<?xml version="1.0" encoding="UTF-8" standalone="no"?><!--CG1--><xbrli:xbrl xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:in-capmkt="http://www.sebi.gov.in/xbrl/2024-12-31/in-capmkt" xmlns:in-capmkt-ent="http://www.sebi.gov.in/xbrl/IntegratedGovernance/2024-12-31/in-capmkt/in-capmkt-ent" xmlns:in-capmkt-roles="http://www.sebi.gov.in/xbrl/IntegratedGovernance/2024-12-31/in-capmkt-roles" xmlns:in-capmkt-types="http://www.sebi.gov.in/xbrl/2024-12-31/in-capmkt-types" xmlns:iso4217="http://www.xbrl.org/2003/iso4217" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:negated="http://www.xbrl.org/2009/role/negated" xmlns:net="http://www.xbrl.org/2009/role/net" xmlns:nonnum="http://www.xbrl.org/dtr/type/non-numeric" xmlns:num="http://www.xbrl.org/dtr/type/numeric" xmlns:xbrldi="http://xbrl.org/2006/xbrldi" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:xl="http://www.xbrl.org/2003/XLink" xmlns:xlink="http://www.w3.org/1999/xlink"><link:schemaRef xlink:href="in-capmkt-ent-2024-12-31.xsd" xlink:type="simple"/><xbrli:context id="MainD"><xbrli:entity><xbrli:identifier scheme="http://www.bseindia.com/in-capmkt/ScripCode">000000</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2024-10-01</xbrli:startDate><xbrli:endDate>2024-12-31</xbrli:endDate></xbrli:period></xbrli:context><xbrli:context id="MainI"><xbrli:entity><xbrli:identifier scheme="http://www.bseindia.com/in-capmkt/ScripCode">000000</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2024-12-31</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="PY_I"><xbrli:entity><xbrli:identifier scheme="http://www.bseindia.com/in-capmkt/ScripCode">000000</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2024-09-30</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="I_AcquisitionShares1"><xbrli:entity><xbrli:identifier scheme="http://www.bseindia.com/in-capmkt/ScripCode">000000</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2024-12-31</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:UnlistedCompanyAxis"><in-capmkt:UnlistedCompanyDomain>UnlistedCompanyDomain1</in-capmkt:UnlistedCompanyDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:context id="D_AcquisitionShares1"><xbrli:entity><xbrli:identifier scheme="http://www.bseindia.com/in-capmkt/ScripCode">000000</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2024-10-01</xbrli:startDate><xbrli:endDate>2024-12-31</xbrli:endDate></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:UnlistedCompanyAxis"><in-capmkt:UnlistedCompanyDomain>UnlistedCompanyDomain1</in-capmkt:UnlistedCompanyDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:context id="I_AcquisitionShares_PY1"><xbrli:entity><xbrli:identifier scheme="http://www.bseindia.com/in-capmkt/ScripCode">000000</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2024-09-30</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:UnlistedCompanyAxis"><in-capmkt:UnlistedCompanyDomain>UnlistedCompanyDomain1</in-capmkt:UnlistedCompanyDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:context id="I_AcquisitionShares2"><xbrli:entity><xbrli:identifier scheme="http://www.bseindia.com/in-capmkt/ScripCode">000000</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2024-12-31</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:UnlistedCompanyAxis"><in-capmkt:UnlistedCompanyDomain>UnlistedCompanyDomain2</in-capmkt:UnlistedCompanyDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:context id="D_AcquisitionShares2"><xbrli:entity><xbrli:identifier