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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">509874</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-11-11</xbrli:startDate><xbrli:endDate>2026-11-11</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_ResignationOfStatutoryAuditor1"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">509874</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-11-11</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:ResignationOfStatutoryAuditorAxis"><in-capmkt:ResignationOfStatutoryAuditorDomain>ResignationOfStatutoryAuditorDomain1</in-capmkt:ResignationOfStatutoryAuditorDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:context id="D_ResignationOfStatutoryAuditor1"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">509874</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-11-11</xbrli:startDate><xbrli:endDate>2026-11-11</xbrli:endDate></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:ResignationOfStatutoryAuditorAxis"><in-capmkt:ResignationOfStatutoryAuditorDomain>ResignationOfStatutoryAuditorDomain1</in-capmkt:ResignationOfStatutoryAuditorDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:unit id="pure"><xbrli:measure>xbrli:pure</xbrli:measure></xbrli:unit><in-capmkt:NSESymbol contextRef="MainI">SHALPAINTS</in-capmkt:NSESymbol><in-capmkt:NameOfTheCompany contextRef="MainI">SHALIMAR PAINTS LIMITED</in-capmkt:NameOfTheCompany><in-capmkt:ScripCode contextRef="MainI">509874</in-capmkt:ScripCode><in-capmkt:MSEISymbol contextRef="MainI">NOTLISTED</in-capmkt:MSEISymbol><in-capmkt:ISIN contextRef="MainI">INE849C01026</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">2026-11-11</in-capmkt:DateOfOccurrenceOfEventOrInformation><in-capmkt:TimeOfOccurrenceOfEventOrInformation contextRef="MainD">10:46:00</in-capmkt:TimeOfOccurrenceOfEventOrInformation><in-capmkt:NumberOfPersonsOrEntitiesForWhomChangeIsBeingReported contextRef="MainI" unitRef="pure" decimals="0">1</in-capmkt:NumberOfPersonsOrEntitiesForWhomChangeIsBeingReported><in-capmkt:DateOfReport contextRef="MainI">2026-11-11</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">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">Walker Chandiok &amp; Co. LLP</in-capmkt:NameOfDesignatedPerson><in-capmkt:EffectiveDateOfReasonOfChange contextRef="I_ChangeInManagement1">2026-11-11</in-capmkt:EffectiveDateOfReasonOfChange><in-capmkt:WhetherInformationToBeObtainedFromTheStatutoryAuditorUponResignationAsPerSEBICircularCIRCFDCMD11142019Dated18October2019 contextRef="D_ChangeInManagement1">true</in-capmkt:WhetherInformationToBeObtainedFromTheStatutoryAuditorUponResignationAsPerSEBICircularCIRCFDCMD11142019Dated18October2019><in-capmkt:WhetherTheFurtherDisclosureForResignationOfStatutoryAuditorOrDirectorOrKMPsOrSMPOrComplianceOfficerIsToBeFiledAlongWithThisDisclosure contextRef="D_ChangeInManagement1">true</in-capmkt:WhetherTheFurtherDisclosureForResignationOfStatutoryAuditorOrDirectorOrKMPsOrSMPOrComplianceOfficerIsToBeFiledAlongWithThisDisclosure><in-capmkt:NameOfTheStatutoryAuditorOrFirm contextRef="I_ResignationOfStatutoryAuditor1">Walker Chandiok &amp; Co. LLP</in-capmkt:NameOfTheStatutoryAuditorOrFirm><in-capmkt:DateOnWhichTheStatutoryAuditorWasAppointed contextRef="I_ResignationOfStatutoryAuditor1">2022-09-29</in-capmkt:DateOnWhichTheStatutoryAuditorWasAppointed><in-capmkt:DateOnWhichTheResignationLetterWasReceivedFromStatutoryAuditor contextRef="D_ResignationOfStatutoryAuditor1">2026-11-11</in-capmkt:DateOnWhichTheResignationLetterWasReceivedFromStatutoryAuditor><in-capmkt:EffectiveDateOfResignation contextRef="I_ResignationOfStatutoryAuditor1">2026-11-11</in-capmkt:EffectiveDateOfResignation><in-capmkt:DateOnWhichTheTermOfTheStatutoryAuditorWasScheduledToExpire contextRef="I_ResignationOfStatutoryAuditor1">Till the conclusion of 125th