<?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">MARKSANS</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">MARKSANS</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">MARKSANS</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">MARKSANS</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/Symbol">MARKSANS</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:context id="D_Auditor1"><xbrli:entity><xbrli:identifier scheme="http://www.bseindia.com/in-capmkt/Symbol">MARKSANS</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:AuditorAxis"><in-capmkt:AuditorDomain>AuditorDomain1</in-capmkt:AuditorDomain></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">524404</in-capmkt:ScripCode><in-capmkt:Symbol contextRef="OneD">MARKSANS</in-capmkt:Symbol><in-capmkt:MSEISymbol contextRef="OneD">NOTLISTED</in-capmkt:MSEISymbol><in-capmkt:ISIN contextRef="OneD">INE750C01026</in-capmkt:ISIN><in-capmkt:NameOfTheCompany contextRef="OneD">Marksans Pharma 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">2025-08-12</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">Millions</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">Pharmaceutical Formulation</in-capmkt:DescriptionOfSingleSegment><in-capmkt:DateOfStartOfBoardMeeting contextRef="OneD">2025-08-12</in-capmkt:DateOfStartOfBoardMeeting><in-capmkt:StartTimeOfBoardMeeting contextRef="OneD">11:45:00</in-capmkt:StartTimeOfBoardMeeting><in-capmkt:DateOfEndOfBoardMeeting contextRef="OneD">2025-08-12</in-capmkt:DateOfEndOfBoardMeeting><in-capmkt:EndTimeOfBoardMeeting contextRef="OneD">13:10:00</in-capmkt:EndTimeOfBoardMeeting><in-capmkt:DeclarationOfUnmodifiedOpinionOrStatementOnImpactOfAuditQualification contextRef="OneD">Declaration of unmodified opinion</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="-4" unitRef="INR">6199890000</in-capmkt:RevenueFromOperations><in-capmkt:OtherIncome contextRef="OneD" decimals="-4" unitRef="INR">56410000</in-capmkt:OtherIncome><in-capmkt:Income contextRef="OneD" decimals="-5" unitRef="INR">6256300000</in-capmkt:Income><in-capmkt:CostOfMaterialsConsumed contextRef="OneD" decimals="-4" unitRef="INR">1926940000</in-capmkt:CostOfMaterialsConsumed><in-capmkt:PurchasesOfStockInTrade contextRef="OneD" decimals="-4" unitRef="INR">1715470000</in-capmkt:PurchasesOfStockInTrade><in-capmkt:ChangesInInventoriesOfFinishedGoodsWorkInProgressAndStockInTrade contextRef="OneD" decimals="-4" unitRef="INR">-1024290000</in-capmkt:ChangesInInventoriesOfFinishedGoodsWorkInProgressAndStockInTrade><in-capmkt:EmployeeBenefitExpense contextRef="OneD" decimals="-4" unitRef="INR">983850000</in-capmkt:EmployeeBenefitExpense><in-capmkt:FinanceCosts contextRef="OneD" decimals="-4" unitRef="INR">60650000</in-capmkt:FinanceCosts><in-capmkt:DepreciationDepletionAndAmortisationExpense contextRef="OneD" decimals="-4" unitRef="INR">231010000</in-capmkt:DepreciationDepletionAndAmortisationExpense><in-capmkt:OtherExpenses contextRef="OneD" decimals="-4" unitRef="INR">1596690000</in-capmkt:OtherExpenses><in-capmkt:Expenses contextRef="OneD" decimals="-4" unitRef="INR">5490320000</in-capmkt:Expenses><in-capmkt:ProfitBeforeExceptionalItemsAndTax contextRef="OneD" decimals="-4" unitRef="INR">765980000</in-capmkt:ProfitBeforeExceptionalItemsAndTax><in-capmkt:ExceptionalItemsBeforeTax contextRef="OneD" decimals="-6" unitRef="INR">0</in-capmkt:ExceptionalItemsBeforeTax><in-capmkt:ProfitBeforeTax contextRef="OneD" decimals="-4" unitRef="INR">765980000</in-capmkt:ProfitBeforeTax><in-capmkt:CurrentTax contextRef="OneD" decimals="-4" unitRef="INR">196080000</in-capmkt:CurrentTax><in-capmkt:DeferredTax contextRef="OneD" decimals="-4" unitRef="INR">-12120000</in-capmkt:DeferredTax><in-capmkt:TaxExpense contextRef="OneD" decimals="-4" unitRef="INR">183960000</in-capmkt:TaxExpense><in-capmkt:NetMovementInRegulatoryDeferralAccountBalancesRelatedToProfitOrLossAndTheRelatedDeferredTaxMovement contextRef="OneD" decimals="-6" unitRef="INR">0</in-capmkt:NetMovementInRegulatoryDeferralAccountBalancesRelatedToProfitOrLossAndTheRelatedDeferredTaxMovement><in-capmkt:ProfitLossForPeriodFromContinuingOperations