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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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id="D_ChangeInManagement2"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/NSESymbol">NATIONALUM</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-09-14</xbrli:startDate><xbrli:endDate>2026-09-14</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">NATIONALUM</in-capmkt:NSESymbol><in-capmkt:NameOfTheCompany contextRef="MainI">National Aluminium Company Limited</in-capmkt:NameOfTheCompany><in-capmkt:ScripCode contextRef="MainI">532234</in-capmkt:ScripCode><in-capmkt:MSEISymbol contextRef="MainI">NOTLISTED</in-capmkt:MSEISymbol><in-capmkt:ISIN contextRef="MainI">INE139A01034</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">2026-09-14</in-capmkt:DateOfOccurrenceOfEventOrInformation><in-capmkt:TimeOfOccurrenceOfEventOrInformation contextRef="MainD">19:08:00</in-capmkt:TimeOfOccurrenceOfEventOrInformation><in-capmkt:NumberOfPersonsOrEntitiesForWhomChangeIsBeingReported contextRef="MainI" unitRef="pure" decimals="0">2</in-capmkt:NumberOfPersonsOrEntitiesForWhomChangeIsBeingReported><in-capmkt:DateOfReport contextRef="MainI">2026-09-14</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">B M Chatrath &amp; Co. LLP</in-capmkt:NameOfDesignatedPerson><in-capmkt:EffectiveDateOfReasonOfChange contextRef="I_ChangeInManagement1">2026-09-07</in-capmkt:EffectiveDateOfReasonOfChange><in-capmkt:TermOfAppointmentInMonths contextRef="D_ChangeInManagement1" unitRef="pure" decimals="INF">12</in-capmkt:TermOfAppointmentInMonths><in-capmkt:BriefProfile contextRef="D_ChangeInManagement1">M/s. B M Chatrath &amp; Co. LLP is a more than 100 years old Firm of Chartered Accountants founded in 1923 by late B. M. Chatrath in Lahore and later on shifted to Kolkata. In the year 1955, Shri M. M. Chatrath (Son of Late B. M. Chatrath) became a partner of the firm. He is currently the guiding force to the firm with his vast experience of over 60 years.

Over a period of time the size of the Firm has increased significantly. With effect from 05.04.2017 the Firm has been converted into Limited Liability Partnership (LLP).

Shri Anand Chatrath (Grand Son of Late B.M.Chatrath) is now the Managing Partner of the Firm. Over the years the firm has received numerous Internal/Management Audit assignments of various Corporates and today it has more than 200 satisfied clients in its clientele.

The firms has got its offices at Kolkata, Delhi, Noida, Mumbai, Hyderabad, Jaipur, Vijayawada and Bengaluru. The firm has Five Divisions (1) Audit, (2) Taxation (3) Back End Support (4) Financial Planning &amp; Feasibility Study (5) Compliance of Labour Laws.

Currently the firms has nineteen (19) Partners and the staff strength of the firm is more than 300 Audit Staffs which includes Qualified CA, CMA, CS, LL.B and Semi Qualified CA and CMA.

The firm aspires to become a leader in the field of Accountancy, Audit, Taxation, Financial Services &amp; Management Consultancy and Strategic Support Services and have repositioned as an Integrated Service Provider that renders complete solutions to the clients’ business challenges.</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">Statutory Auditor</in-capmkt:DesignationOfDesignatedPerson><in-capmkt:SalutationOfDesignatedPerson contextRef="D_ChangeInManagement2">M/s.</in-capmkt:SalutationOfDesignatedPerson><in-capmkt:NameOfDesignatedPerson contextRef="I_ChangeInManagement2">SRB &amp; Associates</in-capmkt:NameOfDesignatedPerson><in-capmkt:EffectiveDateOfReasonOfChange contextRef="I_ChangeInManagement2">2026-09-07</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. SRB &amp; Associates was founded in 1978 and is a leading Chartered Accountancy firm in India, with its head office in Bhubaneswar and branches in key cities like New Delhi, Kolkata, Hyderabad, Patna, and Jajpur Road. 

With a workforce of over 300, the firm specializes in Assurance, Taxation, Corporate, and Transaction Advisory and business support Services. Its success is driven by strong client relationships, experienced staff, and a commitment to delivering innovative solutions across diverse industries. Guided by the values of trust, integrity, client focus, and social responsibility, SRB continues to prioritize client service and long-term partnerships.

Audit and Assurance is a large part of the firm’s practice and is the core service offering. The firm provides these services to companies across almost all sectors ranging from relatively small to large sized entities. The firm is well positioned to offer individuals and companies comprehensive tax services. Preparation of project reports for Term and Working Capital funding from banks and financial institutions, Credit and Loan Syndications, Public issue management for Companies, Corporate advisory services like Capital restructuring, Rehabilitation of sick industries, Mergers, Acquisitions, Identification of Strategic partners and Preparations of Corporate Strategies. Evolving Internal Control system for new and existing commercial concerns in the areas of Cash, Stores, Raw materials, Sales Debtors, Creditors establishing internal audit system.</in-capmkt:BriefProfile><in-capmkt:WhetherTheStatutoryAuditorOrSecretarialAuditorHoldsAValidCertificateIssuedByThePeerReviewBoardOfInstituteOfCharteredAccountantsOfIndiaOrInstituteOfCompanySecretariesOfIndia contextRef="D_ChangeInManagement2">true</in-capmkt:WhetherTheStatutoryAuditorOrSecretarialAuditorHoldsAValidCertificateIssuedByThePeerReviewBoardOfInstituteOfCharteredAccountantsOfIndiaOrInstituteOfCompanySecretariesOfIndia></xbrli:xbrl>
