<?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 xlink:href="in-capmkt-ent-2025-01-31.xsd" xlink:type="simple"/><xbrli:context id="OneD"><xbrli:entity><xbrli:identifier scheme="http://www.bseindia.com/in-capmkt/Symbol">MWL</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2025-04-01</xbrli:startDate><xbrli:endDate>2025-06-30</xbrli:endDate></xbrli:period></xbrli:context><xbrli:context id="OneExpenses1D"><xbrli:entity><xbrli:identifier scheme="http://www.bseindia.com/in-capmkt/Symbol">MWL</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2025-04-01</xbrli:startDate><xbrli:endDate>2025-06-30</xbrli:endDate></xbrli:period><xbrli:scenario><xbrldi:explicitMember dimension="in-capmkt:DetailsOfOtherExpensesAxis">in-capmkt:OtherExpenses1Member</xbrldi:explicitMember></xbrli:scenario></xbrli:context><xbrli:context id="D_ItemsThatWillNotBeReclassifiedToProfitAndLoss11"><xbrli:entity><xbrli:identifier scheme="http://www.bseindia.com/in-capmkt/Symbol">MWL</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2025-04-01</xbrli:startDate><xbrli:endDate>2025-06-30</xbrli:endDate></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:ItemsThatWillNotBeReclassifiedToProfitAndLossAxis"><in-capmkt:ItemsThatWillNotBeReclassifiedToProfitAndLossDomain>ItemsThatWillNotBeReclassifiedToProfitAndLoss1</in-capmkt:ItemsThatWillNotBeReclassifiedToProfitAndLossDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:unit id="INR"><xbrli:measure>iso4217:INR</xbrli:measure></xbrli:unit><xbrli:unit id="INRPerShare"><xbrli:divide><xbrli:unitNumerator><xbrli:measure>iso4217:INR</xbrli:measure></xbrli:unitNumerator><xbrli:unitDenominator><xbrli:measure>xbrli:shares</xbrli:measure></xbrli:unitDenominator></xbrli:divide></xbrli:unit><in-capmkt:ScripCode contextRef="OneD">000000</in-capmkt:ScripCode><in-capmkt:Symbol contextRef="OneD">MWL</in-capmkt:Symbol><in-capmkt:MSEISymbol contextRef="OneD">NOTLISTED</in-capmkt:MSEISymbol><in-capmkt:ISIN contextRef="OneD">INE0JYY01011</in-capmkt:ISIN><in-capmkt:NameOfTheCompany contextRef="OneD">MANGALAM WORLDWIDE LIMITED</in-capmkt:NameOfTheCompany><in-capmkt:TypeOfCompany contextRef="OneD">SME</in-capmkt:TypeOfCompany><in-capmkt:ClassOfSecurity contextRef="OneD">Equity</in-capmkt:ClassOfSecurity><in-capmkt:DateOfStartOfFinancialYear contextRef="OneD">2025-04-01</in-capmkt:DateOfStartOfFinancialYear><in-capmkt:DateOfEndOfFinancialYear contextRef="OneD">2026-03-31</in-capmkt:DateOfEndOfFinancialYear><in-capmkt:DateOfBoardMeetingWhenFinancialResultsWereApproved contextRef="OneD">2025-08-01</in-capmkt:DateOfBoardMeetingWhenFinancialResultsWereApproved><in-capmkt:DateOnWhichPriorIntimationOfTheMeetingForConsideringFinancialResultsWasInformedToTheExchange contextRef="OneD">2025-07-24</in-capmkt:DateOnWhichPriorIntimationOfTheMeetingForConsideringFinancialResultsWasInformedToTheExchange><in-capmkt:DescriptionOfPresentationCurrency contextRef="OneD">INR</in-capmkt:DescriptionOfPresentationCurrency><in-capmkt:LevelOfRounding contextRef="OneD">Lakhs</in-capmkt:LevelOfRounding><in-capmkt:TypeOfReportingPeriod contextRef="OneD">Quarterly</in-capmkt:TypeOfReportingPeriod><in-capmkt:ReportingQuarter contextRef="OneD">First quarter</in-capmkt:ReportingQuarter><in-capmkt:IsCompanyReportingMultisegmentOrSingleSegment contextRef="OneD">Single segment</in-capmkt:IsCompanyReportingMultisegmentOrSingleSegment><in-capmkt:DescriptionOfSingleSegment contextRef="OneD">STEEL</in-capmkt:DescriptionOfSingleSegment><in-capmkt:DateOfStartOfBoardMeeting contextRef="OneD">2025-08-01</in-capmkt:DateOfStartOfBoardMeeting><in-capmkt:StartTimeOfBoardMeeting