contextRef="OneD" decimals="-4" unitRef="INR">582020000</in-capmkt:ProfitLossForPeriodFromContinuingOperations><in-capmkt:ProfitLossFromDiscontinuedOperationsBeforeTax contextRef="OneD" decimals="-6" unitRef="INR">0</in-capmkt:ProfitLossFromDiscontinuedOperationsBeforeTax><in-capmkt:TaxExpenseOfDiscontinuedOperations contextRef="OneD" decimals="-6" unitRef="INR">0</in-capmkt:TaxExpenseOfDiscontinuedOperations><in-capmkt:ProfitLossFromDiscontinuedOperationsAfterTax contextRef="OneD" decimals="-6" unitRef="INR">0</in-capmkt:ProfitLossFromDiscontinuedOperationsAfterTax><in-capmkt:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod contextRef="OneD" decimals="-6" unitRef="INR">0</in-capmkt:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod><in-capmkt:ProfitLossForPeriod contextRef="OneD" decimals="-4" unitRef="INR">582020000</in-capmkt:ProfitLossForPeriod><in-capmkt:OtherComprehensiveIncomeNetOfTaxes contextRef="OneD" decimals="-4" unitRef="INR">665290000</in-capmkt:OtherComprehensiveIncomeNetOfTaxes><in-capmkt:ComprehensiveIncomeForThePeriod contextRef="OneD" decimals="-4" unitRef="INR">1247310000</in-capmkt:ComprehensiveIncomeForThePeriod><in-capmkt:ProfitOrLossAttributableToOwnersOfParent contextRef="OneD" decimals="-4" unitRef="INR">583170000</in-capmkt:ProfitOrLossAttributableToOwnersOfParent><in-capmkt:ProfitOrLossAttributableToNonControllingInterests contextRef="OneD" decimals="-4" unitRef="INR">-1150000</in-capmkt:ProfitOrLossAttributableToNonControllingInterests><in-capmkt:ComprehensiveIncomeForThePeriodAttributableToOwnersOfParent contextRef="OneD" decimals="-5" unitRef="INR">1236200000</in-capmkt:ComprehensiveIncomeForThePeriodAttributableToOwnersOfParent><in-capmkt:ComprehensiveIncomeForThePeriodAttributableToOwnersOfParentNonControllingInterests contextRef="OneD" decimals="-4" unitRef="INR">11110000</in-capmkt:ComprehensiveIncomeForThePeriodAttributableToOwnersOfParentNonControllingInterests><in-capmkt:PaidUpValueOfEquityShareCapital contextRef="OneD" decimals="-4" unitRef="INR">453160000</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">1.29</in-capmkt:BasicEarningsLossPerShareFromContinuingOperations><in-capmkt:DilutedEarningsLossPerShareFromContinuingOperations contextRef="OneD" decimals="INF" unitRef="INRPerShare">1.29</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">1.29</in-capmkt:BasicEarningsLossPerShareFromContinuingAndDiscontinuedOperations><in-capmkt:DilutedEarningsLossPerShareFromContinuingAndDiscontinuedOperations contextRef="OneD" decimals="INF" unitRef="INRPerShare">1.29</in-capmkt:DilutedEarningsLossPerShareFromContinuingAndDiscontinuedOperations><in-capmkt:DisclosureOfNotesOnFinancialResultsExplanatoryTextBlock contextRef="OneD">The consolidated unaudited financial results for the quarter ended 30 June 2025 of Marksans Pharma Limited &lt;BR&gt; 
('the Company' or 'the holding company') and its subsidiaries (collectively referred as 'the Group') were &lt;BR&gt; 
reviewed by the Audit Committee and approved by the Board of Directors at their respective meeting held on 12 &lt;BR&gt; 
August 2025. The Statutory Auditors of the Company have carried out limited review on the above results in &lt;BR&gt; 
terms of Regulation 33 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 ('the &lt;BR&gt; 
Regulation'), as amended and expressed an unmodified conclusion. &lt;BR&gt; 
 &lt;BR&gt; 
The consolidated unaudited financial results of the Company have been prepared in accordance with the &lt;BR&gt; 
recognition and measurement principles laid down in the Indian Accounting Standard 34 ‘Interim Financial &lt;BR&gt; 
Reporting’, prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued &lt;BR&gt; 
thereunder and other recognised accounting principles generally accepted in India and in terms of the &lt;BR&gt; 
Regulation. &lt;BR&gt; 
 &lt;BR&gt; 
The figures for the quarter ended 31 March 2025 represent the derived figures between the audited figures in &lt;BR&gt; 
