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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">544144</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-11-04</xbrli:startDate><xbrli:endDate>2026-11-04</xbrli:endDate></xbrli:period></xbrli:context><xbrli:context id="MainI"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">544144</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-11-04</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="I_ChangeInManagement1"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">544144</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-11-04</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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contextRef="MainI">POPULAR VEHICLES AND SERVICES LIMITED</in-capmkt:NameOfTheCompany><in-capmkt:ScripCode contextRef="MainI">544144</in-capmkt:ScripCode><in-capmkt:MSEISymbol contextRef="MainI">NOTLISTED</in-capmkt:MSEISymbol><in-capmkt:ISIN contextRef="MainI">INE772T01024</in-capmkt:ISIN><in-capmkt:WhetherDisclosureFiledForListedEntity contextRef="MainD">false</in-capmkt:WhetherDisclosureFiledForListedEntity><in-capmkt:NameOfEntityForWhichTheDisclosureIsFiled contextRef="MainD">POPULAR MEGA MOTORS (INDIA) PRIVATE LIMITED</in-capmkt:NameOfEntityForWhichTheDisclosureIsFiled><in-capmkt:RelationshipWithTheListedEntity contextRef="MainD">Material Subsidiary</in-capmkt:RelationshipWithTheListedEntity><in-capmkt:WhetherEventOrInformationIsAnOutcomeOfBoardMeeting contextRef="MainD">false</in-capmkt:WhetherEventOrInformationIsAnOutcomeOfBoardMeeting><in-capmkt:DateOfOccurrenceOfEventOrInformation contextRef="MainD">2026-11-04</in-capmkt:DateOfOccurrenceOfEventOrInformation><in-capmkt:TimeOfOccurrenceOfEventOrInformation contextRef="MainD">14:57:00</in-capmkt:TimeOfOccurrenceOfEventOrInformation><in-capmkt:NumberOfPersonsOrEntitiesForWhomChangeIsBeingReported contextRef="MainI" unitRef="pure" decimals="0">1</in-capmkt:NumberOfPersonsOrEntitiesForWhomChangeIsBeingReported><in-capmkt:DateOfReport contextRef="MainI">2026-11-04</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">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">R.G.N.Price &amp; Co., Chartered Accountants</in-capmkt:NameOfDesignatedPerson><in-capmkt:EffectiveDateOfReasonOfChange contextRef="I_ChangeInManagement1">2026-11-03</in-capmkt:EffectiveDateOfReasonOfChange><in-capmkt:WhetherInformationToBeObtainedFromTheStatutoryAuditorUponResignationAsPerSEBICircularCIRCFDCMD11142019Dated18October2019 contextRef="D_ChangeInManagement1">true</in-capmkt:WhetherInformationToBeObtainedFromTheStatutoryAuditorUponResignationAsPerSEBICircularCIRCFDCMD11142019Dated18October2019><in-capmkt:WhetherTheFurtherDisclosureForResignationOfStatutoryAuditorOrDirectorOrKMPsOrSMPOrComplianceOfficerIsToBeFiledAlongWithThisDisclosure contextRef="D_ChangeInManagement1">true</in-capmkt:WhetherTheFurtherDisclosureForResignationOfStatutoryAuditorOrDirectorOrKMPsOrSMPOrComplianceOfficerIsToBeFiledAlongWithThisDisclosure><in-capmkt:NameOfTheStatutoryAuditorOrFirm contextRef="I_ResignationOfStatutoryAuditor1">R.G.N.Price &amp; Co., Chartered Accountants</in-capmkt:NameOfTheStatutoryAuditorOrFirm><in-capmkt:DateOnWhichTheStatutoryAuditorWasAppointed contextRef="I_ResignationOfStatutoryAuditor1">2023-08-03</in-capmkt:DateOnWhichTheStatutoryAuditorWasAppointed><in-capmkt:DateOnWhichTheResignationLetterWasReceivedFromStatutoryAuditor contextRef="D_ResignationOfStatutoryAuditor1">2026-11-04</in-capmkt:DateOnWhichTheResignationLetterWasReceivedFromStatutoryAuditor><in-capmkt:EffectiveDateOfResignation