<?xml version="1.0" encoding="UTF-8" standalone="no"?><!--IFFIndAs--><xbrli:xbrl xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:in-capmkt="http://www.sebi.gov.in/xbrl/2025-01-31/in-capmkt" xmlns:in-capmkt-ent="http://www.sebi.gov.in/xbrl/IntegratedFinance_IndAS/2025-01-31/in-capmkt/in-capmkt-ent" xmlns:in-capmkt-roles="http://www.sebi.gov.in/xbrl/IntegratedFinance_IndAS/2025-01-31/in-capmkt-roles" xmlns:in-capmkt-types="http://www.sebi.gov.in/xbrl/2025-01-31/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 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unitRef="INRPerShare">0.72</in-capmkt:DilutedEarningsLossPerShareFromContinuingAndDiscontinuedOperations><in-capmkt:DisclosureOfNotesOnFinancialResultsExplanatoryTextBlock contextRef="OneD">1. The Unaudited Standalone Financial Results were reviewed by the Audit Committee, and approved by the Board of Directors of the Company at its meeting held on 16th July, 2025. &lt;BR&gt; 
 &lt;BR&gt; 
2. The Hon’ble National Company Law Tribunal, Kolkata Bench, vide Order dated 4th October, 2024, approved the Scheme of Arrangement amongst ITC Limited and the Company and their respective Shareholders and Creditors under Sections 230 to 232 read with other applicable provisions of the Companies Act, 2013 (‘Scheme’) for demerger of the Hotels Business of ITC Limited ('Demerged Undertaking') into the Company on a going concern basis. The Appointed Date and Effective Date of the Scheme was 1st January, 2025. &lt;BR&gt; 
 &lt;BR&gt; 
In accordance with the accounting treatment specified in the Scheme and in terms of applicable Accounting Standards (Ind AS), the figures for the period ended 30th June, 2024 and year ended 31st March, 2025 include the results of the Company and the Demerged Undertaking, from the date of incorporation of the Company. &lt;BR&gt; 
 &lt;BR&gt; 
3. 5,00,372 Equity Shares of Re. 1/- each were issued and allotted under the ITC Hotels Special Purpose Employee Stock Option Scheme during the quarter ended 30th June, 2025. Consequently, the issued and paid-up Share Capital of the Company stands increased to Rs. 2,08,16,71,412/- as on 30th June, 2025. &lt;BR&gt; 
 &lt;BR&gt; 
4. The Company operates only in one segment i.e. 'Hotel Services'. &lt;BR&gt; 
 &lt;BR&gt; 
5. Earnings per share (Basic &amp; Diluted) are calculated after considering the impact of issuance of equity shares pursuant to the Scheme from the date of incorporation of the Company. &lt;BR&gt; 
 &lt;BR&gt; 
6. During the quarter ended 30th June, 2025, the Board approved Capital Expenditure of ~ Rs. 328 Crores for construction of a hotel in Visakhapatnam, Andhra Pradesh.  &lt;BR&gt; 
 &lt;BR&gt; 
7. Figures presented as “…” are below the rounding off norm adopted by the Company. &lt;BR&gt; 
 &lt;BR&gt; 
8. This statement is as per Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. &lt;BR&gt; 
 &lt;BR&gt; 
Limited Review &lt;BR&gt; 
The Company is required to file its financial results with the relevant stock exchanges as required under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and accordingly have been subjected to Limited Review by the statutory auditors of the Company, who have issued an unmodified conclusion on the same.</in-capmkt:DisclosureOfNotesOnFinancialResultsExplanatoryTextBlock><in-capmkt:RemarksForDebtEquityRatio contextRef="OneD">Debt ratios are not relevant for the Company as there are no borrowings as on 30th June 2025.</in-capmkt:RemarksForDebtEquityRatio><in-capmkt:RemarksForDebtServiceCoverageRatio contextRef="OneD">Debt ratios are not relevant for the Company as there are no borrowings as on 30th June 2025.</in-capmkt:RemarksForDebtServiceCoverageRatio><in-capmkt:RemarksForInterestServiceCoverageRatio contextRef="OneD">Debt ratios are not relevant for the Company as there are no borrowings as on 30th June 2025.</in-capmkt:RemarksForInterestServiceCoverageRatio><in-capmkt:DescriptionOfOtherExpenses contextRef="OneExpenses1D">Other Expenses</in-capmkt:DescriptionOfOtherExpenses><in-capmkt:OtherExpenses contextRef="OneExpenses1D" decimals="-5" unitRef="INR">2661500000</in-capmkt:OtherExpenses><in-capmkt:DisclosureOfNotesOnSegmentsExplanatoryTextBlock contextRef="OneD">The Company operates only in one segment i.e. 'Hotel Services'.</in-capmkt:DisclosureOfNotesOnSegmentsExplanatoryTextBlock><in-capmkt:DescriptionOfItemThatWillNotBeReclassifiedToProfitAndLoss contextRef="D_ItemsThatWillNotBeReclassifiedToProfitAndLoss11">Items that will not be reclassified to profit and loss</in-capmkt:DescriptionOfItemThatWillNotBeReclassifiedToProfitAndLoss><in-capmkt:AmountOfItemThatWillNotBeReclassifiedToProfitAndLoss contextRef="D_ItemsThatWillNotBeReclassifiedToProfitAndLoss11" decimals="-6" unitRef="INR">-11000000</in-capmkt:AmountOfItemThatWillNotBeReclassifiedToProfitAndLoss><in-capmkt:AmountOfItemThatWillNotBeReclassifiedToProfitAndLoss contextRef="OneD" decimals="-6" unitRef="INR">-11000000</in-capmkt:AmountOfItemThatWillNotBeReclassifiedToProfitAndLoss><in-capmkt:IncomeTaxRelatingToItemsThatWillNotBeReclassifiedToProfitOrLoss contextRef="OneD" decimals="-5" unitRef="INR">-2800000</in-capmkt:IncomeTaxRelatingToItemsThatWillNotBeReclassifiedToProfitOrLoss><in-capmkt:OtherComprehensiveIncome contextRef="OneD" decimals="-5" unitRef="INR">-8200000</in-capmkt:OtherComprehensiveIncome></xbrli:xbrl>