<?xml version="1.0" encoding="UTF-8" standalone="no"?><xbrli:xbrl xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:in-capmkt="https://www.sebi.gov.in/xbrl/2023-06-30/in-capmkt" xmlns:in-capmkt-ent="https://www.sebi.gov.in/xbrl/Closure_Of_Trading_Window/2023-06-30/in-capmkt/in-capmkt-ent" xmlns:in-capmkt-roles="https://www.sebi.gov.in/xbrl/Closure_Of_Trading_Window/2023-06-30/in-capmkt-roles" xmlns:in-capmkt-type="https://www.sebi.gov.in/xbrl/2023-06-30/in-capmkt-types" xmlns:iso4217="http://www.xbrl.org/2003/iso4217" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:negated="http://www.xbrl.org/2009/role/negated" xmlns:net="http://www.xbrl.org/2009/role/net" xmlns:nonnum="http://www.xbrl.org/dtr/type/non-numeric" xmlns:num="http://www.xbrl.org/dtr/type/numeric" xmlns:xbrldi="http://xbrl.org/2006/xbrldi" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:xl="http://www.xbrl.org/2003/XLink" xmlns:xlink="http://www.w3.org/1999/xlink"><link:schemaRef xlink:href="in-capmkt-ent-2023-06-30.xsd" xlink:type="simple"/><xbrli:context id="MainI"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">517146</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2025-09-26</xbrli:instant></xbrli:period></xbrli:context><in-capmkt:NameOfTheCompany contextRef="MainI">USHA MARTIN LIMITED</in-capmkt:NameOfTheCompany><in-capmkt:NSESymbol contextRef="MainI">USHAMART</in-capmkt:NSESymbol><in-capmkt:ScripCode contextRef="MainI">517146</in-capmkt:ScripCode><in-capmkt:MSEISymbol contextRef="MainI">NOTLISTED</in-capmkt:MSEISymbol><in-capmkt:ISIN contextRef="MainI">INE228A01035</in-capmkt:ISIN><in-capmkt:TypeOfAnnouncementForClosureOfTradingWindow contextRef="MainI">New</in-capmkt:TypeOfAnnouncementForClosureOfTradingWindow><in-capmkt:TypeOfEventForClosureOfTradingWindow contextRef="MainI">Closure of Trading Window</in-capmkt:TypeOfEventForClosureOfTradingWindow><in-capmkt:DateOfStartOfTradingWindowClosure contextRef="MainI">2025-10-01</in-capmkt:DateOfStartOfTradingWindowClosure><in-capmkt:BriefDetailsForTradingWindowClosureEndDate contextRef="MainI">The trading window shall remain closed for ‘Designated Persons and their immediate relatives’ with effect from 1st October 2025 till the expiry of 48 hours after the declaration of unaudited financial results (standalone and consolidated) of the Company for the quarter and half year ending 30th September 2025.</in-capmkt:BriefDetailsForTradingWindowClosureEndDate><in-capmkt:PurposeOfTheClosureOfTradingWindow contextRef="MainI">Financial Results (Standalone and Consolidated) for the quarter and half year ending 30th September 2025.</in-capmkt:PurposeOfTheClosureOfTradingWindow><in-capmkt:DateOfReport contextRef="MainI">2025-09-26</in-capmkt:DateOfReport></xbrli:xbrl>