contextRef="I_ResignationOfStatutoryAuditor1">2026-11-03</in-capmkt:EffectiveDateOfResignation><in-capmkt:DateOnWhichTheTermOfTheStatutoryAuditorWasScheduledToExpire contextRef="I_ResignationOfStatutoryAuditor1">31-03-2028</in-capmkt:DateOnWhichTheTermOfTheStatutoryAuditorWasScheduledToExpire><in-capmkt:DateOfSubmissionOfLatestAuditReportOrLimitedReviewReportSubmittedPriorToResignationByTheAuditor contextRef="I_ResignationOfStatutoryAuditor1">03-11-2026</in-capmkt:DateOfSubmissionOfLatestAuditReportOrLimitedReviewReportSubmittedPriorToResignationByTheAuditor><in-capmkt:PeriodForWhichTheResigningAuditorWillIssueTheAuditReportOrLimitedReviewReportAsOnTheDateOfResignationWithReferenceAsPerSEBICircularCIRCFDCMD11142019Dated18October2019 contextRef="I_ResignationOfStatutoryAuditor1">30-09-2026</in-capmkt:PeriodForWhichTheResigningAuditorWillIssueTheAuditReportOrLimitedReviewReportAsOnTheDateOfResignationWithReferenceAsPerSEBICircularCIRCFDCMD11142019Dated18October2019><in-capmkt:DetailedReasonForResignation contextRef="I_ResignationOfStatutoryAuditor1">Consequent to the rotation of statutory auditors of Popular Vehicles and Services Limited, which is the holding company of Popular Mega Motors (India) Private Limited, the management of the holding company proposes to align the statutory audit of Popular Mega Motors (India) Private Limited, being a material subsidiary company of the group, with that of the holding company.</in-capmkt:DetailedReasonForResignation><in-capmkt:EffortsMadeByTheAuditorPriorToResignation contextRef="I_ResignationOfStatutoryAuditor1">No such concerns</in-capmkt:EffortsMadeByTheAuditorPriorToResignation><in-capmkt:WhetherTheInabilityToObtainSufficientAppropriateAuditEvidenceWasDueToAManagementImposedLimitationOrCircumstancesBeyondTheControlOfTheManagement contextRef="I_ResignationOfStatutoryAuditor1">Not Applicable</in-capmkt:WhetherTheInabilityToObtainSufficientAppropriateAuditEvidenceWasDueToAManagementImposedLimitationOrCircumstancesBeyondTheControlOfTheManagement><in-capmkt:WhetherTheLackOfInformationWouldHaveSignificantImpactOnTheFinancialStatementsOrResultsOfListedEntityAsWellAsMaterialSubsidiary contextRef="D_ResignationOfStatutoryAuditor1">NA</in-capmkt:WhetherTheLackOfInformationWouldHaveSignificantImpactOnTheFinancialStatementsOrResultsOfListedEntityAsWellAsMaterialSubsidiary><in-capmkt:WhetherTheAuditorHasPerformedAlternativeProceduresToObtainAppropriateEvidenceForThePurposesOfAuditOrLimitedReviewAsLaidDownInSa705Revised contextRef="D_ResignationOfStatutoryAuditor1">NA</in-capmkt:WhetherTheAuditorHasPerformedAlternativeProceduresToObtainAppropriateEvidenceForThePurposesOfAuditOrLimitedReviewAsLaidDownInSa705Revised><in-capmkt:WhetherTheLackOfInformationWasPrevalentInThePreviousReportedFinancialStatementsOrResultsAndOnWhatBasisThePreviousAuditOrLimitedReviewReportsWereIssued contextRef="D_ResignationOfStatutoryAuditor1">NA</in-capmkt:WhetherTheLackOfInformationWasPrevalentInThePreviousReportedFinancialStatementsOrResultsAndOnWhatBasisThePreviousAuditOrLimitedReviewReportsWereIssued><in-capmkt:AnyOtherFactsRelevantToTheResignation contextRef="I_ResignationOfStatutoryAuditor1">Nil</in-capmkt:AnyOtherFactsRelevantToTheResignation><in-capmkt:WhetherTheAuditorHasProvidedAResignationLetterAlongWithTheNecessaryDetailsAndDeclarationAsPerSEBICircularCIRCFDCMD11142019Dated18October2019 contextRef="D_ResignationOfStatutoryAuditor1">true</in-capmkt:WhetherTheAuditorHasProvidedAResignationLetterAlongWithTheNecessaryDetailsAndDeclarationAsPerSEBICircularCIRCFDCMD11142019Dated18October2019></xbrli:xbrl>
