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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">540393</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-11-13</xbrli:startDate><xbrli:endDate>2026-11-13</xbrli:endDate></xbrli:period></xbrli:context><xbrli:context id="MainI"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">540393</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-11-13</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="I_ChangeInManagement1"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">540393</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-11-13</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">540393</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-11-13</xbrli:startDate><xbrli:endDate>2026-11-13</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:unit id="pure"><xbrli:measure>xbrli:pure</xbrli:measure></xbrli:unit><in-capmkt:NSESymbol contextRef="MainI">SMLT</in-capmkt:NSESymbol><in-capmkt:NameOfTheCompany contextRef="MainI">SARTHAK METALS LIMITED</in-capmkt:NameOfTheCompany><in-capmkt:ScripCode contextRef="MainI">540393</in-capmkt:ScripCode><in-capmkt:MSEISymbol contextRef="MainI">NOTLISTED</in-capmkt:MSEISymbol><in-capmkt:ISIN contextRef="MainI">INE017W01010</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">2026-11-13</in-capmkt:DateOfBoardMeeting><in-capmkt:StartTimeOfBoardMeeting contextRef="MainD">12:00:00</in-capmkt:StartTimeOfBoardMeeting><in-capmkt:EndTimeOfBoardMeeting contextRef="MainD">12:25:00</in-capmkt:EndTimeOfBoardMeeting><in-capmkt:NumberOfPersonsOrEntitiesForWhomChangeIsBeingReported contextRef="MainI" unitRef="pure" decimals="0">1</in-capmkt:NumberOfPersonsOrEntitiesForWhomChangeIsBeingReported><in-capmkt:DateOfReport contextRef="MainI">2026-11-13</in-capmkt:DateOfReport><in-capmkt:TypeOfChange contextRef="D_ChangeInManagement1">Appointment</in-capmkt:TypeOfChange><in-capmkt:CategoryForChange contextRef="D_ChangeInManagement1">Key Managerial Personnel</in-capmkt:CategoryForChange><in-capmkt:DesignationOfDesignatedPerson contextRef="D_ChangeInManagement1">Chief Financial Officer</in-capmkt:DesignationOfDesignatedPerson><in-capmkt:SalutationOfDesignatedPerson contextRef="D_ChangeInManagement1">Mr.</in-capmkt:SalutationOfDesignatedPerson><in-capmkt:NameOfDesignatedPerson contextRef="I_ChangeInManagement1">SARTHAK BANSAL</in-capmkt:NameOfDesignatedPerson><in-capmkt:EffectiveDateOfReasonOfChange contextRef="I_ChangeInManagement1">2026-11-13</in-capmkt:EffectiveDateOfReasonOfChange><in-capmkt:BriefProfile contextRef="D_ChangeInManagement1">Mr. Sarthak Bansal is a technology-driven business professional and entrepreneur with a strong focus on innovation, strategic growth, product development and business expansion. He brings a blend of technical knowledge, management education and practical business experience, contributing to the growth and diversification of Sarthak Metals Limited.

He has played a pivotal role in spearheading the Company's New Product Development initiatives, leading to significant milestones in its business journey. These include the expansion into the foundry division in 2020 and the introduction of Flux Cored Wire in 2023. These strategic initiatives reflect his commitment to innovation, diversification and the development of new business opportunities, strengthening the Company's product portfolio and market presence.

Mr. Bansal's academic background includes a Bachelor of Technology in Civil Engineering from VIT University, Chennai, and studies in Management and Entrepreneurship at the University of Bath, United Kingdom. His international exposure and understanding of business management and entrepreneurial practices have contributed to his strategic outlook and approach towards identifying growth opportunities and expanding the Company's presence in domestic and international markets.

As Chief Financial Officer of Sarthak Metals Limited, Mr. Bansal is expected to contribute to the Company's financial strategy, resource optimisation, business planning and sustainable growth, while aligning financial priorities with its long-term business objectives and expansion plans.

A firm believer in innovation, entrepreneurship and continuous improvement, Mr. Bansal advocates the importance of technological advancement, diversification and strategic expansion in sustaining competitiveness and creating long-term value for the Company and its stakeholders.</in-capmkt:BriefProfile></xbrli:xbrl>
