<?xml version="1.0" encoding="UTF-8" standalone="no"?><!--IFIndAs V1.1 (01-01-2026)--><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.sebi.gov.in/in-capmkt/ScripCode">544530</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2025-10-01</xbrli:startDate><xbrli:endDate>2025-12-31</xbrli:endDate></xbrli:period></xbrli:context><xbrli:context id="FourD"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/ScripCode">544530</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2025-04-01</xbrli:startDate><xbrli:endDate>2025-12-31</xbrli:endDate></xbrli:period></xbrli:context><xbrli:context id="OneExpenses1D"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/ScripCode">544530</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2025-10-01</xbrli:startDate><xbrli:endDate>2025-12-31</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.sebi.gov.in/in-capmkt/ScripCode">544530</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2025-10-01</xbrli:startDate><xbrli:endDate>2025-12-31</xbrli:endDate></xbrli:period><xbrli:scenario><xbrldi:explicitMember dimension="in-capmkt:DetailsOfOtherExpensesAxis">in-capmkt:OtherExpenses2Member</xbrldi:explicitMember></xbrli:scenario></xbrli:context><xbrli:context id="OneExpenses3D"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/ScripCode">544530</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2025-10-01</xbrli:startDate><xbrli:endDate>2025-12-31</xbrli:endDate></xbrli:period><xbrli:scenario><xbrldi:explicitMember dimension="in-capmkt:DetailsOfOtherExpensesAxis">in-capmkt:OtherExpenses3Member</xbrldi:explicitMember></xbrli:scenario></xbrli:context><xbrli:context id="FourExpenses1D"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/ScripCode">544530</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2025-04-01</xbrli:startDate><xbrli:endDate>2025-12-31</xbrli:endDate></xbrli:period><xbrli:scenario><xbrldi:explicitMember dimension="in-capmkt:DetailsOfOtherExpensesAxis">in-capmkt:OtherExpenses1Member</xbrldi:explicitMember></xbrli:scenario></xbrli:context><xbrli:context id="FourExpenses2D"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/ScripCode">544530</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2025-04-01</xbrli:startDate><xbrli:endDate>2025-12-31</xbrli:endDate></xbrli:period><xbrli:scenario><xbrldi:explicitMember dimension="in-capmkt:DetailsOfOtherExpensesAxis">in-capmkt:OtherExpenses2Member</xbrldi:explicitMember></xbrli:scenario></xbrli:context><xbrli:context id="FourExpenses3D"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/ScripCode">544530</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2025-04-01</xbrli:startDate><xbrli:endDate>2025-12-31</xbrli:endDate></xbrli:period><xbrli:scenario><xbrldi:explicitMember dimension="in-capmkt:DetailsOfOtherExpensesAxis">in-capmkt:OtherExpenses3Member</xbrldi:explicitMember></xbrli:scenario></xbrli:context><xbrli:context id="D_ItemsThatWillNotBeReclassifiedToProfitAndLoss11"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/ScripCode">544530</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2025-10-01</xbrli:startDate><xbrli:endDate>2025-12-31</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_ItemsThatWillNotBeReclassifiedToProfitAndLoss41"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/ScripCode">544530</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2025-04-01</xbrli:startDate><xbrli:endDate>2025-12-31</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.sebi.gov.in/in-capmkt/ScripCode">544530</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2025-10-01</xbrli:startDate><xbrli:endDate>2025-12-31</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_ItemsThatWillBeReclassifiedToProfitAndLoss41"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/ScripCode">544530</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2025-04-01</xbrli:startDate><xbrli:endDate>2025-12-31</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">544530</in-capmkt:ScripCode><in-capmkt:Symbol