<?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">5.93</in-capmkt:BasicEarningsLossPerShareFromContinuingAndDiscontinuedOperations><in-capmkt:DilutedEarningsLossPerShareFromContinuingAndDiscontinuedOperations contextRef="OneD" decimals="INF" unitRef="INRPerShare">5.93</in-capmkt:DilutedEarningsLossPerShareFromContinuingAndDiscontinuedOperations><in-capmkt:DisclosureOfNotesOnFinancialResultsExplanatoryTextBlock contextRef="OneD">1. The above results have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on 31 July 2025 and 1 August 2025. &lt;BR&gt; 
 &lt;BR&gt; 
2. The figures for the quarter ended 31 March 2025 are the balancing figures between the audited figures in respect of the full financial year and the published year to date figures upto the end of third quarter of the respective financial year, which was subjected to Limited Review. &lt;BR&gt; 
 &lt;BR&gt; 
3. Company operates in single reporting segment of ‘Fluid Machinery and Systems’. As per Ind AS 108, 'Operating Segments', when financial results contain both consolidated and standalone financial results , segment information needs to be presented only in the consolidated financial results. &lt;BR&gt; 
 &lt;BR&gt; 
4. During the year ended 31 March 2025, the Company had sold its entire stake in its wholly owned subsidiary viz. ‘The Kolhapur Steel Limited’ (TKSL) to another wholly owned subsidiary viz. 'Karad Project and Motors limited' (KPML) for Rs. 108 million at arm's length price based on valuation carried out by an independent valuer. As the investment in shares of TKSL had been fully impaired over the years, the entire consideration has resulted in a gain of Rs 108 Mn which has been disclosed as an exceptional item. &lt;BR&gt; 
 &lt;BR&gt; 
5. The Company has received dividend from its group company of Rs 6.50 million during the quarter ended 30 June 2025 (PY- Rs 1.95 million). &lt;BR&gt; 
 &lt;BR&gt; 
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