<?xml version="1.0" encoding="UTF-8"?>
<xbrli:xbrl xmlns:in-capmkt="https://www.sebi.gov.in/xbrl/2022-04-30/in-capmkt" xmlns:in-capmkt-roles="https://www.sebi.gov.in/xbrl/Changes_In_Management/2022-04-30/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="https://www.sebi.gov.in/xbrl/2022-04-30/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-2022-04-30.xsd"/>
<xbrli:context id="ChangeInManagement001D"><xbrli:entity><xbrli:identifier scheme="http://www.nseindia.com/NSESymbol">MHRIL</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2025-10-07</xbrli:startDate><xbrli:endDate>2025-10-07</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="ChangeInManagement001I"><xbrli:entity><xbrli:identifier scheme="http://www.nseindia.com/NSESymbol">MHRIL</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2025-10-07</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:unit id="INR"><xbrli:measure>iso4217:INR</xbrli:measure></xbrli:unit><xbrli:unit id="pure"><xbrli:measure>xbrli:pure</xbrli:measure></xbrli:unit><xbrli:unit id="shares"><xbrli:measure>xbrli:shares</xbrli:measure></xbrli:unit><xbrli:unit id="INRPerShare"><xbrli:divide><xbrli:unitNumerator><xbrli:measure>iso4217:INR</xbrli:measure></xbrli:unitNumerator><xbrli:unitDenominator><xbrli:measure>xbrli:shares</xbrli:measure></xbrli:unitDenominator></xbrli:divide></xbrli:unit>
<in-capmkt:NSESymbol contextRef="OneI">MHRIL</in-capmkt:NSESymbol>
<in-capmkt:NameOfTheCompany contextRef="OneI">MAHINDRA HOLIDAYS &amp; RESORTS INDIA LIMITED</in-capmkt:NameOfTheCompany>
<in-capmkt:ReasonOfChange contextRef="ChangeInManagement001D">Appointment</in-capmkt:ReasonOfChange>
<in-capmkt:Designation contextRef="ChangeInManagement001D">Others</in-capmkt:Designation>
<in-capmkt:NameOfThePersonOrAuditorOrAuditFirmOrRTA contextRef="ChangeInManagement001D">Ghanashyam Hegdekatte</in-capmkt:NameOfThePersonOrAuditorOrAuditFirmOrRTA>
<in-capmkt:EffectiveDateOfAppointmentOrResignationOrRemovalOrDisqualificationOrCessationOrVacationOfOfficeDueToStatutoryAuthorityOrderOrAdditionalChargeOrChangeInDesignation contextRef="ChangeInManagement001I">2025-10-14</in-capmkt:EffectiveDateOfAppointmentOrResignationOrRemovalOrDisqualificationOrCessationOrVacationOfOfficeDueToStatutoryAuthorityOrderOrAdditionalChargeOrChangeInDesignation>
<in-capmkt:TermOfAppointment contextRef="ChangeInManagement001D">1</in-capmkt:TermOfAppointment>
<in-capmkt:BriefProfile contextRef="ChangeInManagement001D">Mr. Ghanashyam Hegdekatte is a seasoned HR professional who brings in rich and diverse experience in Human Resources across HR Business Partnering and HR Centers of Expertise.   An alumnus of XLRI Jamshedpur, he joined Mahindra Group in Automotive and Farm Equipment Sectors as part of Group Management Cadre (GMC) in 2011. His experience covers the full spectrum of HR across commercial, product development, and manufacturing setups, where he has partnered closely with CEOs and business heads to craft impactful people strategies and address complex talent challenges during phases of growth, transformation, and turnaround.  During his tenure in Mahindra, he has held key strategic HR roles across Automotive, Farm Equipment, Truck &amp; Bus and Agri businesses where he has played a pivotal role in driving cultural transformations, capability building for future-readiness, integrated talent risk management, organizational restructuring, and productivity enhancement initiatives.  He has also provided his HR leadership for the international business of Mahindra’s Automotive Business spanning across South Africa, Australia, SNB countries and others.   Prior to his appointment as CHRO – MHRIL, he served as Head – Talent Management at Mahindra Group Corporate, where he led high-impact leadership development programs such as the Mahindra Accelerated Leadership Track (MALT) and the Mahindra Leaders Program (MLP) across the Group.  Ghanashyam also holds a Bachelor of Engineering degree from B.M.S College of engineering, Bangalore (Visvesvaraya Technological University). He brings in a total of 16+ years of experience having started his career in the technology domain with Nokia as part of their multimedia vertical</in-capmkt:BriefProfile>
<in-capmkt:DisclosureOfRelationshipsBetweenDirectorsInCaseOfAppointmentOfDirector contextRef="ChangeInManagement001D">Not Applicable  (Mr. Ghanashyam Hegdekatte  is not related to any Director of the Company)</in-capmkt:DisclosureOfRelationshipsBetweenDirectorsInCaseOfAppointmentOfDirector>
</xbrli:xbrl>