contextRef="OneD">ARSSBL</in-capmkt:Symbol><in-capmkt:MSEISymbol contextRef="OneD">NOTLISTED</in-capmkt:MSEISymbol><in-capmkt:ISIN contextRef="OneD">INE549H01021</in-capmkt:ISIN><in-capmkt:NameOfTheCompany contextRef="OneD">Anand Rathi Share and Stock Brokers 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">2026-01-14</in-capmkt:DateOfBoardMeetingWhenFinancialResultsWereApproved><in-capmkt:DateOnWhichPriorIntimationOfTheMeetingForConsideringFinancialResultsWasInformedToTheExchange contextRef="OneD">2026-01-08</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">Third quarter</in-capmkt:ReportingQuarter><in-capmkt:IsCompanyReportingMultisegmentOrSingleSegment contextRef="OneD">Single segment</in-capmkt:IsCompanyReportingMultisegmentOrSingleSegment><in-capmkt:DescriptionOfSingleSegment contextRef="OneD">Broking and related services</in-capmkt:DescriptionOfSingleSegment><in-capmkt:DateOfStartOfBoardMeeting contextRef="OneD">2026-01-14</in-capmkt:DateOfStartOfBoardMeeting><in-capmkt:StartTimeOfBoardMeeting contextRef="OneD">15:45:00</in-capmkt:StartTimeOfBoardMeeting><in-capmkt:DateOfEndOfBoardMeeting contextRef="OneD">2026-01-14</in-capmkt:DateOfEndOfBoardMeeting><in-capmkt:EndTimeOfBoardMeeting contextRef="OneD">17:30:00</in-capmkt:EndTimeOfBoardMeeting><in-capmkt:DeclarationOfUnmodifiedOpinionOrStatementOnImpactOfAuditQualification contextRef="OneD">Not applicable</in-capmkt:DeclarationOfUnmodifiedOpinionOrStatementOnImpactOfAuditQualification><in-capmkt:DateOfStartOfReportingPeriod contextRef="OneD">2025-10-01</in-capmkt:DateOfStartOfReportingPeriod><in-capmkt:DateOfEndOfReportingPeriod contextRef="OneD">2025-12-31</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">2481990000</in-capmkt:RevenueFromOperations><in-capmkt:OtherIncome contextRef="OneD" decimals="-4" unitRef="INR">7750000</in-capmkt:OtherIncome><in-capmkt:Income contextRef="OneD" decimals="-4" unitRef="INR">2489740000</in-capmkt:Income><in-capmkt:CostOfMaterialsConsumed contextRef="OneD" decimals="-6" unitRef="INR">0</in-capmkt:CostOfMaterialsConsumed><in-capmkt:PurchasesOfStockInTrade contextRef="OneD" decimals="-6" unitRef="INR">0</in-capmkt:PurchasesOfStockInTrade><in-capmkt:ChangesInInventoriesOfFinishedGoodsWorkInProgressAndStockInTrade contextRef="OneD" decimals="-6" unitRef="INR">0</in-capmkt:ChangesInInventoriesOfFinishedGoodsWorkInProgressAndStockInTrade><in-capmkt:EmployeeBenefitExpense contextRef="OneD" decimals="-4" unitRef="INR">835160000</in-capmkt:EmployeeBenefitExpense><in-capmkt:FinanceCosts contextRef="OneD" decimals="-4" unitRef="INR">457130000</in-capmkt:FinanceCosts><in-capmkt:DepreciationDepletionAndAmortisationExpense contextRef="OneD" decimals="-4" unitRef="INR">64580000</in-capmkt:DepreciationDepletionAndAmortisationExpense><in-capmkt:OtherExpenses contextRef="OneD" decimals="-5" unitRef="INR">635300000</in-capmkt:OtherExpenses><in-capmkt:Expenses contextRef="OneD" decimals="-4" unitRef="INR">1992170000</in-capmkt:Expenses><in-capmkt:ProfitBeforeExceptionalItemsAndTax contextRef="OneD" decimals="-4" unitRef="INR">497570000</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">497570000</in-capmkt:ProfitBeforeTax><in-capmkt:CurrentTax contextRef="OneD" decimals="-5" unitRef="INR">127400000</in-capmkt:CurrentTax><in-capmkt:DeferredTax