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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/NSESymbol">SHILPAMED</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-08-03</xbrli:startDate><xbrli:endDate>2026-08-03</xbrli:endDate></xbrli:period></xbrli:context><xbrli:context id="MainI"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/NSESymbol">SHILPAMED</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-08-03</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="I_ChangeInManagement1"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/NSESymbol">SHILPAMED</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-08-03</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/NSESymbol">SHILPAMED</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-08-03</xbrli:startDate><xbrli:endDate>2026-08-03</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">SHILPAMED</in-capmkt:NSESymbol><in-capmkt:NameOfTheCompany contextRef="MainI">SHILPA MEDICARE LIMITED</in-capmkt:NameOfTheCompany><in-capmkt:ScripCode contextRef="MainI">530549</in-capmkt:ScripCode><in-capmkt:MSEISymbol contextRef="MainI">NOTLISTED</in-capmkt:MSEISymbol><in-capmkt:ISIN contextRef="MainI">INE790G01031</in-capmkt:ISIN><in-capmkt:WhetherDisclosureFiledForListedEntity contextRef="MainD">false</in-capmkt:WhetherDisclosureFiledForListedEntity><in-capmkt:NameOfEntityForWhichTheDisclosureIsFiled contextRef="MainD">SHILPA BIOLOGICALS PRIVATE LIMITED</in-capmkt:NameOfEntityForWhichTheDisclosureIsFiled><in-capmkt:RelationshipWithTheListedEntity contextRef="MainD">Material Subsidiary</in-capmkt:RelationshipWithTheListedEntity><in-capmkt:WhetherEventOrInformationIsAnOutcomeOfBoardMeeting contextRef="MainD">false</in-capmkt:WhetherEventOrInformationIsAnOutcomeOfBoardMeeting><in-capmkt:DateOfOccurrenceOfEventOrInformation contextRef="MainD">2026-08-03</in-capmkt:DateOfOccurrenceOfEventOrInformation><in-capmkt:TimeOfOccurrenceOfEventOrInformation contextRef="MainD">09:30:00</in-capmkt:TimeOfOccurrenceOfEventOrInformation><in-capmkt:NumberOfPersonsOrEntitiesForWhomChangeIsBeingReported contextRef="MainI" unitRef="pure" decimals="0">1</in-capmkt:NumberOfPersonsOrEntitiesForWhomChangeIsBeingReported><in-capmkt:DateOfReport contextRef="MainI">2026-08-03</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">Chief Executive Officer</in-capmkt:DesignationOfDesignatedPerson><in-capmkt:SalutationOfDesignatedPerson contextRef="D_ChangeInManagement1">Mr.</in-capmkt:SalutationOfDesignatedPerson><in-capmkt:NameOfDesignatedPerson contextRef="I_ChangeInManagement1">Uday N. Harle</in-capmkt:NameOfDesignatedPerson><in-capmkt:EffectiveDateOfReasonOfChange contextRef="I_ChangeInManagement1">2026-08-03</in-capmkt:EffectiveDateOfReasonOfChange><in-capmkt:BriefProfile contextRef="D_ChangeInManagement1">Dr. Uday N. Harle holds a Ph.D. in Pharmaceutical Sciences from Nagpur University (RTM Nagpur University) and a Master of Science in Pharmacy. He also holds Post-Graduate Diplomas in Business Management and Marketing Management from IGNOU. Dr. Harle brings approximately 24 years of experience in the global biopharmaceutical industry, including over 18 years of experience in biologics and biosimilars and more than 14 years in leadership roles across research and development, clinical development, regulatory affairs, manufacturing, commercialization, and business management. His recent assignment was as a Chief Business Officer at Artemis Medicare Services Limited and Premedium Pharma (Apollo Group). Prior to this, he served as Assistant Vice President &amp; Global Head - Clinical Development at Amneal Group / Kashiv Biosciences, Global Head - Clinical Development at Abbott and Associate Director &amp; R&amp;D Head at Ferring Pharmaceuticals. He has also held key positions with Bharat Serums &amp; Vaccines, Sun Pharma and other leading  harmaceutical organizations. His expertise spans the entire biologics value chain, including portfolio strategy, research and development, CMC, clinical development, regulatory approvals, manufacturing, commercialization, CDMO partnerships, and P&amp;L management. He has extensive experience across biosimilars, novel biologics, peptides, recombinant proteins, cell therapies (including CAR-T) and medical devices.Dr. Harle possesses significant global regulatory experience, having worked extensively with regulatory agencies including the USFDA, EMA, MHRA, Health Canada, and CDSCO. He has contributed to the development of more than 10 biosimilars and over 5 novel biologics, including multiple IND and BLA submissions. He has authored approximately 40 scientific publications, published 2 books and holds 2 patents. He has also received several industry awards recognizing his contributions and excellence in biopharmaceutical research and development.</in-capmkt:BriefProfile></xbrli:xbrl>