scheme="http://www.bseindia.com/in-capmkt/ScripCode">000000</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2024-10-01</xbrli:startDate><xbrli:endDate>2024-12-31</xbrli:endDate></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:UnlistedCompanyAxis"><in-capmkt:UnlistedCompanyDomain>UnlistedCompanyDomain2</in-capmkt:UnlistedCompanyDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:context id="I_AcquisitionShares_PY2"><xbrli:entity><xbrli:identifier scheme="http://www.bseindia.com/in-capmkt/ScripCode">000000</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2024-09-30</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:UnlistedCompanyAxis"><in-capmkt:UnlistedCompanyDomain>UnlistedCompanyDomain2</in-capmkt:UnlistedCompanyDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:context id="I_AcquisitionShares3"><xbrli:entity><xbrli:identifier scheme="http://www.bseindia.com/in-capmkt/ScripCode">000000</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2024-12-31</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:UnlistedCompanyAxis"><in-capmkt:UnlistedCompanyDomain>UnlistedCompanyDomain3</in-capmkt:UnlistedCompanyDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:context id="D_AcquisitionShares3"><xbrli:entity><xbrli:identifier scheme="http://www.bseindia.com/in-capmkt/ScripCode">000000</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2024-10-01</xbrli:startDate><xbrli:endDate>2024-12-31</xbrli:endDate></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:UnlistedCompanyAxis"><in-capmkt:UnlistedCompanyDomain>UnlistedCompanyDomain3</in-capmkt:UnlistedCompanyDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:context id="I_AcquisitionShares_PY3"><xbrli:entity><xbrli:identifier scheme="http://www.bseindia.com/in-capmkt/ScripCode">000000</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2024-09-30</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:UnlistedCompanyAxis"><in-capmkt:UnlistedCompanyDomain>UnlistedCompanyDomain3</in-capmkt:UnlistedCompanyDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:context id="I_AcquisitionShares4"><xbrli:entity><xbrli:identifier scheme="http://www.bseindia.com/in-capmkt/ScripCode">000000</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2024-12-31</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:UnlistedCompanyAxis"><in-capmkt:UnlistedCompanyDomain>UnlistedCompanyDomain4</in-capmkt:UnlistedCompanyDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:context id="D_AcquisitionShares4"><xbrli:entity><xbrli:identifier scheme="http://www.bseindia.com/in-capmkt/ScripCode">000000</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2024-10-01</xbrli:startDate><xbrli:endDate>2024-12-31</xbrli:endDate></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:UnlistedCompanyAxis"><in-capmkt:UnlistedCompanyDomain>UnlistedCompanyDomain4</in-capmkt:UnlistedCompanyDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:context id="I_AcquisitionShares_PY4"><xbrli:entity><xbrli:identifier scheme="http://www.bseindia.com/in-capmkt/ScripCode">000000</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2024-09-30</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:UnlistedCompanyAxis"><in-capmkt:UnlistedCompanyDomain>UnlistedCompanyDomain4</in-capmkt:UnlistedCompanyDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:context id="I_ImpositionOfFineOrPenalty1"><xbrli:entity><xbrli:identifier