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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">538891</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-09-02</xbrli:startDate><xbrli:endDate>2026-09-02</xbrli:endDate></xbrli:period></xbrli:context><xbrli:context id="MainI"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">538891</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-09-02</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="I_ChangeInManagement1"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">538891</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-09-02</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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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">538891</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-09-02</xbrli:startDate><xbrli:endDate>2026-09-02</xbrli:endDate></xbrli:period><xbrli:scenario><xbrldi:typedMember 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dimension="in-capmkt:DirectorshipInOtherCompanyAxis"><in-capmkt:DirectorshipInOtherCompanyDomain>DirectorshipInOtherCompanyDomain1</in-capmkt:DirectorshipInOtherCompanyDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:unit id="pure"><xbrli:measure>xbrli:pure</xbrli:measure></xbrli:unit><in-capmkt:NSESymbol contextRef="MainI">MCLOUD</in-capmkt:NSESymbol><in-capmkt:NameOfTheCompany contextRef="MainI">Magellanic Cloud Limited</in-capmkt:NameOfTheCompany><in-capmkt:ScripCode contextRef="MainI">538891</in-capmkt:ScripCode><in-capmkt:MSEISymbol contextRef="MainI">NOTLISTED</in-capmkt:MSEISymbol><in-capmkt:ISIN contextRef="MainI">INE613C01026</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">2026-09-01</in-capmkt:DateOfOccurrenceOfEventOrInformation><in-capmkt:TimeOfOccurrenceOfEventOrInformation contextRef="MainD">19:00:00</in-capmkt:TimeOfOccurrenceOfEventOrInformation><in-capmkt:NumberOfPersonsOrEntitiesForWhomChangeIsBeingReported contextRef="MainI" unitRef="pure" decimals="0">1</in-capmkt:NumberOfPersonsOrEntitiesForWhomChangeIsBeingReported><in-capmkt:DateOfReport contextRef="MainI">2026-09-02</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">Director</in-capmkt:CategoryForChange><in-capmkt:DesignationOfDesignatedPerson contextRef="D_ChangeInManagement1">Non - Executive Independent Director</in-capmkt:DesignationOfDesignatedPerson><in-capmkt:PositionOfDirectorInBoardTwo contextRef="D_ChangeInManagement1">Not Applicable</in-capmkt:PositionOfDirectorInBoardTwo><in-capmkt:PositionOfDirectorInBoardThree contextRef="D_ChangeInManagement1">Not Applicable</in-capmkt:PositionOfDirectorInBoardThree><in-capmkt:SalutationOfDesignatedPerson contextRef="D_ChangeInManagement1">Mr.</in-capmkt:SalutationOfDesignatedPerson><in-capmkt:NameOfDesignatedPerson contextRef="I_ChangeInManagement1">Elisha Thatisetty</in-capmkt:NameOfDesignatedPerson><in-capmkt:EffectiveDateOfReasonOfChange contextRef="I_ChangeInManagement1">2026-09-01</in-capmkt:EffectiveDateOfReasonOfChange><in-capmkt:WhetherTheFurtherDisclosureForResignationOfStatutoryAuditorOrDirectorOrKMPsOrSMPOrComplianceOfficerIsToBeFiledAlongWithThisDisclosure contextRef="D_ChangeInManagement1">true</in-capmkt:WhetherTheFurtherDisclosureForResignationOfStatutoryAuditorOrDirectorOrKMPsOrSMPOrComplianceOfficerIsToBeFiledAlongWithThisDisclosure><in-capmkt:Salutation contextRef="D_ResignationOfDirector1">Mr.</in-capmkt:Salutation><in-capmkt:NameOfTheDirectorOrKeyManagerialPersonnelOrSeniorManagementPersonnelOrComplianceOfficer contextRef="D_ResignationOfDirector1">Elisha Thatisetty</in-capmkt:NameOfTheDirectorOrKeyManagerialPersonnelOrSeniorManagementPersonnelOrComplianceOfficer><in-capmkt:DesignationOfDirectorOrKeyManagerialPersonnelOrSeniorManagementPersonnelOrComplianceOfficer contextRef="D_ResignationOfDirector1">Non - Executive Independent Director</in-capmkt:DesignationOfDirectorOrKeyManagerialPersonnelOrSeniorManagementPersonnelOrComplianceOfficer><in-capmkt:DateOnWhichTheResignationLetterWasReceived contextRef="D_ResignationOfDirector1">2026-08-30</in-capmkt:DateOnWhichTheResignationLetterWasReceived><in-capmkt:EffectiveDateOfResignation contextRef="I_ResignationOfDirector1">2026-09-01</in-capmkt:EffectiveDateOfResignation><in-capmkt:WhetherTheLetterOfResignationHasTheDetailedReasonForResignation contextRef="I_ResignationOfDirector1">true</in-capmkt:WhetherTheLetterOfResignationHasTheDetailedReasonForResignation><in-capmkt:ReasonOfResignationInBrief contextRef="D_ResignationOfDirector1">Mr. Elisha Thatisetty (DIN: 08531842) has submitted his resignation as an Independent Director of the Company due to his personal reasons and other Professional Commitments. He has confirmed that there are no material reasons for his resignation other than those mentioned in his resignation letter.</in-capmkt:ReasonOfResignationInBrief><in-capmkt:WhetherIndependentDirectorHasGivenConfirmationInTheirResignationLetterThatThereIsNoOtherMaterialReasonOtherThanThoseProvidedInTheResignationLetter contextRef="I_ResignationOfDirector1">true</in-capmkt:WhetherIndependentDirectorHasGivenConfirmationInTheirResignationLetterThatThereIsNoOtherMaterialReasonOtherThanThoseProvidedInTheResignationLetter><in-capmkt:CompanyConfirmationForTheResigningIndependentDirectorThatThereIsNoMaterialReasonOtherThanThoseProvidedInTheResignationLetterReceived contextRef="D_ResignationOfDirector1">true</in-capmkt:CompanyConfirmationForTheResigningIndependentDirectorThatThereIsNoMaterialReasonOtherThanThoseProvidedInTheResignationLetterReceived><in-capmkt:NameOfDirector contextRef="I_DirectorshipInOtherCompany1">Elisha Thatisetty</in-capmkt:NameOfDirector><in-capmkt:NameOfTheCompanyInWhichHoldingDirectorship contextRef="I_DirectorshipInOtherCompany1">NIL</in-capmkt:NameOfTheCompanyInWhichHoldingDirectorship><in-capmkt:CategoryOfDirectorship contextRef="I_DirectorshipInOtherCompany1">NIL</in-capmkt:CategoryOfDirectorship><in-capmkt:MembershipOfBoardCommittee contextRef="I_DirectorshipInOtherCompany1">NIL</in-capmkt:MembershipOfBoardCommittee></xbrli:xbrl>
