<?xml version="1.0" encoding="UTF-8"?>
<!--CTW V1.0 (26-06-2026)-->
<xbrli:xbrl 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:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:nonnum="http://www.xbrl.org/dtr/type/non-numeric" xmlns:in-capmkt-type="https://www.sebi.gov.in/xbrl/2023-06-30/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.xbrl.org/2003/XLink"><link:schemaRef xlink:type="simple" xlink:href="in-capmkt-ent-2023-06-30.xsd"/><xbrli:context id="MainI"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">500650</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-10-21</xbrli:instant></xbrli:period></xbrli:context><in-capmkt:NameOfTheCompany contextRef="MainI">EXCEL INDUSTRIES LIMITED</in-capmkt:NameOfTheCompany><in-capmkt:NSESymbol contextRef="MainI">EXCELINDUS</in-capmkt:NSESymbol><in-capmkt:ISIN contextRef="MainI">INE369A01029</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">2026-10-01</in-capmkt:DateOfStartOfTradingWindowClosure><in-capmkt:DateOfEndOfTradingWindowClosure contextRef="MainI">2026-11-06</in-capmkt:DateOfEndOfTradingWindowClosure><in-capmkt:BriefDetailsForTradingWindowClosureEndDate contextRef="MainI">The Trading Window for trading in Company’s securities will continue to remain closed till 6th November, 2026.</in-capmkt:BriefDetailsForTradingWindowClosureEndDate><in-capmkt:PurposeOfTheClosureOfTradingWindow contextRef="MainI">In continuation of our letter dated 25th September, 2026, the Trading Window for trading in Company’s securities will continue to remain closed till 6th November, 2026 pursuant to the Company’s "Code of Conduct for Prevention of Insider Trading as the meeting of Board of Directors of the Company will be held on Wednesday, 4th November, 2026.

The Trading Window shall re-open on 7th November, 2026. Accordingly, all concerned to whom the above said code is applicable are advised not to trade in the Company’s securities during the period of closure of the Trading Window. The Trading window will however be open for general investors</in-capmkt:PurposeOfTheClosureOfTradingWindow><in-capmkt:DateOfReport contextRef="MainI">2026-10-21</in-capmkt:DateOfReport></xbrli:xbrl>