<?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">500460</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">500460</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="OneExpenses2D"><xbrli:entity><xbrli:identifier scheme="http://www.bseindia.com/in-capmkt/ScripCode">500460</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:OtherExpenses2Member</xbrldi:explicitMember></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">500460</in-capmkt:ScripCode><in-capmkt:Symbol contextRef="OneD">MUKANDLTD</in-capmkt:Symbol><in-capmkt:MSEISymbol contextRef="OneD">NOTLISTED</in-capmkt:MSEISymbol><in-capmkt:ISIN contextRef="OneD">INE304A01026</in-capmkt:ISIN><in-capmkt:NameOfTheCompany 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unitRef="INR">354700000</in-capmkt:ProfitLossForPeriodFromContinuingOperations><in-capmkt:ProfitLossFromDiscontinuedOperationsBeforeTax contextRef="OneD" decimals="-5" unitRef="INR">-16500000</in-capmkt:ProfitLossFromDiscontinuedOperationsBeforeTax><in-capmkt:TaxExpenseOfDiscontinuedOperations contextRef="OneD" decimals="-7" unitRef="INR">0</in-capmkt:TaxExpenseOfDiscontinuedOperations><in-capmkt:ProfitLossFromDiscontinuedOperationsAfterTax contextRef="OneD" decimals="-5" unitRef="INR">-16500000</in-capmkt:ProfitLossFromDiscontinuedOperationsAfterTax><in-capmkt:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod contextRef="OneD" decimals="-7" unitRef="INR">0</in-capmkt:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod><in-capmkt:ProfitLossForPeriod contextRef="OneD" decimals="-5" unitRef="INR">338200000</in-capmkt:ProfitLossForPeriod><in-capmkt:OtherComprehensiveIncomeNetOfTaxes contextRef="OneD" decimals="-5" unitRef="INR">-10700000</in-capmkt:OtherComprehensiveIncomeNetOfTaxes><in-capmkt:ComprehensiveIncomeForThePeriod contextRef="OneD" decimals="-5" unitRef="INR">327500000</in-capmkt:ComprehensiveIncomeForThePeriod><in-capmkt:PaidUpValueOfEquityShareCapital contextRef="OneD" decimals="-5" unitRef="INR">1445100000</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">2.45</in-capmkt:BasicEarningsLossPerShareFromContinuingOperations><in-capmkt:DilutedEarningsLossPerShareFromContinuingOperations contextRef="OneD" decimals="INF" unitRef="INRPerShare">0</in-capmkt:DilutedEarningsLossPerShareFromContinuingOperations><in-capmkt:BasicEarningsLossPerShareFromDiscontinuedOperations contextRef="OneD" decimals="INF" unitRef="INRPerShare">-0.11</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">2.34</in-capmkt:BasicEarningsLossPerShareFromContinuingAndDiscontinuedOperations><in-capmkt:DilutedEarningsLossPerShareFromContinuingAndDiscontinuedOperations contextRef="OneD" decimals="INF" unitRef="INRPerShare">0</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 its meeting held on August 8 2025 The Auditors have carried out a Limited Review of these Results &lt;BR&gt; 
 &lt;BR&gt; 
2 Since the Segment information as per Ind AS 108 Operating Segment is provided on the basis of Consolidated Financial Results the same is not provided separately for the Standalone Financial Results &lt;BR&gt; 
 &lt;BR&gt; 
3 Company has executed an Agreement for Sale on July 23, 2025 for the sale of land parcels admeasuring approx. 17.77 acres together with 50 percentage undivided right title and interest in the access road admeasuring approx. 2.73 acres and for grant of perpetual non-exclusive right of way over a land parcel admeasuring 0.16 acre or thereabouts situated at Kalwe and Dighe in Thane District for a consideration of approx. Rs.673 Crore and has received an advance of Rs.110 Crore from the purchaser. This transaction is subject to necessary approvals/ permission/ NOC s from Government and various concerned authorities and fulfilment of conditions precedent. The said asset has been shown as Assets held for sale in accordance with Ind AS-105. &lt;BR&gt; 
 &lt;BR&gt; 
4 Board of Directors of the Company in its meeting held on May 16 2025 approved sale and transfer of part of Industrial Machinery Division namely designing, manufacturing Erection and Commissioning of EOT Cranes other material handling and process plant equipment activities of the Company Business on a going concern basis by way of slump sale to Mukand Heavy Engineering Limited MHEL, a wholly owned subsidiary of the company, through execution of Business Transfer Agreement BTA. The slump sale is expected to be completed in near future, subject to terms and conditions prescribed under the BTA. The purchase consideration shall be discharged by MHEL by issuance of requisite number of equity shares of MHEL on the closing date. The said assets have been shown as ‘Assets held for sale’ in accordance with Ind AS 105. &lt;BR&gt; 
