<?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">EMAPARTNER</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2025-01-01</xbrli:startDate><xbrli:endDate>2025-03-31</xbrli:endDate></xbrli:period></xbrli:context><xbrli:context id="MainI"><xbrli:entity><xbrli:identifier scheme="http://www.bseindia.com/in-capmkt/Symbol">EMAPARTNER</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2025-03-31</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="PY_I"><xbrli:entity><xbrli:identifier scheme="http://www.bseindia.com/in-capmkt/Symbol">EMAPARTNER</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2024-12-31</xbrli:instant></xbrli:period></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><in-capmkt:ScripCode contextRef="MainI">000000</in-capmkt:ScripCode><in-capmkt:Symbol contextRef="MainI">EMAPARTNER</in-capmkt:Symbol><in-capmkt:MSEISymbol contextRef="MainI">NOTLISTED</in-capmkt:MSEISymbol><in-capmkt:ISIN contextRef="MainI">INE0ZOL01023</in-capmkt:ISIN><in-capmkt:NameOfTheCompany contextRef="MainI">EMA PARTNERS INDIA 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">Yearly</in-capmkt:ReportingQuarter><in-capmkt:DateOfEndOfReportingPeriod contextRef="MainI">2025-03-31</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">Please note that as per Regulation 15 (2)(b) of SEBI (LODR) Regulations, 2015, the listed entity which have listed its specified securities on SME Exchange not required to Comply with provisions pertaining to Corporate Governance i.e. Regulations 17 to 27 and clauses (b) to (i) and (t) of sub-regulation (2) of regulation 46 and para C, D and E of Schedule V. Hence we have selected no in this Tab.</in-capmkt:ReasonForPartAOfAnnexureIOfTheSEBICircularDated31December2024RelatedToComplianceReportOnCorporateGovernanceIsNotApplicableToTheEntity><in-capmkt:WhetherPartBOfAnnexureIOfTheSEBICircularDated31December2024RelatedToInvestorGrievanceRedressalReportIsApplicableToTheEntity contextRef="MainD">true</in-capmkt:WhetherPartBOfAnnexureIOfTheSEBICircularDated31December2024RelatedToInvestorGrievanceRedressalReportIsApplicableToTheEntity><in-capmkt:WhetherPartCOfAnnexureIOfTheSEBICircularDated31December2024RelatedToDisclosureOfAcquisitionOfSharesOrVotingRightsInUnlistedCompaniesIsApplicableToTheEntity contextRef="MainD">false</in-capmkt:WhetherPartCOfAnnexureIOfTheSEBICircularDated31December2024RelatedToDisclosureOfAcquisitionOfSharesOrVotingRightsInUnlistedCompaniesIsApplicableToTheEntity><in-capmkt:ReasonForPartCOfAnnexureIOfTheSEBICircularDated31December2024RelatedToDisclosureOfAcquisitionOfSharesOrVotingRightsInUnlistedCompaniesIsNotApplicableToTheEntity contextRef="MainD">Please note that provisions of Schedule III of SEBI (LODR) Regulations, 2015 w.r.t this line item, are applicable to the Company. However, there are no instances of such aquisitions of Shares/ Voting Rights made in Unlisted Companies, in this Quarter. Hence, we have selected "No" in this tab.</in-capmkt:ReasonForPartCOfAnnexureIOfTheSEBICircularDated31December2024RelatedToDisclosureOfAcquisitionOfSharesOrVotingRightsInUnlistedCompaniesIsNotApplicableToTheEntity><in-capmkt:WhetherPartDOfAnnexureIOfTheSEBICircularDated31December2024RelatedToDisclosureOfImpositionOfFineOrPenaltyIsApplicableToTheEntity contextRef="MainD">false</in-capmkt:WhetherPartDOfAnnexureIOfTheSEBICircularDated31December2024RelatedToDisclosureOfImpositionOfFineOrPenaltyIsApplicableToTheEntity><in-capmkt:ReasonForPartDOfAnnexureIOfTheSEBICircularDated31December2024RelatedToDisclosureOfImpositionOfFineOrPenaltyIsNotApplicableToTheEntity contextRef="MainD">Please note that provisions of Schedule III of SEBI (LODR) Regulations, 2015 w.r.t this line item, are applicable to the Company. However, there are no instances no imposition of any fine or penalty, in this Quarter. Hence, we have selected "No" in this tab.</in-capmkt:ReasonForPartDOfAnnexureIOfTheSEBICircularDated31December2024RelatedToDisclosureOfImpositionOfFineOrPenaltyIsNotApplicableToTheEntity><in-capmkt:WhetherPartEOfAnnexureIOfTheSEBICircularDated31December2024RelatedToDisclosureOfUpdatesToOngoingTaxLitigationsOrDisputesIsApplicableToTheEntity contextRef="MainD">false</in-capmkt:WhetherPartEOfAnnexureIOfTheSEBICircularDated31December2024RelatedToDisclosureOfUpdatesToOngoingTaxLitigationsOrDisputesIsApplicableToTheEntity><in-capmkt:ReasonForPartEOfAnnexureIOfTheSEBICircularDated31December2024RelatedToDisclosureOfUpdatesToOngoingTaxLitigationsOrDisputesIsNotApplicableToTheEntity contextRef="MainD">Please note that provisions of Schedule III of SEBI (LODR) Regulations, 2015 w.r.t this line item, are applicable to the Company. However, there are no updates in Ongoing Tax Litigation or Disputes, in this Quarter. 