contextRef="OneD" decimals="-4" unitRef="INR">130000</in-capmkt:DeferredTax><in-capmkt:TaxExpense contextRef="OneD" decimals="-4" unitRef="INR">127530000</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">370040000</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">370040000</in-capmkt:ProfitLossForPeriod><in-capmkt:OtherComprehensiveIncomeNetOfTaxes contextRef="OneD" decimals="-4" unitRef="INR">1850000</in-capmkt:OtherComprehensiveIncomeNetOfTaxes><in-capmkt:ComprehensiveIncomeForThePeriod contextRef="OneD" decimals="-4" unitRef="INR">371890000</in-capmkt:ComprehensiveIncomeForThePeriod><in-capmkt:PaidUpValueOfEquityShareCapital contextRef="OneD" decimals="-4" unitRef="INR">313630000</in-capmkt:PaidUpValueOfEquityShareCapital><in-capmkt:FaceValueOfEquityShareCapital contextRef="OneD" decimals="INF" unitRef="INRPerShare">5</in-capmkt:FaceValueOfEquityShareCapital><in-capmkt:BasicEarningsLossPerShareFromContinuingOperations contextRef="OneD" decimals="INF" unitRef="INRPerShare">7.54</in-capmkt:BasicEarningsLossPerShareFromContinuingOperations><in-capmkt:DilutedEarningsLossPerShareFromContinuingOperations contextRef="OneD" decimals="INF" unitRef="INRPerShare">7.29</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">7.54</in-capmkt:BasicEarningsLossPerShareFromContinuingAndDiscontinuedOperations><in-capmkt:DilutedEarningsLossPerShareFromContinuingAndDiscontinuedOperations contextRef="OneD" decimals="INF" unitRef="INRPerShare">7.29</in-capmkt:DilutedEarningsLossPerShareFromContinuingAndDiscontinuedOperations><in-capmkt:DebtEquityRatio contextRef="OneD" decimals="INF" unitRef="pure">0.59</in-capmkt:DebtEquityRatio><in-capmkt:DebtServiceCoverageRatio contextRef="OneD" decimals="INF" unitRef="pure">1.71</in-capmkt:DebtServiceCoverageRatio><in-capmkt:InterestServiceCoverageRatio contextRef="OneD" decimals="INF" unitRef="pure">2.11</in-capmkt:InterestServiceCoverageRatio><in-capmkt:DisclosureOfNotesOnFinancialResultsExplanatoryTextBlock contextRef="OneD"> &lt;BR&gt; 
1. Consolidated financial results cover the operations of Anand Rathi Share and Stock Brokers Limited ("the Company"), its subsidiary in Anand Rathi International Ventures (IFSC) Private Limited (the Parent and its subsidiary together referred to as 'the Group').				 &lt;BR&gt; 
2. These unaudited consolidated financial results have been prepared in accordance with the Indian Accounting Standard (referred to as "Ind AS") 34 Interim Financial Reporting prescribed under Section 133 of the Companies Act, 2013 read with Companies (Indian Accounting Standards) Rules, 2015 as amended from time to time. These unaudited consolidated financial results of Anand Rathi Share and Stock Brokers Limited ('Company') for the quarter and nine months ended December 31, 2025 have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on January 14, 2026. The statutory auditors of the Company have carried out a limited review of the above unaudited consolidated financial results of the Company for the quarter and nine months ended December 31, 2025 and have issued an unmodified conclusion.								 &lt;BR&gt; 
					 &lt;BR&gt; 
3.Pursuant to the successful listing of the Company’s Initial Public Offering (IPO), the Company has utilized the proceeds raised from the IPO in the manner detailed below: &lt;BR&gt; 
 &lt;BR&gt; 
Objects          Amount to be utilised         utilised till dec 31, 2025             unutilised till dec 31, 2025 &lt;BR&gt; 
working capital       5,500                                5,500                                       - &lt;BR&gt; 
General Purpose     1,535                                1,535                                       - &lt;BR&gt; 
