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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">533520</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-08-26</xbrli:startDate><xbrli:endDate>2026-08-26</xbrli:endDate></xbrli:period></xbrli:context><xbrli:context id="MainI"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">533520</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-08-26</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="I_ChangeInManagement1"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">533520</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-08-26</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="I_DirectorshipInOtherCompany1"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">533520</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-08-26</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:typedMember 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">IBULLSLTD</in-capmkt:NSESymbol><in-capmkt:NameOfTheCompany contextRef="MainI">INDIABULLS LIMITED</in-capmkt:NameOfTheCompany><in-capmkt:ScripCode contextRef="MainI">533520</in-capmkt:ScripCode><in-capmkt:MSEISymbol contextRef="MainI">NOTLISTED</in-capmkt:MSEISymbol><in-capmkt:ISIN contextRef="MainI">INE126M01010</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">2026-08-26</in-capmkt:DateOfOccurrenceOfEventOrInformation><in-capmkt:TimeOfOccurrenceOfEventOrInformation contextRef="MainD">15:59:00</in-capmkt:TimeOfOccurrenceOfEventOrInformation><in-capmkt:NumberOfPersonsOrEntitiesForWhomChangeIsBeingReported contextRef="MainI" unitRef="pure" decimals="0">2</in-capmkt:NumberOfPersonsOrEntitiesForWhomChangeIsBeingReported><in-capmkt:RemarksForWebsiteDissemination contextRef="MainI">For more details, please refer pdf uploaded on exchanges.</in-capmkt:RemarksForWebsiteDissemination><in-capmkt:DateOfReport contextRef="MainI">2026-08-26</in-capmkt:DateOfReport><in-capmkt:TypeOfChange contextRef="D_ChangeInManagement1">Appointment</in-capmkt:TypeOfChange><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">Ms.</in-capmkt:SalutationOfDesignatedPerson><in-capmkt:NameOfDesignatedPerson contextRef="I_ChangeInManagement1">Sushi Singh</in-capmkt:NameOfDesignatedPerson><in-capmkt:EffectiveDateOfReasonOfChange contextRef="I_ChangeInManagement1">2026-08-26</in-capmkt:EffectiveDateOfReasonOfChange><in-capmkt:TermOfAppointmentInMonths contextRef="D_ChangeInManagement1" unitRef="pure" decimals="INF">12</in-capmkt:TermOfAppointmentInMonths><in-capmkt:BriefProfile contextRef="D_ChangeInManagement1">Dr. Sushi Singh is an educationist, corporate governance professional, corporate leader and social-change leader with over 30 years of cross-sector experience spanning academic administration, corporate social responsibility (CSR) strategy and institutional governance. She possesses extensive expertise in CSR policy formulation and oversight, women and youth empowerment, education sector turnaround and stakeholder governance with relevant experience in Board oversight, risk management and ESG matters. She is PH.D in Environmental Science from Intercultural Open University, Netherlands and has also completed Corporate Social Responsibility Programme from Harvard Business School Executive Education. 

As a corporate governance professional, she was associated with Fore School of Management, Delhi and Aryabhatta College, University of Delhi where she has contributed in academic and institutional-strategy to support board-level decision-making and student-outcome governance. She was also associated with Indiabulls Foundation, CSR Implementing Agency, in professional capacity from April 2021 to August 2025 where she formulated CSR strategy and advised the foundation’s leadership on programe effectiveness. She has also served as the former President of the Mizoram Police Families Welfare Association and as Ex-Officio Chief Advisor to the Arunachal Pradesh Police Welfare Society and has served many other educational institutes in various capacities.

Currently, she is a Founding Member and Convener of ‘Centre of Excellence in CSR &amp; Sustainable Development’ of BRICS Chamber of Commerce &amp; Industry, Founder and Managing Director of S2 Education Champs (OPC) Pvt. Ltd. and Founder and Director of Sai Social Responsibility Research Centre focused on women’s skill building and job creation. During her career she has been awarded with various Awards for her illustrious works in different fields. 