contextRef="OneD">16:00:00</in-capmkt:StartTimeOfBoardMeeting><in-capmkt:DateOfEndOfBoardMeeting contextRef="OneD">2025-08-01</in-capmkt:DateOfEndOfBoardMeeting><in-capmkt:EndTimeOfBoardMeeting contextRef="OneD">16:50:00</in-capmkt:EndTimeOfBoardMeeting><in-capmkt:DeclarationOfUnmodifiedOpinionOrStatementOnImpactOfAuditQualification contextRef="OneD">Not applicable</in-capmkt:DeclarationOfUnmodifiedOpinionOrStatementOnImpactOfAuditQualification><in-capmkt:DateOfStartOfReportingPeriod contextRef="OneD">2025-04-01</in-capmkt:DateOfStartOfReportingPeriod><in-capmkt:DateOfEndOfReportingPeriod contextRef="OneD">2025-06-30</in-capmkt:DateOfEndOfReportingPeriod><in-capmkt:WhetherResultsAreAuditedOrUnaudited contextRef="OneD">Unaudited</in-capmkt:WhetherResultsAreAuditedOrUnaudited><in-capmkt:NatureOfReportStandaloneConsolidated contextRef="OneD">Consolidated</in-capmkt:NatureOfReportStandaloneConsolidated><in-capmkt:RevenueFromOperations contextRef="OneD" decimals="-3" unitRef="INR">2757318000</in-capmkt:RevenueFromOperations><in-capmkt:OtherIncome contextRef="OneD" decimals="-3" unitRef="INR">36741000</in-capmkt:OtherIncome><in-capmkt:Income contextRef="OneD" decimals="-3" unitRef="INR">2794059000</in-capmkt:Income><in-capmkt:CostOfMaterialsConsumed contextRef="OneD" decimals="-3" unitRef="INR">2400315000</in-capmkt:CostOfMaterialsConsumed><in-capmkt:PurchasesOfStockInTrade contextRef="OneD" decimals="-3" unitRef="INR">55905000</in-capmkt:PurchasesOfStockInTrade><in-capmkt:ChangesInInventoriesOfFinishedGoodsWorkInProgressAndStockInTrade contextRef="OneD" decimals="-3" unitRef="INR">-289694000</in-capmkt:ChangesInInventoriesOfFinishedGoodsWorkInProgressAndStockInTrade><in-capmkt:EmployeeBenefitExpense contextRef="OneD" decimals="-3" unitRef="INR">86043000</in-capmkt:EmployeeBenefitExpense><in-capmkt:FinanceCosts contextRef="OneD" decimals="-3" unitRef="INR">74315000</in-capmkt:FinanceCosts><in-capmkt:DepreciationDepletionAndAmortisationExpense contextRef="OneD" decimals="-3" unitRef="INR">24211000</in-capmkt:DepreciationDepletionAndAmortisationExpense><in-capmkt:OtherExpenses contextRef="OneD" decimals="-3" unitRef="INR">344316000</in-capmkt:OtherExpenses><in-capmkt:Expenses contextRef="OneD" decimals="-3" unitRef="INR">2695411000</in-capmkt:Expenses><in-capmkt:ProfitBeforeExceptionalItemsAndTax contextRef="OneD" decimals="-3" unitRef="INR">98648000</in-capmkt:ProfitBeforeExceptionalItemsAndTax><in-capmkt:ExceptionalItemsBeforeTax contextRef="OneD" decimals="-5" unitRef="INR">0</in-capmkt:ExceptionalItemsBeforeTax><in-capmkt:ProfitBeforeTax contextRef="OneD" decimals="-3" unitRef="INR">98648000</in-capmkt:ProfitBeforeTax><in-capmkt:CurrentTax contextRef="OneD" decimals="-4" unitRef="INR">40000</in-capmkt:CurrentTax><in-capmkt:DeferredTax contextRef="OneD" decimals="-3" unitRef="INR">-2673000</in-capmkt:DeferredTax><in-capmkt:TaxExpense contextRef="OneD" decimals="-3" unitRef="INR">-2633000</in-capmkt:TaxExpense><in-capmkt:NetMovementInRegulatoryDeferralAccountBalancesRelatedToProfitOrLossAndTheRelatedDeferredTaxMovement contextRef="OneD" decimals="-5" unitRef="INR">0</in-capmkt:NetMovementInRegulatoryDeferralAccountBalancesRelatedToProfitOrLossAndTheRelatedDeferredTaxMovement><in-capmkt:ProfitLossForPeriodFromContinuingOperations contextRef="OneD" decimals="-3" unitRef="INR">101281000</in-capmkt:ProfitLossForPeriodFromContinuingOperations><in-capmkt:ProfitLossFromDiscontinuedOperationsBeforeTax contextRef="OneD" decimals="-5" unitRef="INR">0</in-capmkt:ProfitLossFromDiscontinuedOperationsBeforeTax><in-capmkt:TaxExpenseOfDiscontinuedOperations