scheme="http://www.bseindia.com/in-capmkt/ScripCode">000000</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2024-12-31</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:ImpositionOfFineOrPenaltyAxis"><in-capmkt:ImpositionOfFineOrPenaltyDomain>ImpositionOfFineOrPenaltyDomain1</in-capmkt:ImpositionOfFineOrPenaltyDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:context id="I_OngoingTaxLitigationsOrDisputes1"><xbrli:entity><xbrli:identifier scheme="http://www.bseindia.com/in-capmkt/ScripCode">000000</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2024-12-31</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:OngoingTaxLitigationsOrDisputesAxis"><in-capmkt:OngoingTaxLitigationsOrDisputesDomain>OngoingTaxLitigationsOrDisputesDomain1</in-capmkt:OngoingTaxLitigationsOrDisputesDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:unit id="pure"><xbrli:measure>xbrli:pure</xbrli:measure></xbrli:unit><in-capmkt:ScripCode contextRef="MainI">000000</in-capmkt:ScripCode><in-capmkt:Symbol contextRef="MainI">ALPEXSOLAR</in-capmkt:Symbol><in-capmkt:MSEISymbol contextRef="MainI">NOTLISTED</in-capmkt:MSEISymbol><in-capmkt:ISIN contextRef="MainI">INE0R4701017</in-capmkt:ISIN><in-capmkt:NameOfTheCompany contextRef="MainI">ALPEX SOLAR LIMITED</in-capmkt:NameOfTheCompany><in-capmkt:DateOfStartOfFinancialYear contextRef="MainI">2024-04-01</in-capmkt:DateOfStartOfFinancialYear><in-capmkt:DateOfEndOfFinancialYear contextRef="MainI">2025-03-31</in-capmkt:DateOfEndOfFinancialYear><in-capmkt:ReportingQuarter contextRef="MainI">Quarterly</in-capmkt:ReportingQuarter><in-capmkt:DateOfEndOfReportingPeriod contextRef="MainI">2024-12-31</in-capmkt:DateOfEndOfReportingPeriod><in-capmkt:TypeOfCompany contextRef="MainD">SME</in-capmkt:TypeOfCompany><in-capmkt:WhetherPartAOfAnnexureIOfTheSEBICircularDated31December2024RelatedToComplianceReportOnCorporateGovernanceIsApplicableToTheEntity contextRef="MainD">false</in-capmkt:WhetherPartAOfAnnexureIOfTheSEBICircularDated31December2024RelatedToComplianceReportOnCorporateGovernanceIsApplicableToTheEntity><in-capmkt:ReasonForPartAOfAnnexureIOfTheSEBICircularDated31December2024RelatedToComplianceReportOnCorporateGovernanceIsNotApplicableToTheEntity contextRef="MainD">As per the Regulation 15(2) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, the compliance with the corporate governance provisions as specified in Regulations 17, 17A, 18, 19, 20, 21,22, 23, 24, 24A, 25, 26, 27 and clauses (b) to (i) and (t) of sub-regulation (2) of Regulation 46 and para C, D and E of Schedule V of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 shall not apply since company has listed its specified securities on the SME Exchange.</in-capmkt:ReasonForPartAOfAnnexureIOfTheSEBICircularDated31December2024RelatedToComplianceReportOnCorporateGovernanceIsNotApplicableToTheEntity><in-capmkt:WhetherPartBOfAnnexureIOfTheSEBICircularDated31December2024RelatedToInvestorGrievanceRedressalReportIsApplicableToTheEntity contextRef="MainD">true</in-capmkt:WhetherPartBOfAnnexureIOfTheSEBICircularDated31December2024RelatedToInvestorGrievanceRedressalReportIsApplicableToTheEntity><in-capmkt:WhetherPartCOfAnnexureIOfTheSEBICircularDated31December2024RelatedToDisclosureOfAcquisitionOfSharesOrVotingRightsInUnlistedCompaniesIsApplicableToTheEntity contextRef="MainD">true</in-capmkt:WhetherPartCOfAnnexureIOfTheSEBICircularDated31December2024RelatedToDisclosureOfAcquisitionOfSharesOrVotingRightsInUnlistedCompaniesIsApplicableToTheEntity><in-capmkt:WhetherPartDOfAnnexureIOfTheSEBICircularDated31December2024RelatedToDisclosureOfImpositionOfFineOrPenaltyIsApplicableToTheEntity