<?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/ScripCode">500378</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/ScripCode">500378</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/ScripCode">500378</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:context id="D_ItemsThatWillBeReclassifiedToProfitAndLoss11"><xbrli:entity><xbrli:identifier scheme="http://www.bseindia.com/in-capmkt/ScripCode">500378</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:ItemsThatWillBeReclassifiedToProfitAndLossAxis"><in-capmkt:ItemsThatWillBeReclassifiedToProfitAndLossDomain>ItemsThatWillBeReclassifiedToProfitAndLoss1</in-capmkt:ItemsThatWillBeReclassifiedToProfitAndLossDomain></xbrldi:typedMember></xbrli:scenario></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><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">500378</in-capmkt:ScripCode><in-capmkt:Symbol contextRef="OneD">JINDALSAW</in-capmkt:Symbol><in-capmkt:MSEISymbol contextRef="OneD">NOTLISTED</in-capmkt:MSEISymbol><in-capmkt:ISIN contextRef="OneD">INE324A01032</in-capmkt:ISIN><in-capmkt:NameOfTheCompany contextRef="OneD">JINDAL SAW LIMITED</in-capmkt:NameOfTheCompany><in-capmkt:TypeOfCompany contextRef="OneD">Main Board</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">2025-08-05</in-capmkt:DateOfBoardMeetingWhenFinancialResultsWereApproved><in-capmkt:DateOnWhichPriorIntimationOfTheMeetingForConsideringFinancialResultsWasInformedToTheExchange contextRef="OneD">2025-07-25</in-capmkt:DateOnWhichPriorIntimationOfTheMeetingForConsideringFinancialResultsWasInformedToTheExchange><in-capmkt:DescriptionOfPresentationCurrency contextRef="OneD">INR</in-capmkt:DescriptionOfPresentationCurrency><in-capmkt:LevelOfRounding contextRef="OneD">Crores</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">Iron and Steel Product</in-capmkt:DescriptionOfSingleSegment><in-capmkt:DateOfStartOfBoardMeeting contextRef="OneD">2025-08-05</in-capmkt:DateOfStartOfBoardMeeting><in-capmkt:StartTimeOfBoardMeeting contextRef="OneD">13:00:00</in-capmkt:StartTimeOfBoardMeeting><in-capmkt:DateOfEndOfBoardMeeting contextRef="OneD">2025-08-05</in-capmkt:DateOfEndOfBoardMeeting><in-capmkt:EndTimeOfBoardMeeting contextRef="OneD">15:00:00</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="-5" unitRef="INR">40846800000</in-capmkt:RevenueFromOperations><in-capmkt:OtherIncome contextRef="OneD" decimals="-5" unitRef="INR">182700000</in-capmkt:OtherIncome><in-capmkt:Income contextRef="OneD" decimals="-5" unitRef="INR">41029500000</in-capmkt:Income><in-capmkt:CostOfMaterialsConsumed contextRef="OneD" decimals="-5" unitRef="INR">30673700000</in-capmkt:CostOfMaterialsConsumed><in-capmkt:PurchasesOfStockInTrade contextRef="OneD" decimals="-5" unitRef="INR">18900000</in-capmkt:PurchasesOfStockInTrade><in-capmkt:ChangesInInventoriesOfFinishedGoodsWorkInProgressAndStockInTrade contextRef="OneD" decimals="-7" unitRef="INR">-9280000000</in-capmkt:ChangesInInventoriesOfFinishedGoodsWorkInProgressAndStockInTrade><in-capmkt:EmployeeBenefitExpense contextRef="OneD" decimals="-5" unitRef="INR">4075300000</in-capmkt:EmployeeBenefitExpense><in-capmkt:FinanceCosts contextRef="OneD" decimals="-5" unitRef="INR">1711400000</in-capmkt:FinanceCosts><in-capmkt:DepreciationDepletionAndAmortisationExpense