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<xbrli:xbrl xmlns:in-capmkt="https://www.sebi.gov.in/xbrl/2024-02-29/in-capmkt" xmlns:in-capmkt-ent="https://www.sebi.gov.in/xbrl/Announcement_For_Fraud_Or_Default/2024-02-29/in-capmkt/in-capmkt-ent" xmlns:in-capmkt-roles="https://www.sebi.gov.in/xbrl/Announcement_For_Fraud_Or_Default/2024-02-29/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/2024-02-29/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-2024-02-29.xsd"/><xbrli:context id="MainD"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">524735</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-05-28</xbrli:startDate><xbrli:endDate>2026-05-28</xbrli:endDate></xbrli:period></xbrli:context><xbrli:context id="MainI"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">524735</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-05-28</xbrli:instant></xbrli:period></xbrli:context><in-capmkt:NameOfTheCompany contextRef="MainI">HIKAL LIMITED</in-capmkt:NameOfTheCompany><in-capmkt:NSESymbol contextRef="MainI">HIKAL</in-capmkt:NSESymbol><in-capmkt:WhetherDisclosureFiledForListedCompany contextRef="MainI">true</in-capmkt:WhetherDisclosureFiledForListedCompany><in-capmkt:PlaceOfOccurrenceOfEvent contextRef="MainI">India</in-capmkt:PlaceOfOccurrenceOfEvent><in-capmkt:TimeOfOccurrenceOfEvent contextRef="MainD">15:50:00</in-capmkt:TimeOfOccurrenceOfEvent><in-capmkt:TypeOfAnnouncement contextRef="MainI">Update</in-capmkt:TypeOfAnnouncement><in-capmkt:DateOfInitialAnnouncement contextRef="MainI">2025-12-26</in-capmkt:DateOfInitialAnnouncement><in-capmkt:DateOfLatestAnnouncement contextRef="MainI">2025-12-26</in-capmkt:DateOfLatestAnnouncement><in-capmkt:TypeOfEventOfFraudOrDefaults contextRef="MainI">Subsequent Disclosure</in-capmkt:TypeOfEventOfFraudOrDefaults><in-capmkt:TypeOfDisclosureInRelationToEventOfFraudOrDefaults contextRef="MainI">Others</in-capmkt:TypeOfDisclosureInRelationToEventOfFraudOrDefaults><in-capmkt:DetailsOfOtherTypeOfDisclosureInRelationToEventOfFraudOrDefaults contextRef="MainI">Irregularities / alterations of documents</in-capmkt:DetailsOfOtherTypeOfDisclosureInRelationToEventOfFraudOrDefaults><in-capmkt:CategoryOfEntityForWhichDisclosureIsFiledForFraudOrDefaults contextRef="MainI">Employees</in-capmkt:CategoryOfEntityForWhichDisclosureIsFiledForFraudOrDefaults><in-capmkt:DateOfReport contextRef="MainI">2026-05-28</in-capmkt:DateOfReport><in-capmkt:ActualAmountInvolvedInFraudOrDefaultOrArrestWasUnearthingOrOccurred contextRef="MainI">Refer to the point mentioned below.</in-capmkt:ActualAmountInvolvedInFraudOrDefaultOrArrestWasUnearthingOrOccurred><in-capmkt:ActualImpactOfFraudOrDefaultOrArrestWasUnearthingOrOccurredOnTheListedEntity contextRef="MainI">Consequent to the earlier disclosure dated December 26, 2025, which were related to the timing of revenue recognition as of September 30, 2025, and which were corrected within that quarter, the Company appointed an external expert for a fact-finding review which revealed that irregularities were limited to preponement of underlying genuine sales. The Company has implemented corrective actions and management concludes that there is no impact of this matter on the current / previous periods.</in-capmkt:ActualImpactOfFraudOrDefaultOrArrestWasUnearthingOrOccurredOnTheListedEntity><in-capmkt:CorrectiveMeasuresTakenByTheListedEntityOnAccountOfSuchFraudOrDefaultsOrArrest contextRef="MainI">The employees involved in this matter have been identified and relieved from the services of the Company.</in-capmkt:CorrectiveMeasuresTakenByTheListedEntityOnAccountOfSuchFraudOrDefaultsOrArrest><in-capmkt:MeetingInWhichTheSubsequentActionRelatedToFraudOrDefaultsOrArrestWasDiscussed contextRef="MainI">Board Meeting</in-capmkt:MeetingInWhichTheSubsequentActionRelatedToFraudOrDefaultsOrArrestWasDiscussed><in-capmkt:DateOfMeetingInWhichTheSubsequentActionRelatedToFraudOrDefaultsOrArrestWasDiscussed contextRef="MainI">2026-05-27</in-capmkt:DateOfMeetingInWhichTheSubsequentActionRelatedToFraudOrDefaultsOrArrestWasDiscussed></xbrli:xbrl>