Net Issue proceeds  7,035                               7,035                                      - &lt;BR&gt; 
Issue Expesnses     415                                    370.63                                   44.37 &lt;BR&gt; 
Gross issue proceeds 7,450                             7,405.63                                 44.37 &lt;BR&gt; 
 &lt;BR&gt; 
4. Pursuant to the provisions of Regulation 52(4) of the SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015 (“Listing Regulations") and SEBI Master Circular bearing reference no. SEBI/HO/DDHS/DDHS-PoD-1/P/CIR/2025/0000000103 dated July 11, 2025 to the extent applicable to the Commercial Papers (as amended from time to time), information as required for the period ended December 31, 2025 in respect of Commercial Papers of the Company is enclosed as Annexure A.			 &lt;BR&gt; 
					 &lt;BR&gt; 
5. Anand Rathi Share and Stock Brokers Limited's short-term rating for commercial paper is reaffirmed at A1 from CARE on July 31, 2025, and is also assigned A1 by Crisil Ratings on December 11, 2025.		 &lt;BR&gt; 
					 &lt;BR&gt; 
6. As this is the first reporting year of the Company, the figures for the quarter and nine months ended December 31, 2024 have neither been audited nor reviewed by the Statutory Auditors. These figures have been prepared by the management and are presented in the unaudited financial results solely for comparative purposes.				 &lt;BR&gt; 
					 &lt;BR&gt; 
7. The unaudited consolidated financial results of Anand Rathi Share and Stock Brokers Limited are also available on the Company's website, www.anandrathi.com and on the stock exchange website www.nseindia.com and www.bseindia.com.				 &lt;BR&gt; 
					 &lt;BR&gt; 
8. The Company operates only in one Business Segment i.e. "Broking and related services', hence it does not have any reportable Segments defined as per Ind-AS 108 "Operating Segments".				 &lt;BR&gt; 
9. Earnings per equity share ('EPS')  reported in these unaudited financial results for the quarter and nine months ended December 31, 2025, December 31, 2024 and for quarter ended September 30, 2025 are unannualised.				 &lt;BR&gt; 
					 &lt;BR&gt; 
10. The Central Government has made the Labour Code Bill, comprising four laws, effective from November 21, 2025. The Company has conducted an initial evaluation and, at this stage, does not anticipate any significant impact. However, a detailed assessment is currently underway to determine its implications, including any potential effect on the financial statements. Since this exercise is still in progress, any impact, if identified, will be accounted for after the implementation process is completed, in the subsequent quarter.	 &lt;BR&gt; 
					 &lt;BR&gt; 
11. The previous period/year figures have been regrouped/reclassified wherever necessary to conform to current periods/years presentation.</in-capmkt:DisclosureOfNotesOnFinancialResultsExplanatoryTextBlock><in-capmkt:DateOfStartOfReportingPeriod contextRef="FourD">2025-04-01</in-capmkt:DateOfStartOfReportingPeriod><in-capmkt:DateOfEndOfReportingPeriod contextRef="FourD">2025-12-31</in-capmkt:DateOfEndOfReportingPeriod><in-capmkt:WhetherResultsAreAuditedOrUnaudited contextRef="FourD">Unaudited</in-capmkt:WhetherResultsAreAuditedOrUnaudited><in-capmkt:NatureOfReportStandaloneConsolidated contextRef="FourD">Consolidated</in-capmkt:NatureOfReportStandaloneConsolidated><in-capmkt:RevenueFromOperations contextRef="FourD" decimals="-4" unitRef="INR">6765070000</in-capmkt:RevenueFromOperations><in-capmkt:OtherIncome contextRef="FourD" decimals="-4" unitRef="INR">26250000</in-capmkt:OtherIncome><in-capmkt:Income