<?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">BALAXI</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="OneI"><xbrli:entity><xbrli:identifier scheme="http://www.bseindia.com/in-capmkt/Symbol">BALAXI</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2025-06-30</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="OneExpenses1D"><xbrli:entity><xbrli:identifier scheme="http://www.bseindia.com/in-capmkt/Symbol">BALAXI</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 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unitRef="INRPerShare">0.04</in-capmkt:DilutedEarningsLossPerShareFromContinuingAndDiscontinuedOperations><in-capmkt:DescriptionOfOtherExpenses contextRef="OneExpenses1D">ADMINISTRATIVE EXPENSES</in-capmkt:DescriptionOfOtherExpenses><in-capmkt:OtherExpenses contextRef="OneExpenses1D" decimals="-3" unitRef="INR">6789000</in-capmkt:OtherExpenses><in-capmkt:ModeOfFundRaising contextRef="StatementStatic1I">Preferential Issues</in-capmkt:ModeOfFundRaising><in-capmkt:DateOfFundsRaising contextRef="StatementStatic1I">2022-10-11</in-capmkt:DateOfFundsRaising><in-capmkt:AmountRaised contextRef="StatementStatic1I" decimals="-5" unitRef="INR">47569225000000</in-capmkt:AmountRaised><in-capmkt:DateOfEndOfReportingPeriod contextRef="StatementStatic1D">2025-06-30</in-capmkt:DateOfEndOfReportingPeriod><in-capmkt:MonitoringAgency contextRef="StatementStatic1D">false</in-capmkt:MonitoringAgency><in-capmkt:IsThereADeviationOrVariationInUseOfFundsRaised contextRef="StatementStatic1D">false</in-capmkt:IsThereADeviationOrVariationInUseOfFundsRaised><in-capmkt:ExplanationForTheDeviationOrVariation contextRef="StatementStatic1I">false</in-capmkt:ExplanationForTheDeviationOrVariation><in-capmkt:CommentsOfTheAuditCommitteeAfterReview contextRef="StatementStatic1I">None</in-capmkt:CommentsOfTheAuditCommitteeAfterReview><in-capmkt:CommentsOfTheAuditors contextRef="StatementStatic1I">None</in-capmkt:CommentsOfTheAuditors><in-capmkt:NameOfSignatoryOfStatementOfDeviationOrVariationInUtilisationOfFundsRaised contextRef="OneD">Ashish Maheshwari</in-capmkt:NameOfSignatoryOfStatementOfDeviationOrVariationInUtilisationOfFundsRaised><in-capmkt:DesignationOfPersonOfStatementOfDeviationOrVariationInUtilisationOfFundsRaised contextRef="OneD">Managing Director</in-capmkt:DesignationOfPersonOfStatementOfDeviationOrVariationInUtilisationOfFundsRaised><in-capmkt:PlaceOfStatementOfDeviationOrVariationInUtilisationOfFundsRaised contextRef="OneD">Hyderabad</in-capmkt:PlaceOfStatementOfDeviationOrVariationInUtilisationOfFundsRaised><in-capmkt:DateOfStatementOfDeviationOrVariationInUtilisationOfFundsRaised contextRef="OneI">2025-08-05</in-capmkt:DateOfStatementOfDeviationOrVariationInUtilisationOfFundsRaised><in-capmkt:OriginalObject contextRef="StatementDynamic1I1">The proceeds of the preferential issue shall be utilized to
meet the capital expenditure requirements to support the
construction of the Company’s first pharmaceutical
formulation plant, being set up at Jadcherla, Hyderabad.
Further, it may be utilized to meet working capital
requirements and general corporate purposes and may also
utilize to undertake any additional business activities under
the main objects clause of the Memorandum of Association
of the Company.</in-capmkt:OriginalObject><in-capmkt:ModifiedObject contextRef="StatementDynamic1I1">Not applicable</in-capmkt:ModifiedObject><in-capmkt:OriginalAllocation contextRef="StatementDynamic1I1" decimals="-5" unitRef="INR">47569225000000</in-capmkt:OriginalAllocation><in-capmkt:ModifiedAllocation contextRef="StatementDynamic1I1" decimals="-5" unitRef="INR">0</in-capmkt:ModifiedAllocation><in-capmkt:FundsUtilised contextRef="StatementDynamic1I1" decimals="-3" unitRef="INR">28631155549000</in-capmkt:FundsUtilised><in-capmkt:AmountOfDeviationOrVariationForTheQuarterAccordingToApplicableObject contextRef="StatementDynamic1I1" decimals="-5" unitRef="INR">0</in-capmkt:AmountOfDeviationOrVariationForTheQuarterAccordingToApplicableObject></xbrli:xbrl>