<?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">IPHL</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">IPHL</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">IPHL</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">IPHL</in-capmkt:Symbol><in-capmkt:MSEISymbol contextRef="MainI">NA</in-capmkt:MSEISymbol><in-capmkt:ISIN contextRef="MainI">INE0DHF01018</in-capmkt:ISIN><in-capmkt:NameOfTheCompany contextRef="MainI">INDIAN PHOSPHATE 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">The Company is a SME Listed Company, That's why its not applicable on it.</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">The Company is holding 26% Shares of its Subsidiary Company named Adhishaa Phosphate Limited.

But during the quarter there is no acquision of shares or Voting rights in the abovementioned Company and in any other Unlisted Company. Thats why its not applicable to the Company. </in-capmkt:ReasonForPartCOfAnnexureIOfTheSEBICircularDated31December2024RelatedToDisclosureOfAcquisitionOfSharesOrVotingRightsInUnlistedCompaniesIsNotApplicableToTheEntity><in-capmkt:WhetherPartDOfAnnexureIOfTheSEBICircularDated31December2024RelatedToDisclosureOfImpositionOfFineOrPenaltyIsApplicableToTheEntity contextRef="MainD">false</in-capmkt:WhetherPartDOfAnnexureIOfTheSEBICircularDated31December2024RelatedToDisclosureOfImpositionOfFineOrPenaltyIsApplicableToTheEntity><in-capmkt:ReasonForPartDOfAnnexureIOfTheSEBICircularDated31December2024RelatedToDisclosureOfImpositionOfFineOrPenaltyIsNotApplicableToTheEntity contextRef="MainD">No penalty or fine is imposed on the Company.

Thats why its not Applicable.</in-capmkt:ReasonForPartDOfAnnexureIOfTheSEBICircularDated31December2024RelatedToDisclosureOfImpositionOfFineOrPenaltyIsNotApplicableToTheEntity><in-capmkt:WhetherPartEOfAnnexureIOfTheSEBICircularDated31December2024RelatedToDisclosureOfUpdatesToOngoingTaxLitigationsOrDisputesIsApplicableToTheEntity contextRef="MainD">false</in-capmkt:WhetherPartEOfAnnexureIOfTheSEBICircularDated31December2024RelatedToDisclosureOfUpdatesToOngoingTaxLitigationsOrDisputesIsApplicableToTheEntity><in-capmkt:ReasonForPartEOfAnnexureIOfTheSEBICircularDated31December2024RelatedToDisclosureOfUpdatesToOngoingTaxLitigationsOrDisputesIsNotApplicableToTheEntity contextRef="MainD">There is no Ongoing Tax Litigation or Dispute on the Company, Thats why its not Applicable.</in-capmkt:ReasonForPartEOfAnnexureIOfTheSEBICircularDated31December2024RelatedToDisclosureOfUpdatesToOngoingTaxLitigationsOrDisputesIsNotApplicableToTheEntity><in-capmkt:WhetherPartFOfAnnexureIOfTheSEBICircularDated31December2024RelatedToDisclosureOfLoansOrGuaranteesOrComfortLettersOrSecuritiesEtcIsApplicableToTheEntity contextRef="MainD">true</in-capmkt:WhetherPartFOfAnnexureIOfTheSEBICircularDated31December2024RelatedToDisclosureOfLoansOrGuaranteesOrComfortLettersOrSecuritiesEtcIsApplicableToTheEntity><in-capmkt:IsSCORESIDAvailable contextRef="MainI">true</in-capmkt:IsSCORESIDAvailable><in-capmkt:SCORESRegistrationID contextRef="MainI">COMI00567</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" 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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">0</in-capmkt:AggregateAmountAdvancedDuringSixMonthsOfAnyLoanOrAnyOtherFormOfDebtToKMPsOrAnyOtherEntityControlledByThem><in-capmkt:BalanceOutstandingAtTheEndOfSixMonthsAnyLoanOrAnyOtherFormOfDebtToKMPsOrAnyOtherEntityControlledByThem