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<xbrli:xbrl xmlns:in-bse-fin="http://www.bseindia.com/xbrl/fin/2020-03-31/in-bse-fin" xmlns:in-bse-fin-roles="http://www.bseindia.com/xbrl/fin/2020-03-31/in-bse-fin-roles" xmlns:in-bse-fin-ent="http://www.bseindia.com/xbrl/fin/2020-03-31/in-bse-fin/in-bse-fin-ent" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:nonnum="http://www.xbrl.org/dtr/type/non-numeric" xmlns:in-bse-fin-types="http://www.bseindia.com/xbrl/fin/2020-03-31/in-bse-fin-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="Ind-AS_entry_point_2020-03-31.xsd"/><xbrli:context 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decimals="-7">0</in-bse-fin:ComprehensiveIncomeForThePeriodAttributableToOwnersOfParent><in-bse-fin:ComprehensiveIncomeForThePeriodAttributableToOwnersOfParentNonControllingInterests contextRef="OneD" unitRef="INR" decimals="-7">0</in-bse-fin:ComprehensiveIncomeForThePeriodAttributableToOwnersOfParentNonControllingInterests><in-bse-fin:PaidUpValueOfEquityShareCapital contextRef="OneD" unitRef="INR" decimals="-5">76700000</in-bse-fin:PaidUpValueOfEquityShareCapital><in-bse-fin:FaceValueOfEquityShareCapital contextRef="OneD" unitRef="INRPerShare" decimals="INF">7.67</in-bse-fin:FaceValueOfEquityShareCapital><in-bse-fin:BasicEarningsLossPerShareFromContinuingOperations contextRef="OneD" unitRef="INRPerShare" decimals="INF">1.75</in-bse-fin:BasicEarningsLossPerShareFromContinuingOperations><in-bse-fin:DilutedEarningsLossPerShareFromContinuingOperations contextRef="OneD" unitRef="INRPerShare" 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decimals="INF">0</in-bse-fin:DebtEquityRatio><in-bse-fin:DebtServiceCoverageRatio contextRef="OneD" unitRef="pure" decimals="INF">0</in-bse-fin:DebtServiceCoverageRatio><in-bse-fin:InterestServiceCoverageRatio contextRef="OneD" unitRef="pure" decimals="INF">0</in-bse-fin:InterestServiceCoverageRatio><in-bse-fin:DisclosureOfNotesOnFinancialResultsExplanatoryTextBlock contextRef="OneD">1. The above Financial Results were reviewed by the Audit Committee and approved by the Board of Directors of the Company at the meeting held on 25 July 2022. The statement of financial results for the quarter ended 30 June 2022 has been reviewed by the statutory Auditors' of the company. &lt;BR&gt; 
 &lt;BR&gt; 
2. The Company's main business is manufacture of Gears and Gear Products.There are no separate reportable segments as per Ind AS 108 - Operating Segments &lt;BR&gt; 
 &lt;BR&gt; 
3.The Indian Parliament approved the Code on Social Security, 2020 (“Code”) relating to employee benefits during employment and post-employment benefits in September 2020 and the same has received Presidential assent. The Code has been published in the Gazette of India. However, the date on which the Code will come into effect has not been notified. The Company is in the process of assessing the impact of the Code and will record any related impact in the period the Code becomes effective. &lt;BR&gt; 
 &lt;BR&gt; 
4.The figures for the quarter ended 31 March 2022 are balancing figures between the audited figures in respect of the full financial year ended 31 March 2022 and the published year-to-date figures upto the period ended 31 December 2021. &lt;BR&gt; 
 &lt;BR&gt; 
5. Previous period figures have been regrouped wherever necessary. &lt;BR&gt; 
 &lt;BR&gt; 
6. The above financial results are also available on our website www.shanthigears.com</in-bse-fin:DisclosureOfNotesOnFinancialResultsExplanatoryTextBlock><in-bse-fin:DescriptionOfOtherExpenses contextRef="OneExpenses1D">Other Expenses</in-bse-fin:DescriptionOfOtherExpenses><in-bse-fin:OtherExpenses contextRef="OneExpenses1D" unitRef="INR" decimals="-5">163100000</in-bse-fin:OtherExpenses><in-bse-fin:IncomeTaxRelatingToItmesThatWillNotBeReclassifiedToProfitOrLoss contextRef="OneD" unitRef="INR" decimals="-5">500000</in-bse-fin:IncomeTaxRelatingToItmesThatWillNotBeReclassifiedToProfitOrLoss><in-bse-fin:IncomeTaxRelatingToItmesThatWillBeReclassifiedToProfitOrLoss contextRef="OneD" unitRef="INR" decimals="-5">-100000</in-bse-fin:IncomeTaxRelatingToItmesThatWillBeReclassifiedToProfitOrLoss></xbrli:xbrl>