contextRef="FourD" decimals="-4" unitRef="INR">6791320000</in-capmkt:Income><in-capmkt:CostOfMaterialsConsumed contextRef="FourD" decimals="-6" unitRef="INR">0</in-capmkt:CostOfMaterialsConsumed><in-capmkt:PurchasesOfStockInTrade contextRef="FourD" decimals="-6" unitRef="INR">0</in-capmkt:PurchasesOfStockInTrade><in-capmkt:ChangesInInventoriesOfFinishedGoodsWorkInProgressAndStockInTrade contextRef="FourD" decimals="-6" unitRef="INR">0</in-capmkt:ChangesInInventoriesOfFinishedGoodsWorkInProgressAndStockInTrade><in-capmkt:EmployeeBenefitExpense contextRef="FourD" decimals="-4" unitRef="INR">2237920000</in-capmkt:EmployeeBenefitExpense><in-capmkt:FinanceCosts contextRef="FourD" decimals="-4" unitRef="INR">1339590000</in-capmkt:FinanceCosts><in-capmkt:DepreciationDepletionAndAmortisationExpense contextRef="FourD" decimals="-4" unitRef="INR">194160000</in-capmkt:DepreciationDepletionAndAmortisationExpense><in-capmkt:OtherExpenses contextRef="FourD" decimals="-4" unitRef="INR">1841770000</in-capmkt:OtherExpenses><in-capmkt:Expenses contextRef="FourD" decimals="-4" unitRef="INR">5613440000</in-capmkt:Expenses><in-capmkt:ProfitBeforeExceptionalItemsAndTax contextRef="FourD" decimals="-4" unitRef="INR">1177880000</in-capmkt:ProfitBeforeExceptionalItemsAndTax><in-capmkt:ExceptionalItemsBeforeTax contextRef="FourD" decimals="-6" unitRef="INR">0</in-capmkt:ExceptionalItemsBeforeTax><in-capmkt:ProfitBeforeTax contextRef="FourD" decimals="-4" unitRef="INR">1177880000</in-capmkt:ProfitBeforeTax><in-capmkt:CurrentTax contextRef="FourD" decimals="-4" unitRef="INR">297990000</in-capmkt:CurrentTax><in-capmkt:DeferredTax contextRef="FourD" decimals="-5" unitRef="INR">2700000</in-capmkt:DeferredTax><in-capmkt:TaxExpense contextRef="FourD" decimals="-4" unitRef="INR">300690000</in-capmkt:TaxExpense><in-capmkt:NetMovementInRegulatoryDeferralAccountBalancesRelatedToProfitOrLossAndTheRelatedDeferredTaxMovement contextRef="FourD" decimals="-6" unitRef="INR">0</in-capmkt:NetMovementInRegulatoryDeferralAccountBalancesRelatedToProfitOrLossAndTheRelatedDeferredTaxMovement><in-capmkt:ProfitLossForPeriodFromContinuingOperations contextRef="FourD" decimals="-4" unitRef="INR">877190000</in-capmkt:ProfitLossForPeriodFromContinuingOperations><in-capmkt:ProfitLossFromDiscontinuedOperationsBeforeTax contextRef="FourD" decimals="-6" unitRef="INR">0</in-capmkt:ProfitLossFromDiscontinuedOperationsBeforeTax><in-capmkt:TaxExpenseOfDiscontinuedOperations contextRef="FourD" decimals="-6" unitRef="INR">0</in-capmkt:TaxExpenseOfDiscontinuedOperations><in-capmkt:ProfitLossFromDiscontinuedOperationsAfterTax contextRef="FourD" decimals="-6" unitRef="INR">0</in-capmkt:ProfitLossFromDiscontinuedOperationsAfterTax><in-capmkt:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod contextRef="FourD" decimals="-6" unitRef="INR">0</in-capmkt:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod><in-capmkt:ProfitLossForPeriod contextRef="FourD" decimals="-4" unitRef="INR">877190000</in-capmkt:ProfitLossForPeriod><in-capmkt:OtherComprehensiveIncomeNetOfTaxes contextRef="FourD" decimals="-4" unitRef="INR">6590000</in-capmkt:OtherComprehensiveIncomeNetOfTaxes><in-capmkt:ComprehensiveIncomeForThePeriod contextRef="FourD" decimals="-4" unitRef="INR">883780000</in-capmkt:ComprehensiveIncomeForThePeriod><in-capmkt:PaidUpValueOfEquityShareCapital contextRef="FourD" decimals="-4" unitRef="INR">313630000</in-capmkt:PaidUpValueOfEquityShareCapital><in-capmkt:FaceValueOfEquityShareCapital contextRef="FourD" decimals="INF" unitRef="INRPerShare">5</in-capmkt:FaceValueOfEquityShareCapital><in-capmkt:BasicEarningsLossPerShareFromContinuingOperations