<?xml version="1.0" encoding="UTF-8"?>
<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:in-bse-fin-type="http://www.bseindia.com/xbrl/fin/2020-03-31/in-bse-fin-types" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:nonnum="http://www.xbrl.org/dtr/type/non-numeric" 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 id="OneD"><xbrli:entity><xbrli:identifier scheme="http://www.nseindia.com/NSESymbol">SMSPHARMA</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2023-04-01</xbrli:startDate><xbrli:endDate>2023-06-30</xbrli:endDate></xbrli:period></xbrli:context>
<xbrli:context id="OneOperatingExpenses01D"><xbrli:entity><xbrli:identifier scheme="http://www.nseindia.com/NSESymbol">SMSPHARMA</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2023-04-01</xbrli:startDate><xbrli:endDate>2023-06-30</xbrli:endDate></xbrli:period><xbrli:scenario><xbrldi:explicitMember dimension="in-bse-fin:DetailsOfOtherExpensesAxis">in-bse-fin:OneOperatingExpenses01Member</xbrldi:explicitMember></xbrli:scenario></xbrli:context>
<xbrli:context id="OneOperatingExpenses02D"><xbrli:entity><xbrli:identifier scheme="http://www.nseindia.com/NSESymbol">SMSPHARMA</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2023-04-01</xbrli:startDate><xbrli:endDate>2023-06-30</xbrli:endDate></xbrli:period><xbrli:scenario><xbrldi:explicitMember dimension="in-bse-fin:DetailsOfOtherExpensesAxis">in-bse-fin:OneOperatingExpenses02Member</xbrldi:explicitMember></xbrli:scenario></xbrli:context>
<xbrli:context id="OneI"><xbrli:entity><xbrli:identifier scheme="http://www.nseindia.com/NSESymbol">SMSPHARMA</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2023-06-30</xbrli:instant></xbrli:period></xbrli:context>
<xbrli:context id="OneItemsThatWillNotBeReclassifiedToProfitAndLoss01D"><xbrli:entity><xbrli:identifier scheme="http://www.nseindia.com/NSESymbol">SMSPHARMA</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2023-04-01</xbrli:startDate><xbrli:endDate>2023-06-30</xbrli:endDate></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-bse-fin:ItemsThatWillNotBeReclassifiedToProfitAndLossAxis"><ItemsThatWillNotBeReclassifiedToProfitAndLossDomain>in-bse-fin:OneItemsThatWillNotBeReclassifiedToProfitAndLoss01Member</ItemsThatWillNotBeReclassifiedToProfitAndLossDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context>
<xbrli:unit id="INR"><xbrli:measure>iso4217:INR</xbrli:measure></xbrli:unit><xbrli:unit id="pure"><xbrli:measure>xbrli:pure</xbrli:measure></xbrli:unit><xbrli:unit id="shares"><xbrli:measure>xbrli:shares</xbrli:measure></xbrli:unit><xbrli:unit id="INRPerShare"><xbrli:divide><xbrli:unitNumerator><xbrli:measure>iso4217:INR</xbrli:measure></xbrli:unitNumerator><xbrli:unitDenominator><xbrli:measure>xbrli:shares</xbrli:measure></xbrli:unitDenominator></xbrli:divide></xbrli:unit>
<in-bse-fin:ScripCode contextRef="OneD">532815</in-bse-fin:ScripCode>
<in-bse-fin:Symbol contextRef="OneD">SMSPHARMA</in-bse-fin:Symbol>
<in-bse-fin:MSEISymbol contextRef="OneD">NOTLISTED</in-bse-fin:MSEISymbol>
<in-bse-fin:NameOfTheCompany contextRef="OneD">SMS Pharmaceuticals Limited</in-bse-fin:NameOfTheCompany>
<in-bse-fin:ClassOfSecurity contextRef="OneD">Equity</in-bse-fin:ClassOfSecurity>
<in-bse-fin:DateOfStartOfFinancialYear contextRef="OneD">2023-04-01</in-bse-fin:DateOfStartOfFinancialYear>
<in-bse-fin:DateOfEndOfFinancialYear contextRef="OneD">2024-03-31</in-bse-fin:DateOfEndOfFinancialYear>
<in-bse-fin:DateOfBoardMeetingWhenFinancialResultsWereApproved contextRef="OneD">2023-08-08</in-bse-fin:DateOfBoardMeetingWhenFinancialResultsWereApproved>
<in-bse-fin:DateOnWhichPriorIntimationOfTheMeetingForConsideringFinancialResultsWasInformedToTheExchange contextRef="OneD">2023-08-01</in-bse-fin:DateOnWhichPriorIntimationOfTheMeetingForConsideringFinancialResultsWasInformedToTheExchange>
