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<!--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">544204</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-11-06</xbrli:instant></xbrli:period></xbrli:context><in-capmkt:NameOfTheCompany contextRef="MainI">VRAJ IRON AND STEEL LIMITED</in-capmkt:NameOfTheCompany><in-capmkt:NSESymbol contextRef="MainI">VRAJ</in-capmkt:NSESymbol><in-capmkt:ISIN contextRef="MainI">INE0S2V01010</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">2026-11-16</in-capmkt:DateOfEndOfTradingWindowClosure><in-capmkt:BriefDetailsForTradingWindowClosureEndDate contextRef="MainI">In continuation of our earlier letter Ref. VISL/SE/2026-27/05 dated September 24, 2026 vide which we have informed that the trading window for dealing in the securities of the company shall remain closed from October 01, 2026 to till 48 hours after the declaration of Unaudited Financial Results for the quarter and half year ended September 30, 2026, for all the Directors/KMP and other designated Persons of the Company and their relatives. 
The meeting of Board of Directors of the Company is scheduled to be held on Saturday, November 14, 2026, for considering inter-alia approval of Un-Audited Financial Results of the Company for the quarter and half year ended September 30, 2026, accordingly the trading window for dealing in the securities of the Company shall remain closed till 48 hours after the conclusion of meeting i.e. upto November 16, 2026.</in-capmkt:BriefDetailsForTradingWindowClosureEndDate><in-capmkt:PurposeOfTheClosureOfTradingWindow contextRef="MainI">For consideration and approval of Unaudited Standalone and Consolidated  Financial Results of the Company for the quarter ended September 30, 2026.</in-capmkt:PurposeOfTheClosureOfTradingWindow><in-capmkt:DateOfReport contextRef="MainI">2026-11-06</in-capmkt:DateOfReport></xbrli:xbrl>