contextRef="OneD" decimals="-5" unitRef="INR">1533300000</in-capmkt:DepreciationDepletionAndAmortisationExpense><in-capmkt:OtherExpenses contextRef="OneD" decimals="-5" unitRef="INR">8657800000</in-capmkt:OtherExpenses><in-capmkt:Expenses contextRef="OneD" decimals="-5" unitRef="INR">37390400000</in-capmkt:Expenses><in-capmkt:ProfitBeforeExceptionalItemsAndTax contextRef="OneD" decimals="-5" unitRef="INR">3639100000</in-capmkt:ProfitBeforeExceptionalItemsAndTax><in-capmkt:ExceptionalItemsBeforeTax contextRef="OneD" decimals="-7" unitRef="INR">0</in-capmkt:ExceptionalItemsBeforeTax><in-capmkt:ProfitBeforeTax contextRef="OneD" decimals="-5" unitRef="INR">3639100000</in-capmkt:ProfitBeforeTax><in-capmkt:CurrentTax contextRef="OneD" decimals="-5" unitRef="INR">-470500000</in-capmkt:CurrentTax><in-capmkt:DeferredTax contextRef="OneD" decimals="-5" unitRef="INR">58800000</in-capmkt:DeferredTax><in-capmkt:TaxExpense contextRef="OneD" decimals="-5" unitRef="INR">-411700000</in-capmkt:TaxExpense><in-capmkt:NetMovementInRegulatoryDeferralAccountBalancesRelatedToProfitOrLossAndTheRelatedDeferredTaxMovement contextRef="OneD" decimals="-7" unitRef="INR">0</in-capmkt:NetMovementInRegulatoryDeferralAccountBalancesRelatedToProfitOrLossAndTheRelatedDeferredTaxMovement><in-capmkt:ProfitLossForPeriodFromContinuingOperations contextRef="OneD" decimals="-5" unitRef="INR">4050800000</in-capmkt:ProfitLossForPeriodFromContinuingOperations><in-capmkt:ProfitLossFromDiscontinuedOperationsBeforeTax contextRef="OneD" decimals="-7" unitRef="INR">0</in-capmkt:ProfitLossFromDiscontinuedOperationsBeforeTax><in-capmkt:TaxExpenseOfDiscontinuedOperations contextRef="OneD" decimals="-7" unitRef="INR">0</in-capmkt:TaxExpenseOfDiscontinuedOperations><in-capmkt:ProfitLossFromDiscontinuedOperationsAfterTax contextRef="OneD" decimals="-7" unitRef="INR">0</in-capmkt:ProfitLossFromDiscontinuedOperationsAfterTax><in-capmkt:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod contextRef="OneD" decimals="-5" unitRef="INR">103900000</in-capmkt:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod><in-capmkt:ProfitLossForPeriod contextRef="OneD" decimals="-5" unitRef="INR">4154700000</in-capmkt:ProfitLossForPeriod><in-capmkt:OtherComprehensiveIncomeNetOfTaxes contextRef="OneD" decimals="-5" unitRef="INR">20300000</in-capmkt:OtherComprehensiveIncomeNetOfTaxes><in-capmkt:ComprehensiveIncomeForThePeriod contextRef="OneD" decimals="-6" unitRef="INR">4175000000</in-capmkt:ComprehensiveIncomeForThePeriod><in-capmkt:ProfitOrLossAttributableToOwnersOfParent contextRef="OneD" decimals="-5" unitRef="INR">4240400000</in-capmkt:ProfitOrLossAttributableToOwnersOfParent><in-capmkt:ProfitOrLossAttributableToNonControllingInterests contextRef="OneD" decimals="-5" unitRef="INR">-85700000</in-capmkt:ProfitOrLossAttributableToNonControllingInterests><in-capmkt:ComprehensiveIncomeForThePeriodAttributableToOwnersOfParent contextRef="OneD" decimals="-5" unitRef="INR">4260800000</in-capmkt:ComprehensiveIncomeForThePeriodAttributableToOwnersOfParent><in-capmkt:ComprehensiveIncomeForThePeriodAttributableToOwnersOfParentNonControllingInterests contextRef="OneD" decimals="-5" unitRef="INR">-85800000</in-capmkt:ComprehensiveIncomeForThePeriodAttributableToOwnersOfParentNonControllingInterests><in-capmkt:PaidUpValueOfEquityShareCapital