contextRef="MainD">true</in-capmkt:WhetherPartDOfAnnexureIOfTheSEBICircularDated31December2024RelatedToDisclosureOfImpositionOfFineOrPenaltyIsApplicableToTheEntity><in-capmkt:WhetherPartEOfAnnexureIOfTheSEBICircularDated31December2024RelatedToDisclosureOfUpdatesToOngoingTaxLitigationsOrDisputesIsApplicableToTheEntity contextRef="MainD">true</in-capmkt:WhetherPartEOfAnnexureIOfTheSEBICircularDated31December2024RelatedToDisclosureOfUpdatesToOngoingTaxLitigationsOrDisputesIsApplicableToTheEntity><in-capmkt:IsSCORESIDAvailable contextRef="MainI">true</in-capmkt:IsSCORESIDAvailable><in-capmkt:SCORESRegistrationID contextRef="MainI">coma01215</in-capmkt:SCORESRegistrationID><in-capmkt:TypeOfSubmission contextRef="MainI">Original</in-capmkt:TypeOfSubmission><in-capmkt:NoOfInvestorComplaints contextRef="PY_I" decimals="0" unitRef="pure">0</in-capmkt:NoOfInvestorComplaints><in-capmkt:NoOfInvestorComplaintsReceivedDuringThePeriod contextRef="MainD" decimals="0" unitRef="pure">0</in-capmkt:NoOfInvestorComplaintsReceivedDuringThePeriod><in-capmkt:NoOfInvestorComplaintsDisposedOffDuringThePeriod contextRef="MainD" decimals="0" unitRef="pure">0</in-capmkt:NoOfInvestorComplaintsDisposedOffDuringThePeriod><in-capmkt:NoOfInvestorComplaints contextRef="MainI" decimals="0" unitRef="pure">0</in-capmkt:NoOfInvestorComplaints><in-capmkt:NoOfInvestorComplaintsDuringThePeriod contextRef="MainD" decimals="0" unitRef="pure">0</in-capmkt:NoOfInvestorComplaintsDuringThePeriod><in-capmkt:NameOfTheUnlistedCompanyInWhichSharesOrVotingRightsHaveBeenAcquired contextRef="I_AcquisitionShares1">Alpex GH2 Private Limited</in-capmkt:NameOfTheUnlistedCompanyInWhichSharesOrVotingRightsHaveBeenAcquired><in-capmkt:DateOfAcquisition contextRef="I_AcquisitionShares1">2024-05-22</in-capmkt:DateOfAcquisition><in-capmkt:PercentageOfAggregateHoldingOfSharesOrVotingRights contextRef="I_AcquisitionShares_PY1" decimals="INF" unitRef="pure">0.9998</in-capmkt:PercentageOfAggregateHoldingOfSharesOrVotingRights><in-capmkt:PercentageOfSharesOrVotingRightsAcquiredDuringTheQuarter contextRef="D_AcquisitionShares1" decimals="INF" unitRef="pure">0</in-capmkt:PercentageOfSharesOrVotingRightsAcquiredDuringTheQuarter><in-capmkt:PercentageOfAggregateHoldingOfSharesOrVotingRights contextRef="I_AcquisitionShares1" decimals="INF" unitRef="pure">0.9998</in-capmkt:PercentageOfAggregateHoldingOfSharesOrVotingRights><in-capmkt:NameOfTheUnlistedCompanyInWhichSharesOrVotingRightsHaveBeenAcquired contextRef="I_AcquisitionShares2">Alpex Green Energies Private Limited</in-capmkt:NameOfTheUnlistedCompanyInWhichSharesOrVotingRightsHaveBeenAcquired><in-capmkt:DateOfAcquisition contextRef="I_AcquisitionShares2">2024-06-07</in-capmkt:DateOfAcquisition><in-capmkt:PercentageOfAggregateHoldingOfSharesOrVotingRights contextRef="I_AcquisitionShares_PY2" decimals="INF" unitRef="pure">0.9998</in-capmkt:PercentageOfAggregateHoldingOfSharesOrVotingRights><in-capmkt:PercentageOfSharesOrVotingRightsAcquiredDuringTheQuarter contextRef="D_AcquisitionShares2" decimals="INF" unitRef="pure">0</in-capmkt:PercentageOfSharesOrVotingRightsAcquiredDuringTheQuarter><in-capmkt:PercentageOfAggregateHoldingOfSharesOrVotingRights contextRef="I_AcquisitionShares2" decimals="INF" unitRef="pure">0.9998</in-capmkt:PercentageOfAggregateHoldingOfSharesOrVotingRights><in-capmkt:NameOfTheUnlistedCompanyInWhichSharesOrVotingRightsHaveBeenAcquired contextRef="I_AcquisitionShares3">CER Rooftop Private Limited</in-capmkt:NameOfTheUnlistedCompanyInWhichSharesOrVotingRightsHaveBeenAcquired><in-capmkt:DateOfAcquisition