contextRef="OneD" decimals="-5" unitRef="INR">0</in-capmkt:TaxExpenseOfDiscontinuedOperations><in-capmkt:ProfitLossFromDiscontinuedOperationsAfterTax contextRef="OneD" decimals="-5" unitRef="INR">0</in-capmkt:ProfitLossFromDiscontinuedOperationsAfterTax><in-capmkt:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod contextRef="OneD" decimals="-5" unitRef="INR">0</in-capmkt:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod><in-capmkt:ProfitLossForPeriod contextRef="OneD" decimals="-3" unitRef="INR">101281000</in-capmkt:ProfitLossForPeriod><in-capmkt:OtherComprehensiveIncomeNetOfTaxes contextRef="OneD" decimals="-3" unitRef="INR">-6253000</in-capmkt:OtherComprehensiveIncomeNetOfTaxes><in-capmkt:ComprehensiveIncomeForThePeriod contextRef="OneD" decimals="-3" unitRef="INR">95028000</in-capmkt:ComprehensiveIncomeForThePeriod><in-capmkt:ProfitOrLossAttributableToOwnersOfParent contextRef="OneD" decimals="-3" unitRef="INR">101175000</in-capmkt:ProfitOrLossAttributableToOwnersOfParent><in-capmkt:ProfitOrLossAttributableToNonControllingInterests contextRef="OneD" decimals="-3" unitRef="INR">106000</in-capmkt:ProfitOrLossAttributableToNonControllingInterests><in-capmkt:ComprehensiveIncomeForThePeriodAttributableToOwnersOfParent contextRef="OneD" decimals="-3" unitRef="INR">94922000</in-capmkt:ComprehensiveIncomeForThePeriodAttributableToOwnersOfParent><in-capmkt:ComprehensiveIncomeForThePeriodAttributableToOwnersOfParentNonControllingInterests contextRef="OneD" decimals="-3" unitRef="INR">106000</in-capmkt:ComprehensiveIncomeForThePeriodAttributableToOwnersOfParentNonControllingInterests><in-capmkt:PaidUpValueOfEquityShareCapital contextRef="OneD" decimals="-3" unitRef="INR">297007000</in-capmkt:PaidUpValueOfEquityShareCapital><in-capmkt:FaceValueOfEquityShareCapital contextRef="OneD" decimals="INF" unitRef="INRPerShare">10</in-capmkt:FaceValueOfEquityShareCapital><in-capmkt:BasicEarningsLossPerShareFromContinuingOperations contextRef="OneD" decimals="INF" unitRef="INRPerShare">3.41</in-capmkt:BasicEarningsLossPerShareFromContinuingOperations><in-capmkt:DilutedEarningsLossPerShareFromContinuingOperations contextRef="OneD" decimals="INF" unitRef="INRPerShare">3.41</in-capmkt:DilutedEarningsLossPerShareFromContinuingOperations><in-capmkt:BasicEarningsLossPerShareFromDiscontinuedOperations contextRef="OneD" decimals="INF" unitRef="INRPerShare">0</in-capmkt:BasicEarningsLossPerShareFromDiscontinuedOperations><in-capmkt:DilutedEarningsLossPerShareFromDiscontinuedOperations contextRef="OneD" decimals="INF" unitRef="INRPerShare">0</in-capmkt:DilutedEarningsLossPerShareFromDiscontinuedOperations><in-capmkt:BasicEarningsLossPerShareFromContinuingAndDiscontinuedOperations contextRef="OneD" decimals="INF" unitRef="INRPerShare">3.41</in-capmkt:BasicEarningsLossPerShareFromContinuingAndDiscontinuedOperations><in-capmkt:DilutedEarningsLossPerShareFromContinuingAndDiscontinuedOperations contextRef="OneD" decimals="INF" unitRef="INRPerShare">3.41</in-capmkt:DilutedEarningsLossPerShareFromContinuingAndDiscontinuedOperations><in-capmkt:DisclosureOfNotesOnFinancialResultsExplanatoryTextBlock contextRef="OneD">1. The above Unaudited Consolidated Financial Results of Mangalam Worldwide Limited (the “Holding Company”) and its subsidiaries (together referred to as the “Group”) for the quarter ended 30th June, 2025 were reviewed and recommended by the Audit Committee and approved by the Board of Directors, at their respective meeting held on Thursday, 01st August, 2025. These results have been reviewed by the Statutory Auditors of the Company in terms of Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (LODR) (as amended). &lt;BR&gt; 