contextRef="OneD" decimals="-5" unitRef="INR">639500000</in-capmkt:PaidUpValueOfEquityShareCapital><in-capmkt:FaceValueOfEquityShareCapital contextRef="OneD" decimals="INF" unitRef="INRPerShare">1</in-capmkt:FaceValueOfEquityShareCapital><in-capmkt:BasicEarningsLossPerShareFromContinuingOperations contextRef="OneD" decimals="INF" unitRef="INRPerShare">6.66</in-capmkt:BasicEarningsLossPerShareFromContinuingOperations><in-capmkt:DilutedEarningsLossPerShareFromContinuingOperations contextRef="OneD" decimals="INF" unitRef="INRPerShare">6.63</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">6.66</in-capmkt:BasicEarningsLossPerShareFromContinuingAndDiscontinuedOperations><in-capmkt:DilutedEarningsLossPerShareFromContinuingAndDiscontinuedOperations contextRef="OneD" decimals="INF" unitRef="INRPerShare">6.63</in-capmkt:DilutedEarningsLossPerShareFromContinuingAndDiscontinuedOperations><in-capmkt:DebtEquityRatio contextRef="OneD" decimals="INF" unitRef="pure">0.0042</in-capmkt:DebtEquityRatio><in-capmkt:DebtServiceCoverageRatio contextRef="OneD" decimals="INF" unitRef="pure">0.0179</in-capmkt:DebtServiceCoverageRatio><in-capmkt:InterestServiceCoverageRatio contextRef="OneD" decimals="INF" unitRef="pure">0.0408</in-capmkt:InterestServiceCoverageRatio><in-capmkt:DisclosureOfNotesOnFinancialResultsExplanatoryTextBlock contextRef="OneD">Notes: &lt;BR&gt; 
1. Jindal ITF Limited (JITF), a Subsidiary of the Company, is in an appeal before the divisional bench of Hon’ble High Court of Delhi against the judgment of single judge setting aside the Arbitral Award of Rs. 1,891.08 Crores plus interest and applicable taxes in favour of the Subsidiary. Based on the advice received after due consideration and consultation with a reputed independent legal counsel on the matter, the Management of the Holding Company believes that it has an extremely strong case leading to an ultimate favourable outcome, and the Subsidiary will be in a position to meet all its liabilities and is in a position to monetise all its assets at carrying values and accordingly, no adjustments are required to be made in the consolidated financial results as at and for the quarter ended June 30, 2025 and the Subsidiary is able to operate as a going concern. &lt;BR&gt; 
 &lt;BR&gt; 
2. The Group has one only reportable business segment i.e. “Iron &amp; Steel products’ and accordingly, no segment information required to be disclosed. &lt;BR&gt; 
 &lt;BR&gt; 
3. Current tax expense for the quarter ended June 30, 2025 is net of tax refund receivable on account of additional claims pertaining to earlier years adjudicated to the Parent Company by the Appellate Authority amounting to Rs. 133.55 Crores. &lt;BR&gt; 
 &lt;BR&gt; 
4. The Group consolidated financial results includes the results of the following entities:                                                      &lt;BR&gt; 
Relationship	Name of the Entities &lt;BR&gt; 
Holding Company	Jindal Saw Limited &lt;BR&gt; 
Trust	Samruddhi Employees Trust &lt;BR&gt; 
Subsidiaries	Direct Subsidiaries &lt;BR&gt; 
a)	Jindal ITF Limited  &lt;BR&gt; 
b)	Jindal Metals &amp; Alloys Limited  &lt;BR&gt; 
c)	S.V. Trading Limited, Nevis &lt;BR&gt; 
d)	Ralael Holdings Limited, Cyprus   &lt;BR&gt; 
e)	Jindal Saw Holding FZE, UAE &lt;BR&gt; 