<in-bse-fin:DescriptionOfPresentationCurrency contextRef="OneD">INR</in-bse-fin:DescriptionOfPresentationCurrency>
<in-bse-fin:LevelOfRoundingUsedInFinancialStatements contextRef="OneD">Lakhs</in-bse-fin:LevelOfRoundingUsedInFinancialStatements>
<in-bse-fin:ReportingQuarter contextRef="OneD">First quarter</in-bse-fin:ReportingQuarter>
<in-bse-fin:StartTimeOfBoardMeeting contextRef="OneD">11:00:00</in-bse-fin:StartTimeOfBoardMeeting>
<in-bse-fin:EndTimeOfBoardMeeting contextRef="OneD">13:25:00</in-bse-fin:EndTimeOfBoardMeeting>
<in-bse-fin:DateOfStartOfBoardMeeting contextRef="OneD">2023-08-08</in-bse-fin:DateOfStartOfBoardMeeting>
<in-bse-fin:DateOfEndOfBoardMeeting contextRef="OneD">2023-08-08</in-bse-fin:DateOfEndOfBoardMeeting>
<in-bse-fin:DeclarationOfUnmodifiedOpinionOrStatementOnImpactOfAuditQualification contextRef="OneD">Not applicable</in-bse-fin:DeclarationOfUnmodifiedOpinionOrStatementOnImpactOfAuditQualification>
<in-bse-fin:IsCompanyReportingMultisegmentOrSingleSegment contextRef="OneD">Single segment</in-bse-fin:IsCompanyReportingMultisegmentOrSingleSegment>
<in-bse-fin:DescriptionOfSingleSegment contextRef="OneD">Bulk Drugs</in-bse-fin:DescriptionOfSingleSegment>
<in-bse-fin:DateOfStartOfReportingPeriod contextRef="OneD">2023-04-01</in-bse-fin:DateOfStartOfReportingPeriod>
<in-bse-fin:DateOfEndOfReportingPeriod contextRef="OneD">2023-06-30</in-bse-fin:DateOfEndOfReportingPeriod>
<in-bse-fin:WhetherResultsAreAuditedOrUnaudited contextRef="OneD">Unaudited</in-bse-fin:WhetherResultsAreAuditedOrUnaudited>
<in-bse-fin:NatureOfReportStandaloneConsolidated contextRef="OneD">Consolidated</in-bse-fin:NatureOfReportStandaloneConsolidated>
<in-bse-fin:RevenueFromOperations contextRef="OneD" unitRef="INR" decimals="-5">1353394000.00</in-bse-fin:RevenueFromOperations>
<in-bse-fin:OtherIncome contextRef="OneD" unitRef="INR" decimals="-5">5129000.00</in-bse-fin:OtherIncome>
<in-bse-fin:Income contextRef="OneD" unitRef="INR" decimals="-5">1358523000.00</in-bse-fin:Income>
<in-bse-fin:CostOfMaterialsConsumed contextRef="OneD" unitRef="INR" decimals="-5">917215000.00</in-bse-fin:CostOfMaterialsConsumed>
<in-bse-fin:PurchasesOfStockInTrade contextRef="OneD" unitRef="INR" decimals="-5">0.00</in-bse-fin:PurchasesOfStockInTrade>
<in-bse-fin:ChangesInInventoriesOfFinishedGoodsWorkInProgressAndStockInTrade contextRef="OneD" unitRef="INR" decimals="-5">-172228000.00</in-bse-fin:ChangesInInventoriesOfFinishedGoodsWorkInProgressAndStockInTrade>
<in-bse-fin:EmployeeBenefitExpense contextRef="OneD" unitRef="INR" decimals="-5">135540000.00</in-bse-fin:EmployeeBenefitExpense>
<in-bse-fin:FinanceCosts contextRef="OneD" unitRef="INR" decimals="-5">63227000.00</in-bse-fin:FinanceCosts>
<in-bse-fin:DepreciationDepletionAndAmortisationExpense contextRef="OneD" unitRef="INR" decimals="-5">76912000.00</in-bse-fin:DepreciationDepletionAndAmortisationExpense>
<in-bse-fin:OtherExpenses contextRef="OneD" unitRef="INR" decimals="-5">211030000.00</in-bse-fin:OtherExpenses>
<in-bse-fin:Expenses contextRef="OneD" unitRef="INR" decimals="-5">1231696000.00</in-bse-fin:Expenses>
<in-bse-fin:ProfitBeforeExceptionalItemsAndTax contextRef="OneD" unitRef="INR" decimals="-5">126827000.00</in-bse-fin:ProfitBeforeExceptionalItemsAndTax>
<in-bse-fin:ExceptionalItemsBeforeTax contextRef="OneD" unitRef="INR" decimals="-5">0.00</in-bse-fin:ExceptionalItemsBeforeTax>
<in-bse-fin:ProfitBeforeTax contextRef="OneD" unitRef="INR" decimals="-5">126827000.00</in-bse-fin:ProfitBeforeTax>
<in-bse-fin:CurrentTax contextRef="OneD" unitRef="INR" decimals="-5">34000000.00</in-bse-fin:CurrentTax>
<in-bse-fin:DeferredTax contextRef="OneD" unitRef="INR" decimals="-5">4739000.00</in-bse-fin:DeferredTax>