contextRef="FourD" decimals="INF" unitRef="INRPerShare">17.87</in-capmkt:BasicEarningsLossPerShareFromContinuingOperations><in-capmkt:DilutedEarningsLossPerShareFromContinuingOperations contextRef="FourD" decimals="INF" unitRef="INRPerShare">17.29</in-capmkt:DilutedEarningsLossPerShareFromContinuingOperations><in-capmkt:BasicEarningsLossPerShareFromDiscontinuedOperations contextRef="FourD" decimals="INF" unitRef="INRPerShare">0</in-capmkt:BasicEarningsLossPerShareFromDiscontinuedOperations><in-capmkt:DilutedEarningsLossPerShareFromDiscontinuedOperations contextRef="FourD" decimals="INF" unitRef="INRPerShare">0</in-capmkt:DilutedEarningsLossPerShareFromDiscontinuedOperations><in-capmkt:BasicEarningsLossPerShareFromContinuingAndDiscontinuedOperations contextRef="FourD" decimals="INF" unitRef="INRPerShare">17.87</in-capmkt:BasicEarningsLossPerShareFromContinuingAndDiscontinuedOperations><in-capmkt:DilutedEarningsLossPerShareFromContinuingAndDiscontinuedOperations contextRef="FourD" decimals="INF" unitRef="INRPerShare">17.29</in-capmkt:DilutedEarningsLossPerShareFromContinuingAndDiscontinuedOperations><in-capmkt:DebtEquityRatio contextRef="FourD" decimals="INF" unitRef="pure">0.59</in-capmkt:DebtEquityRatio><in-capmkt:DebtServiceCoverageRatio contextRef="FourD" decimals="INF" unitRef="pure">1.13</in-capmkt:DebtServiceCoverageRatio><in-capmkt:InterestServiceCoverageRatio contextRef="FourD" decimals="INF" unitRef="pure">1.89</in-capmkt:InterestServiceCoverageRatio><in-capmkt:RemarksForDebtServiceCoverageRatio contextRef="OneD">Better earnings by the Company as compared to debt &amp; interest repayments.</in-capmkt:RemarksForDebtServiceCoverageRatio><in-capmkt:RemarksForInterestServiceCoverageRatio contextRef="OneD">Better earnings by the Company as compared to finance cost.</in-capmkt:RemarksForInterestServiceCoverageRatio><in-capmkt:DescriptionOfOtherExpenses contextRef="OneExpenses1D">Fees and commission expense</in-capmkt:DescriptionOfOtherExpenses><in-capmkt:OtherExpenses contextRef="OneExpenses1D" decimals="-4" unitRef="INR">246520000</in-capmkt:OtherExpenses><in-capmkt:DescriptionOfOtherExpenses contextRef="OneExpenses2D">Impairment on financial instruments</in-capmkt:DescriptionOfOtherExpenses><in-capmkt:OtherExpenses contextRef="OneExpenses2D" decimals="-4" unitRef="INR">1470000</in-capmkt:OtherExpenses><in-capmkt:DescriptionOfOtherExpenses contextRef="OneExpenses3D">Other Expenses</in-capmkt:DescriptionOfOtherExpenses><in-capmkt:OtherExpenses contextRef="OneExpenses3D" decimals="-4" unitRef="INR">387310000</in-capmkt:OtherExpenses><in-capmkt:DescriptionOfOtherExpenses contextRef="FourExpenses1D">Fees and commission expense</in-capmkt:DescriptionOfOtherExpenses><in-capmkt:OtherExpenses contextRef="FourExpenses1D" decimals="-4" unitRef="INR">749570000</in-capmkt:OtherExpenses><in-capmkt:DescriptionOfOtherExpenses contextRef="FourExpenses2D">Impairment on financial instruments</in-capmkt:DescriptionOfOtherExpenses><in-capmkt:OtherExpenses contextRef="FourExpenses2D" decimals="-4" unitRef="INR">5940000</in-capmkt:OtherExpenses><in-capmkt:DescriptionOfOtherExpenses contextRef="FourExpenses3D">Other Expenses</in-capmkt:DescriptionOfOtherExpenses><in-capmkt:OtherExpenses contextRef="FourExpenses3D" decimals="-4" unitRef="INR">1086260000</in-capmkt:OtherExpenses><in-capmkt:DisclosureOfNotesOnSegmentsExplanatoryTextBlock contextRef="OneD">The Company operates only in one Business Segment i.e. "Broking and related services', hence it does not have any reportable Segments defined as per Ind-AS 108 "Operating Segments"</in-capmkt:DisclosureOfNotesOnSegmentsExplanatoryTextBlock><in-capmkt:DescriptionOfItemThatWillNotBeReclassifiedToProfitAndLoss