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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 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id="D_ChangeInManagement1"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">532810</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-09-09</xbrli:startDate><xbrli:endDate>2026-09-09</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">532810</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-09-09</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">532810</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-09-09</xbrli:startDate><xbrli:endDate>2026-09-09</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:unit id="pure"><xbrli:measure>xbrli:pure</xbrli:measure></xbrli:unit><in-capmkt:NSESymbol contextRef="MainI">PFC</in-capmkt:NSESymbol><in-capmkt:NameOfTheCompany contextRef="MainI">POWER FINANCE CORPORATION LIMITED</in-capmkt:NameOfTheCompany><in-capmkt:ScripCode contextRef="MainI">532810</in-capmkt:ScripCode><in-capmkt:MSEISymbol contextRef="MainI">NOTLISTED</in-capmkt:MSEISymbol><in-capmkt:ISIN contextRef="MainI">INE134E01011</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">2026-09-09</in-capmkt:DateOfOccurrenceOfEventOrInformation><in-capmkt:TimeOfOccurrenceOfEventOrInformation contextRef="MainD">11:58:00</in-capmkt:TimeOfOccurrenceOfEventOrInformation><in-capmkt:NumberOfPersonsOrEntitiesForWhomChangeIsBeingReported contextRef="MainI" unitRef="pure" decimals="0">2</in-capmkt:NumberOfPersonsOrEntitiesForWhomChangeIsBeingReported><in-capmkt:DateOfReport contextRef="MainI">2026-09-09</in-capmkt:DateOfReport><in-capmkt:TypeOfChange contextRef="D_ChangeInManagement1">Appointment</in-capmkt:TypeOfChange><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">Thakur Vaidyanath Aiyar &amp; Co</in-capmkt:NameOfDesignatedPerson><in-capmkt:EffectiveDateOfReasonOfChange contextRef="I_ChangeInManagement1">2026-09-07</in-capmkt:EffectiveDateOfReasonOfChange><in-capmkt:TermOfAppointmentInMonths contextRef="D_ChangeInManagement1" unitRef="pure" decimals="INF">12</in-capmkt:TermOfAppointmentInMonths><in-capmkt:BriefProfile contextRef="D_ChangeInManagement1">Thakur Vaidyanath Aiyar &amp; Co is one of the oldest Chartered Accountancy firms in the country, with experience of close to 9 decades. The firm was formed in 1970 through re-organisation of S. Vaidyanath Aiyar &amp; Co. (1934) and Thakur &amp; Co. (1952). Three former partners served as Presidents of the Institute of Chartered Accountants of India.</in-capmkt:BriefProfile><in-capmkt:WhetherTheStatutoryAuditorOrSecretarialAuditorHoldsAValidCertificateIssuedByThePeerReviewBoardOfInstituteOfCharteredAccountantsOfIndiaOrInstituteOfCompanySecretariesOfIndia contextRef="D_ChangeInManagement1">true</in-capmkt:WhetherTheStatutoryAuditorOrSecretarialAuditorHoldsAValidCertificateIssuedByThePeerReviewBoardOfInstituteOfCharteredAccountantsOfIndiaOrInstituteOfCompanySecretariesOfIndia><in-capmkt:TypeOfChange contextRef="D_ChangeInManagement2">Appointment</in-capmkt:TypeOfChange><in-capmkt:CategoryForChange contextRef="D_ChangeInManagement2">Auditors</in-capmkt:CategoryForChange><in-capmkt:DesignationOfDesignatedPerson contextRef="D_ChangeInManagement2">Statutory Auditor</in-capmkt:DesignationOfDesignatedPerson><in-capmkt:SalutationOfDesignatedPerson contextRef="D_ChangeInManagement2">M/s.</in-capmkt:SalutationOfDesignatedPerson><in-capmkt:NameOfDesignatedPerson contextRef="I_ChangeInManagement2">Mehra Goel &amp; Co</in-capmkt:NameOfDesignatedPerson><in-capmkt:EffectiveDateOfReasonOfChange contextRef="I_ChangeInManagement2">2026-09-07</in-capmkt:EffectiveDateOfReasonOfChange><in-capmkt:TermOfAppointmentInMonths contextRef="D_ChangeInManagement2" unitRef="pure" decimals="INF">12</in-capmkt:TermOfAppointmentInMonths><in-capmkt:BriefProfile contextRef="D_ChangeInManagement2">Mehra Goel &amp; Co is an Accounting ﬁrm which was set up in the year 1963 with 2 partners, Mr R.K. Mehra and Mr M.K. Goel. The ﬁrm is headquartered in the commercial hub of Nehru Place in New Delhi. At present, the ﬁrm has 16 partners with a combined working experience of over 200 years; 50+ Chartered Accountants and 100+ Semi-Qualiﬁed staﬀ and trainees. Over the years of practice, the ﬁrm has grown exponentially in both size and value.
The service portfolio of Mehra Goel includes Audit, Taxation, Advisory, Management Consulting, Financial restructuring and Secretarial Services. The industry experience of Mehra Goel includes the core sectors of Steel, Telecom, Banking, energy and Automobiles. In addition, the ﬁrm has been working extensively in the textile exports, Chemicals and more recently in the BPO industry. The client base consists of Multinational Corporations, Indian Private Companies, Public Sector Enterprises, Joint Ventures, Non-Proﬁt Organizations, Charitable and Religious Trusts, Educational Institutions, High net worth individuals and expatriates
The ﬁrm is registered with The Institute of Chartered Accountants of India and adheres to the professional audit standards established by the same. The training modules, auditing procedures, review mechanisms are in consonance with the international practices.</in-capmkt:BriefProfile><in-capmkt:WhetherTheStatutoryAuditorOrSecretarialAuditorHoldsAValidCertificateIssuedByThePeerReviewBoardOfInstituteOfCharteredAccountantsOfIndiaOrInstituteOfCompanySecretariesOfIndia contextRef="D_ChangeInManagement2">true</in-capmkt:WhetherTheStatutoryAuditorOrSecretarialAuditorHoldsAValidCertificateIssuedByThePeerReviewBoardOfInstituteOfCharteredAccountantsOfIndiaOrInstituteOfCompanySecretariesOfIndia></xbrli:xbrl>