<in-bse-fin:TaxExpense contextRef="OneD" unitRef="INR" decimals="-5">38739000.00</in-bse-fin:TaxExpense>
<in-bse-fin:NetMovementInRegulatoryDeferralAccountBalancesRelatedToProfitOrLossAndTheRelatedDeferredTaxMovement contextRef="OneD" unitRef="INR" decimals="-5">0.00</in-bse-fin:NetMovementInRegulatoryDeferralAccountBalancesRelatedToProfitOrLossAndTheRelatedDeferredTaxMovement>
<in-bse-fin:ProfitLossForPeriodFromContinuingOperations contextRef="OneD" unitRef="INR" decimals="-5">88088000.00</in-bse-fin:ProfitLossForPeriodFromContinuingOperations>
<in-bse-fin:ProfitLossFromDiscontinuedOperationsBeforeTax contextRef="OneD" unitRef="INR" decimals="-5">0.00</in-bse-fin:ProfitLossFromDiscontinuedOperationsBeforeTax>
<in-bse-fin:TaxExpenseOfDiscontinuedOperations contextRef="OneD" unitRef="INR" decimals="-5">0.00</in-bse-fin:TaxExpenseOfDiscontinuedOperations>
<in-bse-fin:ProfitLossFromDiscontinuedOperationsAfterTax contextRef="OneD" unitRef="INR" decimals="-5">0.00</in-bse-fin:ProfitLossFromDiscontinuedOperationsAfterTax>
<in-bse-fin:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod contextRef="OneD" unitRef="INR" decimals="-5">5328000.00</in-bse-fin:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod>
<in-bse-fin:ProfitLossForPeriod contextRef="OneD" unitRef="INR" decimals="-5">93416000.00</in-bse-fin:ProfitLossForPeriod>
<in-bse-fin:OtherComprehensiveIncomeNetOfTaxes contextRef="OneD" unitRef="INR" decimals="-5">-464000.00</in-bse-fin:OtherComprehensiveIncomeNetOfTaxes>
<in-bse-fin:ComprehensiveIncomeForThePeriod contextRef="OneD" unitRef="INR" decimals="-5">92952000.00</in-bse-fin:ComprehensiveIncomeForThePeriod>
<in-bse-fin:ProfitOrLossAttributableToOwnersOfParent contextRef="OneD" unitRef="INR" decimals="-5">0.00</in-bse-fin:ProfitOrLossAttributableToOwnersOfParent>
<in-bse-fin:ComprehensiveIncomeForThePeriodAttributableToOwnersOfParent contextRef="OneD" unitRef="INR" decimals="-5">0.00</in-bse-fin:ComprehensiveIncomeForThePeriodAttributableToOwnersOfParent>
<in-bse-fin:ComprehensiveIncomeForThePeriodAttributableToOwnersOfParentNonControllingInterests contextRef="OneD" unitRef="INR" decimals="-5">0.00</in-bse-fin:ComprehensiveIncomeForThePeriodAttributableToOwnersOfParentNonControllingInterests>
<in-bse-fin:PaidUpValueOfEquityShareCapital contextRef="OneD" unitRef="INR" decimals="-5">84652000.00</in-bse-fin:PaidUpValueOfEquityShareCapital>
<in-bse-fin:FaceValueOfEquityShareCapital contextRef="OneD" unitRef="INRPerShare" decimals="INF">1</in-bse-fin:FaceValueOfEquityShareCapital>
<in-bse-fin:BasicEarningsLossPerShareFromContinuingOperations contextRef="OneD" unitRef="INRPerShare" decimals="INF">1.10</in-bse-fin:BasicEarningsLossPerShareFromContinuingOperations>
<in-bse-fin:DilutedEarningsLossPerShareFromContinuingOperations contextRef="OneD" unitRef="INRPerShare" decimals="INF">1.10</in-bse-fin:DilutedEarningsLossPerShareFromContinuingOperations>
<in-bse-fin:BasicEarningsLossPerShareFromDiscontinuedOperations contextRef="OneD" unitRef="INRPerShare" decimals="INF">0.00</in-bse-fin:BasicEarningsLossPerShareFromDiscontinuedOperations>
<in-bse-fin:DilutedEarningsLossPerShareFromDiscontinuedOperations contextRef="OneD" unitRef="INRPerShare" decimals="INF">0.00</in-bse-fin:DilutedEarningsLossPerShareFromDiscontinuedOperations>
<in-bse-fin:BasicEarningsLossPerShareFromContinuingAndDiscontinuedOperations contextRef="OneD" unitRef="INRPerShare" decimals="INF">1.10</in-bse-fin:BasicEarningsLossPerShareFromContinuingAndDiscontinuedOperations>
<in-bse-fin:DilutedEarningsLossPerShareFromContinuingAndDiscontinuedOperations contextRef="OneD" unitRef="INRPerShare" decimals="INF">1.10</in-bse-fin:DilutedEarningsLossPerShareFromContinuingAndDiscontinuedOperations>