f)	JITF Shipyards Limited  &lt;BR&gt; 
 &lt;BR&gt; 
Indirect Subsidiaries &lt;BR&gt; 
a)	Jindal Saw USA LLC, USA  &lt;BR&gt; 
b)	Jindal Saw Middle East FZE, UAE  &lt;BR&gt; 
c)	Jindal Saw Gulf LLC, UAE &lt;BR&gt; 
d)	Jindal Intellicom Limited  &lt;BR&gt; 
e)	iCom Analytics Limited  &lt;BR&gt; 
f)	World Transload &amp; Logistics LLC, USA  &lt;BR&gt; 
g)	5101 Boone LLP, USA &lt;BR&gt; 
h)	Tube Technologies INC, USA &lt;BR&gt; 
i)	Helical Anchors INC, USA &lt;BR&gt; 
j)	Boone Real Property Holding LLC, USA  &lt;BR&gt; 
k)	Drill Pipe International LLC, USA &lt;BR&gt; 
l)	Jindal X LLC, USA &lt;BR&gt; 
Joint Ventures	a)	Jindal MMG LLC, USA &lt;BR&gt; 
b)	Jindal Hunting Energy Services Limited &lt;BR&gt; 
                                                             &lt;BR&gt; 
 &lt;BR&gt; 
 &lt;BR&gt; 
 &lt;BR&gt; 
 &lt;BR&gt; 
 &lt;BR&gt; 
 &lt;BR&gt; 
 &lt;BR&gt; 
 &lt;BR&gt; 
 &lt;BR&gt; 
 &lt;BR&gt; 
 &lt;BR&gt; 
 &lt;BR&gt; 
 &lt;BR&gt; 
 &lt;BR&gt; 
 &lt;BR&gt; 
 &lt;BR&gt; 
 &lt;BR&gt; 
 &lt;BR&gt; 
 &lt;BR&gt; 
 &lt;BR&gt; 
 &lt;BR&gt; 
 &lt;BR&gt; 
 &lt;BR&gt; 
 &lt;BR&gt; 
 &lt;BR&gt; 
 &lt;BR&gt; 
please refer the pdf file filed &lt;BR&gt; 
</in-capmkt:DisclosureOfNotesOnFinancialResultsExplanatoryTextBlock><in-capmkt:DescriptionOfOtherExpenses contextRef="OneExpenses1D">Other expenses</in-capmkt:DescriptionOfOtherExpenses><in-capmkt:OtherExpenses contextRef="OneExpenses1D" decimals="-5" unitRef="INR">8657800000</in-capmkt:OtherExpenses><in-capmkt:DescriptionOfItemThatWillNotBeReclassifiedToProfitAndLoss contextRef="D_ItemsThatWillNotBeReclassifiedToProfitAndLoss11">Re-measurement losses on defined benefit plans</in-capmkt:DescriptionOfItemThatWillNotBeReclassifiedToProfitAndLoss><in-capmkt:AmountOfItemThatWillNotBeReclassifiedToProfitAndLoss contextRef="D_ItemsThatWillNotBeReclassifiedToProfitAndLoss11" decimals="-5" unitRef="INR">-22100000</in-capmkt:AmountOfItemThatWillNotBeReclassifiedToProfitAndLoss><in-capmkt:AmountOfItemThatWillNotBeReclassifiedToProfitAndLoss contextRef="OneD" decimals="-5" unitRef="INR">-22100000</in-capmkt:AmountOfItemThatWillNotBeReclassifiedToProfitAndLoss><in-capmkt:IncomeTaxRelatingToItemsThatWillNotBeReclassifiedToProfitOrLoss contextRef="OneD" decimals="-5" unitRef="INR">-5600000</in-capmkt:IncomeTaxRelatingToItemsThatWillNotBeReclassifiedToProfitOrLoss><in-capmkt:DescriptionOfItemThatWillBeReclassifiedToProfitAndLoss contextRef="D_ItemsThatWillBeReclassifiedToProfitAndLoss11">Exchange differences on translating the foreign operation</in-capmkt:DescriptionOfItemThatWillBeReclassifiedToProfitAndLoss><in-capmkt:AmountOfItemThatWillBeReclassifiedToProfitAndLoss contextRef="D_ItemsThatWillBeReclassifiedToProfitAndLoss11" decimals="-5" unitRef="INR">36800000</in-capmkt:AmountOfItemThatWillBeReclassifiedToProfitAndLoss><in-capmkt:AmountOfItemThatWillBeReclassifiedToProfitAndLoss contextRef="OneD" decimals="-5" unitRef="INR">36800000</in-capmkt:AmountOfItemThatWillBeReclassifiedToProfitAndLoss><in-capmkt:IncomeTaxRelatingToItemsThatWillBeReclassifiedToProfitOrLoss contextRef="OneD" decimals="-7" unitRef="INR">0</in-capmkt:IncomeTaxRelatingToItemsThatWillBeReclassifiedToProfitOrLoss><in-capmkt:OtherComprehensiveIncome contextRef="OneD" decimals="-5" unitRef="INR">20300000</in-capmkt:OtherComprehensiveIncome></xbrli:xbrl>