<?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">532432</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-10-28</xbrli:startDate><xbrli:endDate>2026-10-28</xbrli:endDate></xbrli:period></xbrli:context><xbrli:context id="MainI"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">532432</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-10-28</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="I_ChangeInManagement1"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">532432</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-10-28</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">532432</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-10-28</xbrli:startDate><xbrli:endDate>2026-10-28</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_ChangeInManagement2"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">532432</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-10-28</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:ChangeInManagementAxis"><in-capmkt:ChangeInManagementDomain>ChangeInManagementDomain2</in-capmkt:ChangeInManagementDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:context id="D_ChangeInManagement2"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">532432</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-10-28</xbrli:startDate><xbrli:endDate>2026-10-28</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:context id="I_ChangeInManagement3"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">532432</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-10-28</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:ChangeInManagementAxis"><in-capmkt:ChangeInManagementDomain>ChangeInManagementDomain3</in-capmkt:ChangeInManagementDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:context id="D_ChangeInManagement3"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">532432</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-10-28</xbrli:startDate><xbrli:endDate>2026-10-28</xbrli:endDate></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:ChangeInManagementAxis"><in-capmkt:ChangeInManagementDomain>ChangeInManagementDomain3</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">532432</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-10-28</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">532432</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-10-28</xbrli:startDate><xbrli:endDate>2026-10-28</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">UNITDSPR</in-capmkt:NSESymbol><in-capmkt:NameOfTheCompany contextRef="MainI">United Spirits Limited</in-capmkt:NameOfTheCompany><in-capmkt:ScripCode contextRef="MainI">532432</in-capmkt:ScripCode><in-capmkt:MSEISymbol contextRef="MainI">NOTLISTED</in-capmkt:MSEISymbol><in-capmkt:ISIN contextRef="MainI">INE854D01024</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">2026-10-28</in-capmkt:DateOfBoardMeeting><in-capmkt:StartTimeOfBoardMeeting contextRef="MainD">14:00:00</in-capmkt:StartTimeOfBoardMeeting><in-capmkt:EndTimeOfBoardMeeting contextRef="MainD">15:50:00</in-capmkt:EndTimeOfBoardMeeting><in-capmkt:NumberOfPersonsOrEntitiesForWhomChangeIsBeingReported contextRef="MainI" unitRef="pure" decimals="0">3</in-capmkt:NumberOfPersonsOrEntitiesForWhomChangeIsBeingReported><in-capmkt:DateOfReport contextRef="MainI">2026-10-28</in-capmkt:DateOfReport><in-capmkt:TypeOfChange contextRef="D_ChangeInManagement1">Appointment</in-capmkt:TypeOfChange><in-capmkt:CategoryForChange contextRef="D_ChangeInManagement1">Senior Management Personnel</in-capmkt:CategoryForChange><in-capmkt:DesignationOfDesignatedPerson contextRef="D_ChangeInManagement1">General Counsel, India</in-capmkt:DesignationOfDesignatedPerson><in-capmkt:SalutationOfDesignatedPerson contextRef="D_ChangeInManagement1">Mr.</in-capmkt:SalutationOfDesignatedPerson><in-capmkt:NameOfDesignatedPerson contextRef="I_ChangeInManagement1">Sameer Chugh</in-capmkt:NameOfDesignatedPerson><in-capmkt:EffectiveDateOfReasonOfChange contextRef="I_ChangeInManagement1">2026-12-01</in-capmkt:EffectiveDateOfReasonOfChange><in-capmkt:BriefProfile contextRef="D_ChangeInManagement1">Mr. Sameer Chugh has over 30 years of experience in legal leadership across highly regulated sectors, with expertise in corporate governance, M&amp;A, litigation, regulatory matters and commercial transactions.

He joins the Company from Games24x7, where he serves as Chief Legal Officer/ General Counsel. He has previously served as Group General Counsel at the Bharti Group, leading legal strategy across multiple businesses and geographies. His previous experience includes leadership roles at British Telecom, Essar Group and Cummins, as well as roles with leading law firms.