<in-bse-fin:DisclosureOfNotesOnFinancialResultsExplanatoryTextBlock contextRef="OneD">1 The above unaudited consolidated financial results have been reviewed by the Audit Committee on August 7,2023 and  has been approved by the Board of Directors at its meeting held on August 08,2023. The Statutory auditors of the company have carried out a limited review on the consolidated financial results and expressed an unmodified conclusion thereon.               2 These consolidated financial results of the Company have been prepared in accordance with the Indian Accounting Standards  ( Ind AS )  prescribed under section 133 of the Companies Act,2013 ( the Act ) read with relevant rules issued thereunder('INDAS) and other accounting principles generally accepted in India and  guidelines issued by the Securities and Exchange Board of India  (SEBI).               3 VKT Pharma Private Limited is considered as an Associate Company for the consolidation in which the Company holds 36.55% as on March 31, 2023 in their equity. Accordingly, the results include appropriate share of the results of said Associate . The Company has another Joint venture  Chemo SMS Enterprises SL  in which there were no operations during the reporting period.                4 Consolidated Financial Statements have been prepared by applying Accounting Standard  Ind AS  27  Accounting for Investments in Associates in Consolidated Financial Statements  as applicable under the Companies Act,2013 and applicable rules there under.               5 The Group is engaged in the manufacturing Active Pharmaceutical Ingredients and their intermediates and the same constitutes a single reportable business segment as per Ind AS108.               6 The figures for the quarter ended March 31, 2023 are the balancing figures between the audited figures in respect of the full financial year ended March 31, 2023 and published year to date figures up to third quarter of the financial year ended March 31, 2023. The figures have been regrouped/reclassified as necessary.</in-bse-fin:DisclosureOfNotesOnFinancialResultsExplanatoryTextBlock>
<in-bse-fin:DescriptionOfOtherExpenses contextRef="OneOperatingExpenses01D">manufacturing expenses</in-bse-fin:DescriptionOfOtherExpenses>
<in-bse-fin:OtherExpenses contextRef="OneOperatingExpenses01D" unitRef="INR" decimals="-5">133798000.00</in-bse-fin:OtherExpenses>
<in-bse-fin:DescriptionOfOtherExpenses contextRef="OneOperatingExpenses02D">other expenses</in-bse-fin:DescriptionOfOtherExpenses>
<in-bse-fin:OtherExpenses contextRef="OneOperatingExpenses02D" unitRef="INR" decimals="-5">77232000.00</in-bse-fin:OtherExpenses>
<in-bse-fin:DescriptionOfItemThatWillNotBeReclassifiedToProfitAndLoss contextRef="OneItemsThatWillNotBeReclassifiedToProfitAndLoss01D">Other comprehensive income [Abstract]</in-bse-fin:DescriptionOfItemThatWillNotBeReclassifiedToProfitAndLoss>
<in-bse-fin:AmountOfItemThatWillNotBeReclassifiedToProfitAndLoss contextRef="OneItemsThatWillNotBeReclassifiedToProfitAndLoss01D" unitRef="INR" decimals="-5">-464000.00</in-bse-fin:AmountOfItemThatWillNotBeReclassifiedToProfitAndLoss>
<in-bse-fin:AmountOfItemThatWillNotBeReclassifiedToProfitAndLoss contextRef="OneD" unitRef="INR" decimals="-5">-464000.00</in-bse-fin:AmountOfItemThatWillNotBeReclassifiedToProfitAndLoss>
<in-bse-fin:IncomeTaxRelatingToItmesThatWillNotBeReclassifiedToProfitOrLoss contextRef="OneD" unitRef="INR" decimals="-5">0.00</in-bse-fin:IncomeTaxRelatingToItmesThatWillNotBeReclassifiedToProfitOrLoss>
<in-bse-fin:IncomeTaxRelatingToItmesThatWillBeReclassifiedToProfitOrLoss contextRef="OneD" unitRef="INR" decimals="-5">0.00</in-bse-fin:IncomeTaxRelatingToItmesThatWillBeReclassifiedToProfitOrLoss>
</xbrli:xbrl>