respect of full financial year ended 31 March 2025 and the unaudited published year-to-date figures up to 31 &lt;BR&gt; 
December 2024, being the date of the end of third quarter of the financial year, which were subjected to a &lt;BR&gt; 
limited review by the statutory auditor of the Company. &lt;BR&gt; 
 &lt;BR&gt; 
The Group's activities comprise of manufacturing pharmaceutical formulation and trading in pharmaceutical &lt;BR&gt; 
products. The Group has only one reportable segment namely 'Pharmaceuticals' as per Ind AS 108 on &lt;BR&gt; 
'Operating Segments'. &lt;BR&gt; 
 &lt;BR&gt; 
Other income, net includes net loss on foreign exchange differences amounting to 37.73 million for the quarter &lt;BR&gt; 
ended 30 June 2025 31 March 2025 net gain of 25.80 million 30 June 2024: net gain of 26.11 million; year &lt;BR&gt; 
ended 31 March 2025 net gain of 194.80 million. &lt;BR&gt; 
 &lt;BR&gt; 
The above consolidated unaudited financials results are available on the Company's website &lt;BR&gt; 
www.marksanspharma.com and stock exchanges websites , BSE www.bseindia.com and NSE &lt;BR&gt; 
www.nseindia.com, where the shares of the Company are listed.</in-capmkt:DisclosureOfNotesOnFinancialResultsExplanatoryTextBlock><in-capmkt:DescriptionOfOtherExpenses contextRef="OneExpenses1D">Other Expenses</in-capmkt:DescriptionOfOtherExpenses><in-capmkt:OtherExpenses contextRef="OneExpenses1D" decimals="-4" unitRef="INR">1596690000</in-capmkt:OtherExpenses><in-capmkt:DescriptionOfItemThatWillNotBeReclassifiedToProfitAndLoss contextRef="D_ItemsThatWillNotBeReclassifiedToProfitAndLoss11">Remeasurements of the net defined benefit liabilities/assets</in-capmkt:DescriptionOfItemThatWillNotBeReclassifiedToProfitAndLoss><in-capmkt:AmountOfItemThatWillNotBeReclassifiedToProfitAndLoss contextRef="D_ItemsThatWillNotBeReclassifiedToProfitAndLoss11" decimals="-4" unitRef="INR">-1010000</in-capmkt:AmountOfItemThatWillNotBeReclassifiedToProfitAndLoss><in-capmkt:AmountOfItemThatWillNotBeReclassifiedToProfitAndLoss contextRef="OneD" decimals="-4" unitRef="INR">-1010000</in-capmkt:AmountOfItemThatWillNotBeReclassifiedToProfitAndLoss><in-capmkt:IncomeTaxRelatingToItemsThatWillNotBeReclassifiedToProfitOrLoss contextRef="OneD" decimals="-4" unitRef="INR">-250000</in-capmkt:IncomeTaxRelatingToItemsThatWillNotBeReclassifiedToProfitOrLoss><in-capmkt:DescriptionOfItemThatWillBeReclassifiedToProfitAndLoss contextRef="D_ItemsThatWillBeReclassifiedToProfitAndLoss11">Foreign currency translation reserve</in-capmkt:DescriptionOfItemThatWillBeReclassifiedToProfitAndLoss><in-capmkt:AmountOfItemThatWillBeReclassifiedToProfitAndLoss contextRef="D_ItemsThatWillBeReclassifiedToProfitAndLoss11" decimals="-4" unitRef="INR">666050000</in-capmkt:AmountOfItemThatWillBeReclassifiedToProfitAndLoss><in-capmkt:AmountOfItemThatWillBeReclassifiedToProfitAndLoss contextRef="OneD" decimals="-4" unitRef="INR">666050000</in-capmkt:AmountOfItemThatWillBeReclassifiedToProfitAndLoss><in-capmkt:IncomeTaxRelatingToItemsThatWillBeReclassifiedToProfitOrLoss contextRef="OneD" decimals="-6" unitRef="INR">0</in-capmkt:IncomeTaxRelatingToItemsThatWillBeReclassifiedToProfitOrLoss><in-capmkt:OtherComprehensiveIncome contextRef="OneD" decimals="-4" unitRef="INR">665290000</in-capmkt:OtherComprehensiveIncome><in-capmkt:WhetherResultsAreAuditedOrUnauditedForImpactOfAuditQualification contextRef="OneD">Unaudited</in-capmkt:WhetherResultsAreAuditedOrUnauditedForImpactOfAuditQualification><in-capmkt:DeclarationPursuantToClauseDOfSubRegulation3OfRegulation33OfSEBILODRRegulation2015 contextRef="OneD">true</in-capmkt:DeclarationPursuantToClauseDOfSubRegulation3OfRegulation33OfSEBILODRRegulation2015><in-capmkt:AuditorsFirmName contextRef="D_Auditor1">M S K A &amp; Associates
</in-capmkt:AuditorsFirmName><in-capmkt:WhetherTheFirmHoldsAValidPeerReviewCertificateIssuedByPeerReviewBoardOfICAI contextRef="D_Auditor1">true</in-capmkt:WhetherTheFirmHoldsAValidPeerReviewCertificateIssuedByPeerReviewBoardOfICAI><in-capmkt:ValidityDateOfCertificate contextRef="D_Auditor1">2027-07-31</in-capmkt:ValidityDateOfCertificate></xbrli:xbrl>