Annual General Meeting of the Company to be held in 2027</in-capmkt:DateOnWhichTheTermOfTheStatutoryAuditorWasScheduledToExpire><in-capmkt:DateOfSubmissionOfLatestAuditReportOrLimitedReviewReportSubmittedPriorToResignationByTheAuditor contextRef="I_ResignationOfStatutoryAuditor1">Limited Review Report dated October 28, 2026 submitted for the Quarter ended September 2026</in-capmkt:DateOfSubmissionOfLatestAuditReportOrLimitedReviewReportSubmittedPriorToResignationByTheAuditor><in-capmkt:PeriodForWhichTheResigningAuditorWillIssueTheAuditReportOrLimitedReviewReportAsOnTheDateOfResignationWithReferenceAsPerSEBICircularCIRCFDCMD11142019Dated18October2019 contextRef="I_ResignationOfStatutoryAuditor1">No report as Limited Review Report dated October 28, 2026 submitted for the Quarter ended September 2026 is already submitted</in-capmkt:PeriodForWhichTheResigningAuditorWillIssueTheAuditReportOrLimitedReviewReportAsOnTheDateOfResignationWithReferenceAsPerSEBICircularCIRCFDCMD11142019Dated18October2019><in-capmkt:DetailedReasonForResignation contextRef="I_ResignationOfStatutoryAuditor1">Because of the proposed share swap transaction announced by the Company in September 2026, Shalimar Paints Limited is expected to become the holding company of Hella Infra Market Limited, subject to completion of the transaction and receipt of requisite approvals. The firm is not currently the auditor of Hella Infra Market Limited, a significant portion of the enlarged group would fall outside their scope of audit coverage. Consequently, they would not be able to achieve the requisite level of group audit coverage in accordance with the applicable regulatory requirements and their firm's internal policies.</in-capmkt:DetailedReasonForResignation><in-capmkt:EffortsMadeByTheAuditorPriorToResignation contextRef="I_ResignationOfStatutoryAuditor1">Not Applicable</in-capmkt:EffortsMadeByTheAuditorPriorToResignation><in-capmkt:WhetherTheInabilityToObtainSufficientAppropriateAuditEvidenceWasDueToAManagementImposedLimitationOrCircumstancesBeyondTheControlOfTheManagement contextRef="I_ResignationOfStatutoryAuditor1">Not Applicable</in-capmkt:WhetherTheInabilityToObtainSufficientAppropriateAuditEvidenceWasDueToAManagementImposedLimitationOrCircumstancesBeyondTheControlOfTheManagement><in-capmkt:WhetherTheLackOfInformationWouldHaveSignificantImpactOnTheFinancialStatementsOrResultsOfListedEntityAsWellAsMaterialSubsidiary contextRef="D_ResignationOfStatutoryAuditor1">NA</in-capmkt:WhetherTheLackOfInformationWouldHaveSignificantImpactOnTheFinancialStatementsOrResultsOfListedEntityAsWellAsMaterialSubsidiary><in-capmkt:WhetherTheAuditorHasPerformedAlternativeProceduresToObtainAppropriateEvidenceForThePurposesOfAuditOrLimitedReviewAsLaidDownInSa705Revised contextRef="D_ResignationOfStatutoryAuditor1">NA</in-capmkt:WhetherTheAuditorHasPerformedAlternativeProceduresToObtainAppropriateEvidenceForThePurposesOfAuditOrLimitedReviewAsLaidDownInSa705Revised><in-capmkt:WhetherTheLackOfInformationWasPrevalentInThePreviousReportedFinancialStatementsOrResultsAndOnWhatBasisThePreviousAuditOrLimitedReviewReportsWereIssued contextRef="D_ResignationOfStatutoryAuditor1">NA</in-capmkt:WhetherTheLackOfInformationWasPrevalentInThePreviousReportedFinancialStatementsOrResultsAndOnWhatBasisThePreviousAuditOrLimitedReviewReportsWereIssued><in-capmkt:AnyOtherFactsRelevantToTheResignation contextRef="I_ResignationOfStatutoryAuditor1">No</in-capmkt:AnyOtherFactsRelevantToTheResignation><in-capmkt:WhetherTheAuditorHasProvidedAResignationLetterAlongWithTheNecessaryDetailsAndDeclarationAsPerSEBICircularCIRCFDCMD11142019Dated18October2019 contextRef="D_ResignationOfStatutoryAuditor1">true</in-capmkt:WhetherTheAuditorHasProvidedAResignationLetterAlongWithTheNecessaryDetailsAndDeclarationAsPerSEBICircularCIRCFDCMD11142019Dated18October2019></xbrli:xbrl>