contextRef="D_ItemsThatWillNotBeReclassifiedToProfitAndLoss11">Remeasurement of Defined Benefit Plan</in-capmkt:DescriptionOfItemThatWillNotBeReclassifiedToProfitAndLoss><in-capmkt:AmountOfItemThatWillNotBeReclassifiedToProfitAndLoss contextRef="D_ItemsThatWillNotBeReclassifiedToProfitAndLoss11" decimals="-4" unitRef="INR">1880000</in-capmkt:AmountOfItemThatWillNotBeReclassifiedToProfitAndLoss><in-capmkt:AmountOfItemThatWillNotBeReclassifiedToProfitAndLoss contextRef="OneD" decimals="-4" unitRef="INR">1880000</in-capmkt:AmountOfItemThatWillNotBeReclassifiedToProfitAndLoss><in-capmkt:DescriptionOfItemThatWillNotBeReclassifiedToProfitAndLoss contextRef="D_ItemsThatWillNotBeReclassifiedToProfitAndLoss41">Remeasurement of Defined Benefit Plan</in-capmkt:DescriptionOfItemThatWillNotBeReclassifiedToProfitAndLoss><in-capmkt:AmountOfItemThatWillNotBeReclassifiedToProfitAndLoss contextRef="D_ItemsThatWillNotBeReclassifiedToProfitAndLoss41" decimals="-4" unitRef="INR">5570000</in-capmkt:AmountOfItemThatWillNotBeReclassifiedToProfitAndLoss><in-capmkt:AmountOfItemThatWillNotBeReclassifiedToProfitAndLoss contextRef="FourD" decimals="-4" unitRef="INR">5570000</in-capmkt:AmountOfItemThatWillNotBeReclassifiedToProfitAndLoss><in-capmkt:IncomeTaxRelatingToItemsThatWillNotBeReclassifiedToProfitOrLoss contextRef="OneD" decimals="-4" unitRef="INR">470000</in-capmkt:IncomeTaxRelatingToItemsThatWillNotBeReclassifiedToProfitOrLoss><in-capmkt:IncomeTaxRelatingToItemsThatWillNotBeReclassifiedToProfitOrLoss contextRef="FourD" decimals="-4" unitRef="INR">1420000</in-capmkt:IncomeTaxRelatingToItemsThatWillNotBeReclassifiedToProfitOrLoss><in-capmkt:DescriptionOfItemThatWillBeReclassifiedToProfitAndLoss contextRef="D_ItemsThatWillBeReclassifiedToProfitAndLoss11">Exchange difference on translation from functional currency to presentation currency</in-capmkt:DescriptionOfItemThatWillBeReclassifiedToProfitAndLoss><in-capmkt:AmountOfItemThatWillBeReclassifiedToProfitAndLoss contextRef="D_ItemsThatWillBeReclassifiedToProfitAndLoss11" decimals="-4" unitRef="INR">440000</in-capmkt:AmountOfItemThatWillBeReclassifiedToProfitAndLoss><in-capmkt:AmountOfItemThatWillBeReclassifiedToProfitAndLoss contextRef="OneD" decimals="-4" unitRef="INR">440000</in-capmkt:AmountOfItemThatWillBeReclassifiedToProfitAndLoss><in-capmkt:DescriptionOfItemThatWillBeReclassifiedToProfitAndLoss contextRef="D_ItemsThatWillBeReclassifiedToProfitAndLoss41">Exchange difference on translation from functional currency to presentation currency</in-capmkt:DescriptionOfItemThatWillBeReclassifiedToProfitAndLoss><in-capmkt:AmountOfItemThatWillBeReclassifiedToProfitAndLoss contextRef="D_ItemsThatWillBeReclassifiedToProfitAndLoss41" decimals="-4" unitRef="INR">2440000</in-capmkt:AmountOfItemThatWillBeReclassifiedToProfitAndLoss><in-capmkt:AmountOfItemThatWillBeReclassifiedToProfitAndLoss contextRef="FourD" decimals="-4" unitRef="INR">2440000</in-capmkt:AmountOfItemThatWillBeReclassifiedToProfitAndLoss><in-capmkt:IncomeTaxRelatingToItemsThatWillBeReclassifiedToProfitOrLoss contextRef="OneD" decimals="-6" unitRef="INR">0</in-capmkt:IncomeTaxRelatingToItemsThatWillBeReclassifiedToProfitOrLoss><in-capmkt:IncomeTaxRelatingToItemsThatWillBeReclassifiedToProfitOrLoss contextRef="FourD" decimals="-6" unitRef="INR">0</in-capmkt:IncomeTaxRelatingToItemsThatWillBeReclassifiedToProfitOrLoss><in-capmkt:OtherComprehensiveIncome contextRef="OneD" decimals="-4" unitRef="INR">1850000</in-capmkt:OtherComprehensiveIncome><in-capmkt:OtherComprehensiveIncome contextRef="FourD" decimals="-4" unitRef="INR">6590000</in-capmkt:OtherComprehensiveIncome></xbrli:xbrl>