 &lt;BR&gt; 
2. Following subsidiary company has been considered in the preparation of the consolidated financial statements/results for the quarter ended 30th June, 2025. &lt;BR&gt; 
 &lt;BR&gt; 
Name of entity	Relationship	Country of incorporation	% of Holding &lt;BR&gt; 
Mangalam Saarloh Private Limited	Subsidiary	India	60.00 &lt;BR&gt; 
MWL Multicomm Private Limited (w.e.f. 01st January, 2025)	Wholly Owned Subsidiary	India	100.00 &lt;BR&gt; 
 &lt;BR&gt; 
3. The company is mainly engaged into the business of manufacturing of Stainless Steel (SS) Billets, Ingots, Forged Roundbars, Forged Round Brightbars, Rolling of SS Flat &amp; Round Bars, Brightbars &amp; Seamless Pipes &amp; Tubes, U – Bend Tubes and ERW Pipes also trading steel scrap and ferro alloys. The Company is carrying out the manufacturing with fully integrated infrastructure. Looking into the nature of business company, it is operating under single segment hence as per Ind AS – 108 – “operating segment” reporting is not applicable to Company. &lt;BR&gt; 
 &lt;BR&gt; 
4. With reference to the Show Cause Notice (“SCN”) dated 29th January, 2025 received by the Company, Promoters / Directors and Others and the Company, Promoters / Directors and Others are in process to comply with the same and has filed a preliminary response along with the settlement application with the SEBI in March, 2025, further there has been no change in the status of the matter.  &lt;BR&gt; 
 &lt;BR&gt; 
5. The paid-up capital of the company has increased to Rs. 2,600.07 Lakhs from Rs. 2,450.07 lakhs pursuant to conversion of 15,00,000 Convertible Warrants out of 52,00,000 Convertible Warrants into 15,00,000 Equity Share of Rs 10/- (at a premium Rs 97/-) each as on 21st March, 2024. The company had received the listing and trading approval of said 15,00,000 Equity shares from NSE on 14th May, 2025 and 28th May, 2025, respectively. Further, the paid-up capital of the company has increased to Rs. 2,970.07 Lakhs from Rs. 2,600.07 lakhs pursuant to conversion of remaining 37,00,000 Convertible Warrants out of 52,00,000 Convertible Warrants into 37,00,000 Equity Share of Rs 10/- (at a premium Rs 97/-) each as on 03rd October, 2024. The company had received the listing and trading approval of said 37,00,000 Equity shares from NSE on 14th May, 2025 and 30th May, 2025, respectively. &lt;BR&gt; 
 &lt;BR&gt; 
6. The above unaudited Consolidated Financial Results for the quarter ended on 30th June, 2025 has been prepared and presented in compliance with listing requirements as are made applicable to the companies listed on Main Board of NSE in view of Regulation 280(2) of the SEBI-ICDR Regulations as the paid up capital of the Company is beyond Rs. 25 Crores, though being listed on NSE-Emerge. &lt;BR&gt; 
 &lt;BR&gt; 
7.The figures for the quarter ended 31st March, 2025, represent the balancing figures between the audited figures in respect of full financial year and the year-to-date figures up to the third quarter of the relevant financial year, which were subjected to limited review. &lt;BR&gt; 
 &lt;BR&gt; 
8.The Board of Directors of the Company, in its meeting held on 25th April, 2023, considered and approved Scheme of Amalgamation of Mangalam Saarloh Private Limited (MSPL), (a sub swarm company) with the Company and their respective shareholders and creditors under Section 230 to 232 of the Companies Act, 2013 read with rules made thereunder (“Scheme”), subject to required  &lt;BR&gt; 
 &lt;BR&gt; 
