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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>2026-11-12</xbrli:startDate><xbrli:endDate>2026-11-12</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>2026-11-12</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>2026-11-12</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="MainD">2026-11-11</in-capmkt:DateOfOccurrenceOfEventOrInformation><in-capmkt:TimeOfOccurrenceOfEventOrInformation contextRef="MainD">18:59:00</in-capmkt:TimeOfOccurrenceOfEventOrInformation><in-capmkt:NumberOfPersonsOrEntitiesForWhomChangeIsBeingReported contextRef="MainI" unitRef="pure" decimals="0">1</in-capmkt:NumberOfPersonsOrEntitiesForWhomChangeIsBeingReported><in-capmkt:DateOfReport contextRef="MainI">2026-11-12</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">B S R and Co</in-capmkt:NameOfDesignatedPerson><in-capmkt:EffectiveDateOfReasonOfChange contextRef="I_ChangeInManagement1">2026-11-11</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">B S R and Co</in-capmkt:NameOfTheStatutoryAuditorOrFirm><in-capmkt:DateOnWhichTheStatutoryAuditorWasAppointed contextRef="I_ResignationOfStatutoryAuditor1">2023-09-30</in-capmkt:DateOnWhichTheStatutoryAuditorWasAppointed><in-capmkt:DateOnWhichTheResignationLetterWasReceivedFromStatutoryAuditor contextRef="D_ResignationOfStatutoryAuditor1">2026-11-11</in-capmkt:DateOnWhichTheResignationLetterWasReceivedFromStatutoryAuditor><in-capmkt:EffectiveDateOfResignation contextRef="I_ResignationOfStatutoryAuditor1">2026-11-11</in-capmkt:EffectiveDateOfResignation><in-capmkt:DateOnWhichTheTermOfTheStatutoryAuditorWasScheduledToExpire contextRef="I_ResignationOfStatutoryAuditor1">30-09-2028</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">The management informed the intends to align auditors of the Company with the auditors of Popular Vehicles and Services Limited, the ultimate holding company, due to mandatory rotation of our firm as auditors of the ultimate holding company under the Companies Act, 2013. Accordingly, we would not be in a position to continue as statutory auditors of the Company after completion of Limited Review for the quarter ended 30 September 2026. We have also discussed this matter with the management of the 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>