 &lt;BR&gt; 
As per the applicable Ind AS, the Business has been classified as Discontinued Operations for all the periods presented in these unaudited standalone financial results of the Company. Since the transaction is with a wholly-owned subsidiary Company, there is no impact on the unaudited consolidated financial results.  &lt;BR&gt; 
 &lt;BR&gt; 
The results of the Business classified as Discontinued Operations in the unaudited  standalone financial results are as under &lt;BR&gt; 
 &lt;BR&gt; 
Particulars                              Quarter Ended                                                Year Ended &lt;BR&gt; 
 &lt;BR&gt; 
                                             30 Jun 2025    31 Mar 2025  30 Jun 2024    31 Mar 2025 &lt;BR&gt; 
 &lt;BR&gt; 
Total Income                          28.15              59.93                69.05             226.55 &lt;BR&gt; 
 &lt;BR&gt; 
Total Expenses                       29.80             49.16                 59.86             192.20 &lt;BR&gt; 
 &lt;BR&gt; 
Profit loss before                -1.65             10.77                  9.19               34.35 &lt;BR&gt; 
exceptional items and tax &lt;BR&gt; 
 &lt;BR&gt; 
Exceptional items                     0                    0                           0                     0 &lt;BR&gt; 
 &lt;BR&gt; 
Profit  loss before tax           -1.65            10.77                  9.19                34.35 &lt;BR&gt; 
 &lt;BR&gt; 
Total tax expenses benefit     0                  0                          0                       0    &lt;BR&gt; 
 &lt;BR&gt; 
Net profit loss for the period  -1.65            -10.77                 9.19                34.35 &lt;BR&gt; 
 &lt;BR&gt; 
 &lt;BR&gt; 
5 National Company Law Tribunal NCLT vide its order dated April 29 2025 approved the Scheme of demerger of Stainless Steel Cold Finished Bars and Wires business of MSMPL into Mukand Ltd with effect from April 01 2024  &lt;BR&gt; 
 &lt;BR&gt; 
The figures in respect of corresponding previous year’s quarter are restated as computed by the Management. &lt;BR&gt; 
  &lt;BR&gt; 
The effect of scheme of arrangement on the amounts of Revenue and Profit after tax published in previous periods are as shown below: &lt;BR&gt; 
 &lt;BR&gt; 
Particulars                                                                            Quarter ended 30 June 2024 &lt;BR&gt; 
                                                         &lt;BR&gt; 
 &lt;BR&gt; 
Revenue from operations &lt;BR&gt; 
 &lt;BR&gt; 
As published in previous periods                                                    1258.06 &lt;BR&gt; 
 &lt;BR&gt; 
As restated for the effect of Scheme of arrangement                   1257.71 &lt;BR&gt; 
 &lt;BR&gt; 
Profit after tax &lt;BR&gt; 
 &lt;BR&gt; 
As published in previous periods                                                    22.41 &lt;BR&gt; 
 &lt;BR&gt; 
As restated for the effect of Scheme of arrangement                   26.19 &lt;BR&gt; 
 &lt;BR&gt; 
6 The figures for the last quarter of FY 2024 25 are the balancing figures between audited figures in respect of full financial year and the published year-to-date figures up to the third quarter of the said financial year which were subjected to Limited Review &lt;BR&gt; 
 &lt;BR&gt; 
7 Figures in respect of the previous period have been regrouped  recast wherever necessary in case of the above results   &lt;BR&gt; 
 &lt;BR&gt; 
                </in-capmkt:DisclosureOfNotesOnFinancialResultsExplanatoryTextBlock><in-capmkt:DescriptionOfOtherExpenses contextRef="OneExpenses1D">StoresiSpares Components, Tools etc. consumed</in-capmkt:DescriptionOfOtherExpenses><in-capmkt:OtherExpenses contextRef="OneExpenses1D" decimals="-5" unitRef="INR">1425600000</in-capmkt:OtherExpenses><in-capmkt:DescriptionOfOtherExpenses contextRef="OneExpenses2D">Other Expenses</in-capmkt:DescriptionOfOtherExpenses><in-capmkt:OtherExpenses contextRef="OneExpenses2D" decimals="-5" unitRef="INR">1609400000</in-capmkt:OtherExpenses><in-capmkt:IncomeTaxRelatingToItemsThatWillNotBeReclassifiedToProfitOrLoss contextRef="OneD" decimals="-5" unitRef="INR">14300000</in-capmkt:IncomeTaxRelatingToItemsThatWillNotBeReclassifiedToProfitOrLoss><in-capmkt:IncomeTaxRelatingToItemsThatWillBeReclassifiedToProfitOrLoss contextRef="OneD" decimals="-5" unitRef="INR">-3600000</in-capmkt:IncomeTaxRelatingToItemsThatWillBeReclassifiedToProfitOrLoss><in-capmkt:OtherComprehensiveIncome contextRef="OneD" decimals="-5" unitRef="INR">-10700000</in-capmkt:OtherComprehensiveIncome></xbrli:xbrl>