<?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">PRAXIS</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-04-15</xbrli:startDate><xbrli:endDate>2026-04-15</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">PRAXIS</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-04-15</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">PRAXIS</in-capmkt:NSESymbol>
<in-capmkt:NameOfTheCompany contextRef="OneI">PRAXIS HOME RETAIL LIMITED</in-capmkt:NameOfTheCompany>
<in-capmkt:ReasonOfChange contextRef="ChangeInManagement001D">Additional charge of office along with current designation</in-capmkt:ReasonOfChange>
<in-capmkt:Designation contextRef="ChangeInManagement001D">Chairman or chairperson</in-capmkt:Designation>
<in-capmkt:NameOfThePersonOrAuditorOrAuditFirmOrRTA contextRef="ChangeInManagement001D">Ravi Venkatraman</in-capmkt:NameOfThePersonOrAuditorOrAuditFirmOrRTA>
<in-capmkt:EffectiveDateOfAppointmentOrResignationOrRemovalOrDisqualificationOrCessationOrVacationOfOfficeDueToStatutoryAuthorityOrderOrAdditionalChargeOrChangeInDesignation contextRef="ChangeInManagement001I">2026-04-15</in-capmkt:EffectiveDateOfAppointmentOrResignationOrRemovalOrDisqualificationOrCessationOrVacationOfOfficeDueToStatutoryAuthorityOrderOrAdditionalChargeOrChangeInDesignation>
<in-capmkt:BriefProfile contextRef="ChangeInManagement001D">Mr. Ravi Venkatraman, a Chartered Accountant (ACA), Cost Accountant (ICWA), and Commerce graduate, is a seasoned finance professional with over four decades of extensive experience in the BFSI sector. He retired in July 2020 as Executive Director &amp; Chief Financial Officer of Mahindra &amp; Mahindra Financial Services Limited, where he played a pivotal role in corporate strategy, capital raising, governance, risk management, regulatory engagement, and technology transformation. He was part of the core team involved in setting up and growing several Mahindra Group financial services entities, including Mahindra Rural Housing Finance, Mahindra Insurance Brokers, Mahindra Manulife Mutual Fund, and Mahindra Finance USA. A respected board professional, he has served on the boards of multiple listed and unlisted companies across financial services, insurance, asset management, fintech, and banking sectors and continues to hold independent directorships and advisory roles. He has received numerous national and international recognitions for excellence in finance, leadership, and corporate governance.</in-capmkt:BriefProfile>
<in-capmkt:CurrentDesignation contextRef="ChangeInManagement001I">Independent Director</in-capmkt:CurrentDesignation>
<in-capmkt:AdditionalNewDesignation contextRef="ChangeInManagement001I">Chairperson and Independent Director</in-capmkt:AdditionalNewDesignation>
</xbrli:xbrl>