statutory and regulatory approvals, with effect appointed date *.  On amalgamation of MSPL with the Company, Inter alia:   &lt;BR&gt; 
-	All assets and liabilities of MSPL will be transferred to the Company  &lt;BR&gt; 
-	The shareholders of MSPL will get 245 equity shares of the Company in exchange of every 100 equity shares of MSPL in proportion of their holding  &lt;BR&gt; 
 &lt;BR&gt; 
The scheme shall be effective from the date on which the certify copy of order sanctioning the Scheme by Hon’ble National Company Law Tribunal (NCLT) will be filed with the Registrar of Companies (ROC).   &lt;BR&gt; 
The Company has applied to National Stock Exchange of India Ltd (NSE) for In-principle approval/No-objection letter under regulation 37 of the SEBI (Listing Obligations and Disclosure Requirements), Regulation, 2015. At present, such approval is pending. After obtaining the said approval from the NSE, the Scheme will be filed with NCLT for further approval. &lt;BR&gt; 
* Appointed Date” means 1st April, 2023, or such other date as may be directed by the NCLT and is the date with effect from which the Scheme shall upon sanction. &lt;BR&gt; 
 &lt;BR&gt; 
9. The status of investor's complaints of the company during the quarter ended on 31st March, 2025 are as  under: &lt;BR&gt; 
 &lt;BR&gt; 
Complaints Pending at the beginning of the period (i.e., 01st January, 2025)	NIL &lt;BR&gt; 
Complaints received during the period (i.e., during 01st January, 2025 to 31st March, 2025)	NIL &lt;BR&gt; 
Complaints Disposed of during the period (i.e., during 01st January, 2025 to 31st March, 2025)	NIL &lt;BR&gt; 
Complaints unresolved at the end of the period (i.e., 31st March, 2025)	NIL &lt;BR&gt; 
 &lt;BR&gt; 
10.The above consolidated financial results are available at the Company’s website www.mangalamworldwide.com and on the website of the stock exchange www.nseindia.com.  &lt;BR&gt; 
 &lt;BR&gt; 
11.Previous year’s / period’s figures have been regrouped / rearranged / reclassified / recasted wherever considered necessary, to make them comparable. &lt;BR&gt; 
</in-capmkt:DisclosureOfNotesOnFinancialResultsExplanatoryTextBlock><in-capmkt:DescriptionOfOtherExpenses contextRef="OneExpenses1D">Other Expenses</in-capmkt:DescriptionOfOtherExpenses><in-capmkt:OtherExpenses contextRef="OneExpenses1D" decimals="-3" unitRef="INR">344316000</in-capmkt:OtherExpenses><in-capmkt:DescriptionOfItemThatWillNotBeReclassifiedToProfitAndLoss contextRef="D_ItemsThatWillNotBeReclassifiedToProfitAndLoss11">Amount of items that will not be reclassified to profit and loss</in-capmkt:DescriptionOfItemThatWillNotBeReclassifiedToProfitAndLoss><in-capmkt:AmountOfItemThatWillNotBeReclassifiedToProfitAndLoss contextRef="D_ItemsThatWillNotBeReclassifiedToProfitAndLoss11" decimals="-3" unitRef="INR">-8356000</in-capmkt:AmountOfItemThatWillNotBeReclassifiedToProfitAndLoss><in-capmkt:AmountOfItemThatWillNotBeReclassifiedToProfitAndLoss contextRef="OneD" decimals="-3" unitRef="INR">-8356000</in-capmkt:AmountOfItemThatWillNotBeReclassifiedToProfitAndLoss><in-capmkt:IncomeTaxRelatingToItemsThatWillNotBeReclassifiedToProfitOrLoss contextRef="OneD" decimals="-3" unitRef="INR">-2103000</in-capmkt:IncomeTaxRelatingToItemsThatWillNotBeReclassifiedToProfitOrLoss><in-capmkt:IncomeTaxRelatingToItemsThatWillBeReclassifiedToProfitOrLoss contextRef="OneD" decimals="-5" unitRef="INR">0</in-capmkt:IncomeTaxRelatingToItemsThatWillBeReclassifiedToProfitOrLoss><in-capmkt:OtherComprehensiveIncome contextRef="OneD" decimals="-3" unitRef="INR">-6253000</in-capmkt:OtherComprehensiveIncome></xbrli:xbrl>