contextRef="I_AcquisitionShares3">2019-03-15</in-capmkt:DateOfAcquisition><in-capmkt:PercentageOfAggregateHoldingOfSharesOrVotingRights contextRef="I_AcquisitionShares_PY3" decimals="INF" unitRef="pure">0.4436</in-capmkt:PercentageOfAggregateHoldingOfSharesOrVotingRights><in-capmkt:PercentageOfSharesOrVotingRightsAcquiredDuringTheQuarter contextRef="D_AcquisitionShares3" decimals="INF" unitRef="pure">0</in-capmkt:PercentageOfSharesOrVotingRightsAcquiredDuringTheQuarter><in-capmkt:PercentageOfAggregateHoldingOfSharesOrVotingRights contextRef="I_AcquisitionShares3" decimals="INF" unitRef="pure">0.4436</in-capmkt:PercentageOfAggregateHoldingOfSharesOrVotingRights><in-capmkt:NameOfTheUnlistedCompanyInWhichSharesOrVotingRightsHaveBeenAcquired contextRef="I_AcquisitionShares4">Karishma Machine Tools Private Limited</in-capmkt:NameOfTheUnlistedCompanyInWhichSharesOrVotingRightsHaveBeenAcquired><in-capmkt:DateOfAcquisition contextRef="I_AcquisitionShares4">2017-07-14</in-capmkt:DateOfAcquisition><in-capmkt:PercentageOfAggregateHoldingOfSharesOrVotingRights contextRef="I_AcquisitionShares_PY4" decimals="INF" unitRef="pure">0.2157</in-capmkt:PercentageOfAggregateHoldingOfSharesOrVotingRights><in-capmkt:PercentageOfSharesOrVotingRightsAcquiredDuringTheQuarter contextRef="D_AcquisitionShares4" decimals="INF" unitRef="pure">0</in-capmkt:PercentageOfSharesOrVotingRightsAcquiredDuringTheQuarter><in-capmkt:PercentageOfAggregateHoldingOfSharesOrVotingRights contextRef="I_AcquisitionShares4" decimals="INF" unitRef="pure">0.2157</in-capmkt:PercentageOfAggregateHoldingOfSharesOrVotingRights><in-capmkt:NameOfTheAuthority contextRef="I_ImpositionOfFineOrPenalty1">National Stock Exchange of India</in-capmkt:NameOfTheAuthority><in-capmkt:NatureAndDetailsOfTheActionTakenOrOrderPassed contextRef="I_ImpositionOfFineOrPenalty1">Fine of Rs 3000 levied</in-capmkt:NatureAndDetailsOfTheActionTakenOrOrderPassed><in-capmkt:DateOfReceiptOfDirectionOrOrderIncludingAnyAdInterimOrInterimOrdersOrAnyOtherCommunicationFromTheAuthority contextRef="I_ImpositionOfFineOrPenalty1">2025-01-16</in-capmkt:DateOfReceiptOfDirectionOrOrderIncludingAnyAdInterimOrInterimOrdersOrAnyOtherCommunicationFromTheAuthority><in-capmkt:DetailsOfTheViolationOrContraventionCommittedOrAllegedToBeCommitted contextRef="I_ImpositionOfFineOrPenalty1">Delay in compliance pertaining to Regulation 13(3) of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015</in-capmkt:DetailsOfTheViolationOrContraventionCommittedOrAllegedToBeCommitted><in-capmkt:ImpactOnFinancialOrOperationOrOtherActivitiesOfTheListedEntityQuantifiableInMonetaryTermsToTheExtentPossible contextRef="I_ImpositionOfFineOrPenalty1">No Significant Impact</in-capmkt:ImpactOnFinancialOrOperationOrOtherActivitiesOfTheListedEntityQuantifiableInMonetaryTermsToTheExtentPossible><in-capmkt:NameOfTheOpposingParty contextRef="I_OngoingTaxLitigationsOrDisputes1">Income Tax Department</in-capmkt:NameOfTheOpposingParty><in-capmkt:DateOfInitiationOfTheLitigationDispute contextRef="I_OngoingTaxLitigationsOrDisputes1">2023-05-29</in-capmkt:DateOfInitiationOfTheLitigationDispute><in-capmkt:StatusOfTheLitigationDisputeAsPerLastDisclosure contextRef="I_OngoingTaxLitigationsOrDisputes1">NA</in-capmkt:StatusOfTheLitigationDisputeAsPerLastDisclosure><in-capmkt:CurrentStatusOfTheLitigationOrDispute contextRef="I_OngoingTaxLitigationsOrDisputes1">First Appeal Filed on 05-08-2024</in-capmkt:CurrentStatusOfTheLitigationOrDispute></xbrli:xbrl>