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unitRef="INR">0</in-capmkt:AggregateAmountAdvancedDuringSixMonthsOfAnyLoanOrAnyOtherFormOfDebtToDirectorsIncludingRelativesOrAnyOtherEntityControlledByThem><in-capmkt:BalanceOutstandingAtTheEndOfSixMonthsAnyLoanOrAnyOtherFormOfDebtToDirectorsIncludingRelativesOrAnyOtherEntityControlledByThem contextRef="MainD" decimals="0" unitRef="INR">0</in-capmkt:BalanceOutstandingAtTheEndOfSixMonthsAnyLoanOrAnyOtherFormOfDebtToDirectorsIncludingRelativesOrAnyOtherEntityControlledByThem><in-capmkt:AggregateAmountAdvancedDuringSixMonthsOfAnyLoanOrAnyOtherFormOfDebtToKMPsOrAnyOtherEntityControlledByThem contextRef="MainD" decimals="0" unitRef="INR">7500000</in-capmkt:AggregateAmountAdvancedDuringSixMonthsOfAnyLoanOrAnyOtherFormOfDebtToKMPsOrAnyOtherEntityControlledByThem><in-capmkt:BalanceOutstandingAtTheEndOfSixMonthsAnyLoanOrAnyOtherFormOfDebtToKMPsOrAnyOtherEntityControlledByThem contextRef="MainD" decimals="0" 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contextRef="MainD">0</in-capmkt:TypeOfAnyGuaranteeOrComfortLetterOfDirectorsIncludingRelativesOrAnyOtherEntityControlledByThem><in-capmkt:AggregateAmountOfIssuanceDuringSixMonthsOfAnyGuaranteeOrComfortToDirectorsIncludingRelativesOrAnyOtherEntityControlledByThem contextRef="MainD" decimals="0" unitRef="INR">0</in-capmkt:AggregateAmountOfIssuanceDuringSixMonthsOfAnyGuaranteeOrComfortToDirectorsIncludingRelativesOrAnyOtherEntityControlledByThem><in-capmkt:BalanceOutstandingAtTheEndOfSixMonthsOfAnyGuaranteeOrComfortToDirectorsIncludingRelativesOrAnyOtherEntityControlledByThem contextRef="MainD" decimals="0" unitRef="INR">0</in-capmkt:BalanceOutstandingAtTheEndOfSixMonthsOfAnyGuaranteeOrComfortToDirectorsIncludingRelativesOrAnyOtherEntityControlledByThem><in-capmkt:TypeOfAnyGuaranteeOrComfortLetterOfKMPsOrAnyOtherEntityControlledByThem contextRef="MainD">0</in-capmkt:TypeOfAnyGuaranteeOrComfortLetterOfKMPsOrAnyOtherEntityControlledByThem><in-capmkt:AggregateAmountOfIssuanceDuringSixMonthsOfAnyGuaranteeOrComfortToKMPsOrAnyOtherEntityControlledByThem contextRef="MainD" decimals="0" unitRef="INR">0</in-capmkt:AggregateAmountOfIssuanceDuringSixMonthsOfAnyGuaranteeOrComfortToKMPsOrAnyOtherEntityControlledByThem><in-capmkt:BalanceOutstandingAtTheEndOfSixMonthsOfAnyGuaranteeOrComfortToKMPsOrAnyOtherEntityControlledByThem contextRef="MainD" decimals="0" unitRef="INR">0</in-capmkt:BalanceOutstandingAtTheEndOfSixMonthsOfAnyGuaranteeOrComfortToKMPsOrAnyOtherEntityControlledByThem><in-capmkt:TypeOfSecurityOfPromoterOrAnyOtherEntityControlledByThem contextRef="MainD">0</in-capmkt:TypeOfSecurityOfPromoterOrAnyOtherEntityControlledByThem><in-capmkt:AggregateValueOfSecurityProvidedDuringSixMonthsOfSecurityInConnectionWithLoanOrAnyOtherDebtAvailByPromoterOrAnyOtherEntityControlledByThem contextRef="MainD" decimals="0" 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unitRef="INR">0</in-capmkt:AggregateValueOfSecurityProvidedDuringSixMonthsOfSecurityInConnectionWithLoanOrAnyOtherDebtAvailByKMPsOrAnyOtherEntityControlledByThem><in-capmkt:BalanceOutstandingAtTheEndOfSixMonthsOfSecurityInConnectionWithLoanOrAnyOtherDebtAvailByKMPsOrAnyOtherEntityControlledByThem contextRef="MainD" decimals="0" unitRef="INR">0</in-capmkt:BalanceOutstandingAtTheEndOfSixMonthsOfSecurityInConnectionWithLoanOrAnyOtherDebtAvailByKMPsOrAnyOtherEntityControlledByThem><in-capmkt:Affirmations contextRef="MainD">All loans (or other form of debt), guarantees, comfort letters (by whatever name called) or securities in connection with any loan(s) (or other form of debt) given directly or indirectly by the listed entity to promoter(s), promoter group, director(s) (including their relatives), key managerial personnel (including their relatives) or any entity controlled by them are in the economic interest of the company.</in-capmkt:Affirmations><in-capmkt:ComplianceStatus contextRef="MainD">true</in-capmkt:ComplianceStatus><in-capmkt:AdditionalDisclosureNameOfSignatory contextRef="MainD">Manishkumar 
Anjanikumar Dhanuka</in-capmkt:AdditionalDisclosureNameOfSignatory><in-capmkt:AdditionalDisclosureDesignation contextRef="MainD">CFO</in-capmkt:AdditionalDisclosureDesignation><in-capmkt:AdditionalDisclosurePlace contextRef="MainD">Mumbai</in-capmkt:AdditionalDisclosurePlace><in-capmkt:AdditionalDisclosureDate contextRef="MainI">2025-04-29</in-capmkt:AdditionalDisclosureDate></xbrli:xbrl>