:CategoryOfCessation contextRef="D_ChangeInManagement1">Resignation</in-capmkt:CategoryOfCessation><in-capmkt:CategoryForChange contextRef="D_ChangeInManagement1">Senior Management Personnel</in-capmkt:CategoryForChange><in-capmkt:DesignationOfDesignatedPerson contextRef="D_ChangeInManagement1">Chief Operating Officer</in-capmkt:DesignationOfDesignatedPerson><in-capmkt:SalutationOfDesignatedPerson contextRef="D_ChangeInManagement1">Mr.</in-capmkt:SalutationOfDesignatedPerson><in-capmkt:NameOfDesignatedPerson contextRef="I_ChangeInManagement1">Manmohan Rupal Paul</in-capmkt:NameOfDesignatedPerson><in-capmkt:EffectiveDateOfReasonOfChange contextRef="I_ChangeInManagement1">2026-09-24</in-capmkt:EffectiveDateOfReasonOfChange><in-capmkt:WhetherTheFurtherDisclosureForResignationOfStatutoryAuditorOrDirectorOrKMPsOrSMPOrComplianceOfficerIsToBeFiledAlongWithThisDisclosure contextRef="D_ChangeInManagement1">true</in-capmkt:WhetherTheFurtherDisclosureForResignationOfStatutoryAuditorOrDirectorOrKMPsOrSMPOrComplianceOfficerIsToBeFiledAlongWithThisDisclosure><in-capmkt:Salutation contextRef="D_ResignationOfDirector1">Mr.</in-capmkt:Salutation><in-capmkt:NameOfTheDirectorOrKeyManagerialPersonnelOrSeniorManagementPersonnelOrComplianceOfficer contextRef="D_ResignationOfDirector1">Manmohan Rupal Paul</in-capmkt:NameOfTheDirectorOrKeyManagerialPersonnelOrSeniorManagementPersonnelOrComplianceOfficer><in-capmkt:DesignationOfDirectorOrKeyManagerialPersonnelOrSeniorManagementPersonnelOrComplianceOfficer contextRef="D_ResignationOfDirector1">Chief Operating Officer</in-capmkt:DesignationOfDirectorOrKeyManagerialPersonnelOrSeniorManagementPersonnelOrComplianceOfficer><in-capmkt:DateOnWhichTheResignationLetterWasReceived contextRef="D_ResignationOfDirector1">2026-09-24</in-capmkt:DateOnWhichTheResignationLetterWasReceived><in-capmkt:EffectiveDateOfResignation contextRef="I_ResignationOfDirector1">2026-09-24</in-capmkt:EffectiveDateOfResignation><in-capmkt:WhetherTheLetterOfResignationHasTheDetailedReasonForResignation contextRef="I_ResignationOfDirector1">true</in-capmkt:WhetherTheLetterOfResignationHasTheDetailedReasonForResignation><in-capmkt:ReasonOfResignationInBrief contextRef="D_ResignationOfDirector1">Personal reasons</in-capmkt:ReasonOfResignationInBrief></xbrli:xbrl>
