<?xml version="1.0" encoding="UTF-8" standalone="no"?><!--ICGIG--><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/Symbol">NIRAJISPAT</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/Symbol">NIRAJISPAT</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/Symbol">NIRAJISPAT</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/Symbol">NIRAJISPAT</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/Symbol">NIRAJISPAT</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/Symbol">NIRAJISPAT</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:unit id="pure"><xbrli:measure>xbrli:pure</xbrli:measure></xbrli:unit><in-capmkt:ScripCode contextRef="MainI">123456</in-capmkt:ScripCode><in-capmkt:Symbol contextRef="MainI">NIRAJISPAT</in-capmkt:Symbol><in-capmkt:MSEISymbol contextRef="MainI">NOTLISTED</in-capmkt:MSEISymbol><in-capmkt:ISIN contextRef="MainI">INE326T01011</in-capmkt:ISIN><in-capmkt:NameOfTheCompany contextRef="MainI">Niraj Ispat Industries 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">Equity</in-capmkt:TypeOfCompany><in-capmkt:WhetherPartAOfAnnexureIOfTheSEBICircularDated31December2024RelatedToComplianceReportOnCorporateGovernanceIsApplicableToTheEntity contextRef="MainD">false</in-capmkt:WhetherPartAOfAnnexureIOfTheSEBICircularDated31December2024RelatedToComplianceReportOnCorporateGovernanceIsApplicableToTheEntity><in-capmkt:ReasonForPartAOfAnnexureIOfTheSEBICircularDated31December2024RelatedToComplianceReportOnCorporateGovernanceIsNotApplicableToTheEntity contextRef="MainD">As per Regulation 15 (2) (a) of Chapter IV of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 are not applicable to NIRAJ ISPAT INDUSTRIES LIMITED (the Company) for the quarter ended 31st December, 2024.

Furthermore, paid-up equity capital of the Company does not exceeds Rs.10 Crore and Net worth does not exceeds Rs.25 Crore during last 3(three) previous financial years as shown below in the table:-

S.No.	Financial Year     Net Worth	          Paid Up Capital
	                      (Rupees in Crores)   (Rupees in Crores)

1	2023-24	          12.97                          0.60	                         
2	2022-23             12.16                          0.60	                         
3	2021-22             10.49                          0.60	                         
</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">false</in-capmkt:WhetherPartDOfAnnexureIOfTheSEBICircularDated31December2024RelatedToDisclosureOfImpositionOfFineOrPenaltyIsApplicableToTheEntity><in-capmkt:ReasonForPartDOfAnnexureIOfTheSEBICircularDated31December2024RelatedToDisclosureOfImpositionOfFineOrPenaltyIsNotApplicableToTheEntity contextRef="MainD"> No imposition of Fine or Penalty on the Entity during the reporting Quarter.</in-capmkt:ReasonForPartDOfAnnexureIOfTheSEBICircularDated31December2024RelatedToDisclosureOfImpositionOfFineOrPenaltyIsNotApplicableToTheEntity><in-capmkt:WhetherPartEOfAnnexureIOfTheSEBICircularDated31December2024RelatedToDisclosureOfUpdatesToOngoingTaxLitigationsOrDisputesIsApplicableToTheEntity contextRef="MainD">false</in-capmkt:WhetherPartEOfAnnexureIOfTheSEBICircularDated31December2024RelatedToDisclosureOfUpdatesToOngoingTaxLitigationsOrDisputesIsApplicableToTheEntity><in-capmkt:ReasonForPartEOfAnnexureIOfTheSEBICircularDated31December2024RelatedToDisclosureOfUpdatesToOngoingTaxLitigationsOrDisputesIsNotApplicableToTheEntity contextRef="MainD">No Ongoing Tax Litigations or Disputes on the Entity during the Reporting Quarter.</in-capmkt:ReasonForPartEOfAnnexureIOfTheSEBICircularDated31December2024RelatedToDisclosureOfUpdatesToOngoingTaxLitigationsOrDisputesIsNotApplicableToTheEntity><in-capmkt:IsSCORESIDAvailable contextRef="MainI">true</in-capmkt:IsSCORESIDAvailable><in-capmkt:SCORESRegistrationID contextRef="MainI">n00421</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">CRYSTAL TREXIM PRIVATE LIMITED</in-capmkt:NameOfTheUnlistedCompanyInWhichSharesOrVotingRightsHaveBeenAcquired><in-capmkt:DateOfAcquisition contextRef="I_AcquisitionShares1">2011-03-31</in-capmkt:DateOfAcquisition><in-capmkt:PercentageOfAggregateHoldingOfSharesOrVotingRights contextRef="I_AcquisitionShares_PY1" decimals="INF" unitRef="pure">0.0741</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">0.0741</in-capmkt:PercentageOfAggregateHoldingOfSharesOrVotingRights></xbrli:xbrl>