Dr. Singh does not hold any shares in the Company and she is not related to any other Director/Key Managerial Personnel of the Company. She is not debarred from holding the office of director pursuant to any SEBI order.
</in-capmkt:BriefProfile><in-capmkt:DisclosureOfRelationshipsBetweenDirectorsInCaseOfAppointmentOfDirector contextRef="D_ChangeInManagement1">She is not related to any other Director of the Company.</in-capmkt:DisclosureOfRelationshipsBetweenDirectorsInCaseOfAppointmentOfDirector><in-capmkt:AffirmationThatThePersonProposedToBeAppointedAsDirectorIsNotDebarredFromHoldingTheOfficeByVirtueOfAnySEBIOrderOrAnyOtherAuthority contextRef="D_ChangeInManagement1">true</in-capmkt:AffirmationThatThePersonProposedToBeAppointedAsDirectorIsNotDebarredFromHoldingTheOfficeByVirtueOfAnySEBIOrderOrAnyOtherAuthority><in-capmkt:WhetherTheDirectorBeingAppointedIsDisqualifiedFromHoldingTheOfficeOfDirectorPursuantToProvisionsOfSection164OfTheCompaniesAct2013 contextRef="D_ChangeInManagement1">false</in-capmkt:WhetherTheDirectorBeingAppointedIsDisqualifiedFromHoldingTheOfficeOfDirectorPursuantToProvisionsOfSection164OfTheCompaniesAct2013><in-capmkt:TypeOfChange contextRef="D_ChangeInManagement2">Cessation</in-capmkt:TypeOfChange><in-capmkt:CategoryOfCessation contextRef="D_ChangeInManagement2">Resignation</in-capmkt:CategoryOfCessation><in-capmkt:CategoryForChange contextRef="D_ChangeInManagement2">Director</in-capmkt:CategoryForChange><in-capmkt:DesignationOfDesignatedPerson contextRef="D_ChangeInManagement2">Non - Executive Independent Director</in-capmkt:DesignationOfDesignatedPerson><in-capmkt:PositionOfDirectorInBoardTwo contextRef="D_ChangeInManagement2">Not Applicable</in-capmkt:PositionOfDirectorInBoardTwo><in-capmkt:PositionOfDirectorInBoardThree contextRef="D_ChangeInManagement2">Not Applicable</in-capmkt:PositionOfDirectorInBoardThree><in-capmkt:SalutationOfDesignatedPerson contextRef="D_ChangeInManagement2">Mr.</in-capmkt:SalutationOfDesignatedPerson><in-capmkt:NameOfDesignatedPerson contextRef="I_ChangeInManagement2">Brig. Labh Singh Sitara (Retd.)</in-capmkt:NameOfDesignatedPerson><in-capmkt:EffectiveDateOfReasonOfChange contextRef="I_ChangeInManagement2">2026-08-26</in-capmkt:EffectiveDateOfReasonOfChange><in-capmkt:WhetherTheFurtherDisclosureForResignationOfStatutoryAuditorOrDirectorOrKMPsOrSMPOrComplianceOfficerIsToBeFiledAlongWithThisDisclosure contextRef="D_ChangeInManagement2">true</in-capmkt:WhetherTheFurtherDisclosureForResignationOfStatutoryAuditorOrDirectorOrKMPsOrSMPOrComplianceOfficerIsToBeFiledAlongWithThisDisclosure><in-capmkt:Salutation contextRef="D_ResignationOfDirector1">Mr.</in-capmkt:Salutation><in-capmkt:NameOfTheDirectorOrKeyManagerialPersonnelOrSeniorManagementPersonnelOrComplianceOfficer contextRef="D_ResignationOfDirector1">Brig. Labh Singh Sitara (Retd.)</in-capmkt:NameOfTheDirectorOrKeyManagerialPersonnelOrSeniorManagementPersonnelOrComplianceOfficer><in-capmkt:DesignationOfDirectorOrKeyManagerialPersonnelOrSeniorManagementPersonnelOrComplianceOfficer contextRef="D_ResignationOfDirector1">Non - Executive Independent Director</in-capmkt:DesignationOfDirectorOrKeyManagerialPersonnelOrSeniorManagementPersonnelOrComplianceOfficer><in-capmkt:DateOnWhichTheResignationLetterWasReceived contextRef="D_ResignationOfDirector1">2026-08-26</in-capmkt:DateOnWhichTheResignationLetterWasReceived><in-capmkt:EffectiveDateOfResignation contextRef="I_ResignationOfDirector1">2026-08-26</in-capmkt:EffectiveDateOfResignation><in-capmkt:WhetherTheLetterOfResignationHasTheDetailedReasonForResignation contextRef="I_ResignationOfDirector1">true</in-capmkt:WhetherTheLetterOfResignationHasTheDetailedReasonForResignation><in-capmkt:ReasonOfResignationInBrief contextRef="D_ResignationOfDirector1">due to his health and related personal issues</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">Brig. Labh Singh Sitara (Retd.)</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>