He holds an integrated bachelor’s degree in Socio-Legal Sciences and Law (LL.B.) from Symbiosis Society’s Law College, Pune, a Post Graduate Diploma in Marketing Management from Symbiosis Institute of Management Studies, Pune, and a Master’s degree in Telecom Business from University College of London. He is also enrolled as an Advocate with the Bar Council of Delhi.</in-capmkt:BriefProfile><in-capmkt:TypeOfChange contextRef="D_ChangeInManagement2">Cessation</in-capmkt:TypeOfChange><in-capmkt:CategoryOfCessation contextRef="D_ChangeInManagement2">Resignation</in-capmkt:CategoryOfCessation><in-capmkt:CategoryForChange contextRef="D_ChangeInManagement2">Senior Management Personnel</in-capmkt:CategoryForChange><in-capmkt:DesignationOfDesignatedPerson contextRef="D_ChangeInManagement2">Executive Vice President and General Counsel</in-capmkt:DesignationOfDesignatedPerson><in-capmkt:SalutationOfDesignatedPerson contextRef="D_ChangeInManagement2">Ms.</in-capmkt:SalutationOfDesignatedPerson><in-capmkt:NameOfDesignatedPerson contextRef="I_ChangeInManagement2">Shobana Nikam</in-capmkt:NameOfDesignatedPerson><in-capmkt:EffectiveDateOfReasonOfChange contextRef="I_ChangeInManagement2">2026-10-31</in-capmkt:EffectiveDateOfReasonOfChange><in-capmkt:WhetherTheFurtherDisclosureForResignationOfStatutoryAuditorOrDirectorOrKMPsOrSMPOrComplianceOfficerIsToBeFiledAlongWithThisDisclosure contextRef="D_ChangeInManagement2">true</in-capmkt:WhetherTheFurtherDisclosureForResignationOfStatutoryAuditorOrDirectorOrKMPsOrSMPOrComplianceOfficerIsToBeFiledAlongWithThisDisclosure><in-capmkt:TypeOfChange contextRef="D_ChangeInManagement3">Tenure completion</in-capmkt:TypeOfChange><in-capmkt:CategoryForChange contextRef="D_ChangeInManagement3">Senior Management Personnel</in-capmkt:CategoryForChange><in-capmkt:DesignationOfDesignatedPerson contextRef="D_ChangeInManagement3">Interim General Counsel</in-capmkt:DesignationOfDesignatedPerson><in-capmkt:SalutationOfDesignatedPerson contextRef="D_ChangeInManagement3">Ms.</in-capmkt:SalutationOfDesignatedPerson><in-capmkt:NameOfDesignatedPerson contextRef="I_ChangeInManagement3">Archana Sasan</in-capmkt:NameOfDesignatedPerson><in-capmkt:EffectiveDateOfReasonOfChange contextRef="I_ChangeInManagement3">2026-12-31</in-capmkt:EffectiveDateOfReasonOfChange><in-capmkt:Salutation contextRef="D_ResignationOfDirector1">Ms.</in-capmkt:Salutation><in-capmkt:NameOfTheDirectorOrKeyManagerialPersonnelOrSeniorManagementPersonnelOrComplianceOfficer contextRef="D_ResignationOfDirector1">Shobana Nikam</in-capmkt:NameOfTheDirectorOrKeyManagerialPersonnelOrSeniorManagementPersonnelOrComplianceOfficer><in-capmkt:DesignationOfDirectorOrKeyManagerialPersonnelOrSeniorManagementPersonnelOrComplianceOfficer contextRef="D_ResignationOfDirector1">Executive Vice President and General Counsel</in-capmkt:DesignationOfDirectorOrKeyManagerialPersonnelOrSeniorManagementPersonnelOrComplianceOfficer><in-capmkt:DateOnWhichTheResignationLetterWasReceived contextRef="D_ResignationOfDirector1">2026-10-27</in-capmkt:DateOnWhichTheResignationLetterWasReceived><in-capmkt:EffectiveDateOfResignation contextRef="I_ResignationOfDirector1">2026-10-31</in-capmkt:EffectiveDateOfResignation><in-capmkt:WhetherTheLetterOfResignationHasTheDetailedReasonForResignation contextRef="I_ResignationOfDirector1">true</in-capmkt:WhetherTheLetterOfResignationHasTheDetailedReasonForResignation><in-capmkt:ReasonOfResignationInBrief contextRef="D_ResignationOfDirector1">Due to personal reasons</in-capmkt:ReasonOfResignationInBrief></xbrli:xbrl>