contextRef="MainD" decimals="0" unitRef="INR">0</in-capmkt:BalanceOutstandingAtTheEndOfSixMonthsAnyLoanOrAnyOtherFormOfDebtToKMPsOrAnyOtherEntityControlledByThem><in-capmkt:TypeOfAnyGuaranteeOrComfortLetterOfPromoterOrAnyOtherEntityControlledByThem contextRef="MainD">Corporate Gaurantee</in-capmkt:TypeOfAnyGuaranteeOrComfortLetterOfPromoterOrAnyOtherEntityControlledByThem><in-capmkt:AggregateAmountOfIssuanceDuringSixMonthsOfAnyGuaranteeOrComfortToPromoterOrAnyOtherEntityControlledByThem contextRef="MainD" decimals="0" unitRef="INR">1019000000</in-capmkt:AggregateAmountOfIssuanceDuringSixMonthsOfAnyGuaranteeOrComfortToPromoterOrAnyOtherEntityControlledByThem><in-capmkt:BalanceOutstandingAtTheEndOfSixMonthsOfAnyGuaranteeOrComfortToPromoterOrAnyOtherEntityControlledByThem contextRef="MainD" decimals="0" 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contextRef="MainD">0</in-capmkt:TypeOfSecurityOfPromoterGroupOrAnyOtherEntityControlledByThem><in-capmkt:AggregateValueOfSecurityProvidedDuringSixMonthsOfSecurityInConnectionWithLoanOrAnyOtherDebtAvailByPromoterGroupOrAnyOtherEntityControlledByThem contextRef="MainD" decimals="0" unitRef="INR">0</in-capmkt:AggregateValueOfSecurityProvidedDuringSixMonthsOfSecurityInConnectionWithLoanOrAnyOtherDebtAvailByPromoterGroupOrAnyOtherEntityControlledByThem><in-capmkt:BalanceOutstandingAtTheEndOfSixMonthsOfSecurityInConnectionWithLoanOrAnyOtherDebtAvailByPromoterGroupOrAnyOtherEntityControlledByThem contextRef="MainD" decimals="0" unitRef="INR">0</in-capmkt:BalanceOutstandingAtTheEndOfSixMonthsOfSecurityInConnectionWithLoanOrAnyOtherDebtAvailByPromoterGroupOrAnyOtherEntityControlledByThem><in-capmkt:TypeOfSecurityOfDirectorsIncludingRelativesOrAnyOtherEntityControlledByThem contextRef="MainD">0</in-capmkt:TypeOfSecurityOfDirectorsIncludingRelativesOrAnyOtherEntityControlledByThem><in-capmkt:AggregateValueOfSecurityProvidedDuringSixMonthsOfSecurityInConnectionWithLoanOrAnyOtherDebtAvailByDirectorsIncludingRelativesOrAnyOtherEntityControlledByThem contextRef="MainD" decimals="0" unitRef="INR">0</in-capmkt:AggregateValueOfSecurityProvidedDuringSixMonthsOfSecurityInConnectionWithLoanOrAnyOtherDebtAvailByDirectorsIncludingRelativesOrAnyOtherEntityControlledByThem><in-capmkt:BalanceOutstandingAtTheEndOfSixMonthsOfSecurityInConnectionWithLoanOrAnyOtherDebtAvailByDirectorsIncludingRelativesOrAnyOtherEntityControlledByThem contextRef="MainD" decimals="0" unitRef="INR">0</in-capmkt:BalanceOutstandingAtTheEndOfSixMonthsOfSecurityInConnectionWithLoanOrAnyOtherDebtAvailByDirectorsIncludingRelativesOrAnyOtherEntityControlledByThem><in-capmkt:TypeOfSecurityOfKMPsOrAnyOtherEntityControlledByThem contextRef="MainD">0</in-capmkt:TypeOfSecurityOfKMPsOrAnyOtherEntityControlledByThem><in-capmkt:AggregateValueOfSecurityProvidedDuringSixMonthsOfSecurityInConnectionWithLoanOrAnyOtherDebtAvailByKMPsOrAnyOtherEntityControlledByThem contextRef="MainD" decimals="0" 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:CompanyRemarks contextRef="MainD">The company has not provided any gauarntee in last 6 months. The reported gaurantee has been provided by the company  during FY 2024-25</in-capmkt:CompanyRemarks><in-capmkt:AdditionalDisclosureNameOfSignatory contextRef="MainD">ROHIT PARAGBHAI PARMAR</in-capmkt:AdditionalDisclosureNameOfSignatory><in-capmkt:AdditionalDisclosureDesignation contextRef="MainD">CFO</in-capmkt:AdditionalDisclosureDesignation><in-capmkt:AdditionalDisclosurePlace contextRef="MainD">UDAIPUR</in-capmkt:AdditionalDisclosurePlace><in-capmkt:AdditionalDisclosureDate contextRef="MainI">2025-04-30</in-capmkt:AdditionalDisclosureDate></xbrli:xbrl>