<?xml version="1.0" encoding="UTF-8" standalone="no"?><!--IFIndAs V2.1 (26-06-2026)--><xbrli:xbrl xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:in-capmkt="http://www.sebi.gov.in/xbrl/2026-01-31/in-capmkt" xmlns:in-capmkt-ent="http://www.sebi.gov.in/xbrl/IntegratedFinance_IndAS/2026-01-31/in-capmkt/in-capmkt-ent" xmlns:in-capmkt-roles="http://www.sebi.gov.in/xbrl/IntegratedFinance_IndAS/2026-01-31/in-capmkt-roles" xmlns:in-capmkt-types="http://www.sebi.gov.in/xbrl/2026-01-31/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-2026-01-31.xsd" xlink:type="simple"/><xbrli:context id="OneD"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/Symbol">SAKAR</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-04-01</xbrli:startDate><xbrli:endDate>2026-06-30</xbrli:endDate></xbrli:period></xbrli:context><xbrli:context id="OneExpenses1D"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/Symbol">SAKAR</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-04-01</xbrli:startDate><xbrli:endDate>2026-06-30</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.sebi.gov.in/in-capmkt/Symbol">SAKAR</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-04-01</xbrli:startDate><xbrli:endDate>2026-06-30</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: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">000000</in-capmkt:ScripCode><in-capmkt:Symbol contextRef="OneD">SAKAR</in-capmkt:Symbol><in-capmkt:MSEISymbol contextRef="OneD">NOTLISTED</in-capmkt:MSEISymbol><in-capmkt:ISIN contextRef="OneD">INE732S01012</in-capmkt:ISIN><in-capmkt:NameOfTheCompany contextRef="OneD">Sakar Healthcare 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">2026-04-01</in-capmkt:DateOfStartOfFinancialYear><in-capmkt:DateOfEndOfFinancialYear contextRef="OneD">2027-03-31</in-capmkt:DateOfEndOfFinancialYear><in-capmkt:DateOfBoardMeetingWhenFinancialResultsWereApproved contextRef="OneD">2026-07-24</in-capmkt:DateOfBoardMeetingWhenFinancialResultsWereApproved><in-capmkt:DateOnWhichPriorIntimationOfTheMeetingForConsideringFinancialResultsWasInformedToTheExchange contextRef="OneD">2026-07-20</in-capmkt:DateOnWhichPriorIntimationOfTheMeetingForConsideringFinancialResultsWasInformedToTheExchange><in-capmkt:DescriptionOfPresentationCurrency contextRef="OneD">INR</in-capmkt:DescriptionOfPresentationCurrency><in-capmkt:LevelOfRounding contextRef="OneD">Lakhs</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">Pharmaceuticals</in-capmkt:DescriptionOfSingleSegment><in-capmkt:DateOfStartOfBoardMeeting contextRef="OneD">2026-07-24</in-capmkt:DateOfStartOfBoardMeeting><in-capmkt:StartTimeOfBoardMeeting contextRef="OneD">11:30:00</in-capmkt:StartTimeOfBoardMeeting><in-capmkt:DateOfEndOfBoardMeeting contextRef="OneD">2026-07-24</in-capmkt:DateOfEndOfBoardMeeting><in-capmkt:EndTimeOfBoardMeeting contextRef="OneD">12:00:00</in-capmkt:EndTimeOfBoardMeeting><in-capmkt:DeclarationOfUnmodifiedOpinionOrStatementOnImpactOfAuditQualification contextRef="OneD">Not applicable</in-capmkt:DeclarationOfUnmodifiedOpinionOrStatementOnImpactOfAuditQualification><in-capmkt:DateOfStartOfReportingPeriod contextRef="OneD">2026-04-01</in-capmkt:DateOfStartOfReportingPeriod><in-capmkt:DateOfEndOfReportingPeriod contextRef="OneD">2026-06-30</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="-3" unitRef="INR">729725000</in-capmkt:RevenueFromOperations><in-capmkt:OtherIncome contextRef="OneD" decimals="-3" unitRef="INR">15439000</in-capmkt:OtherIncome><in-capmkt:Income contextRef="OneD" decimals="-3" unitRef="INR">745164000</in-capmkt:Income><in-capmkt:CostOfMaterialsConsumed contextRef="OneD" decimals="-3" unitRef="INR">400352000</in-capmkt:CostOfMaterialsConsumed><in-capmkt:PurchasesOfStockInTrade contextRef="OneD" decimals="-5" unitRef="INR">0</in-capmkt:PurchasesOfStockInTrade><in-capmkt:ChangesInInventoriesOfFinishedGoodsWorkInProgressAndStockInTrade contextRef="OneD" decimals="-4" unitRef="INR">-54530000</in-capmkt:ChangesInInventoriesOfFinishedGoodsWorkInProgressAndStockInTrade><in-capmkt:EmployeeBenefitExpense contextRef="OneD" decimals="-3" unitRef="INR">114551000</in-capmkt:EmployeeBenefitExpense><in-capmkt:FinanceCosts contextRef="OneD" decimals="-3" unitRef="INR">16697000</in-capmkt:FinanceCosts><in-capmkt:DepreciationDepletionAndAmortisationExpense contextRef="OneD" decimals="-3" unitRef="INR">65424000</in-capmkt:DepreciationDepletionAndAmortisationExpense><in-capmkt:OtherExpenses contextRef="OneD" decimals="-3" unitRef="INR">56863000</in-capmkt:OtherExpenses><in-capmkt:Expenses contextRef="OneD" decimals="-3" unitRef="INR">599357000</in-capmkt:Expenses><in-capmkt:ProfitBeforeExceptionalItemsAndTax contextRef="OneD" decimals="-3" unitRef="INR">145807000</in-capmkt:ProfitBeforeExceptionalItemsAndTax><in-capmkt:ExceptionalItemsBeforeTax contextRef="OneD" decimals="-5" unitRef="INR">0</in-capmkt:ExceptionalItemsBeforeTax><in-capmkt:ProfitBeforeTax contextRef="OneD" decimals="-3" unitRef="INR">145807000</in-capmkt:ProfitBeforeTax><in-capmkt:CurrentTax contextRef="OneD" decimals="-3" unitRef="INR">39342000</in-capmkt:CurrentTax><in-capmkt:DeferredTax contextRef="OneD" decimals="-3" unitRef="INR">3616000</in-capmkt:DeferredTax><in-capmkt:TaxExpense contextRef="OneD" decimals="-3" unitRef="INR">42958000</in-capmkt:TaxExpense><in-capmkt:NetMovementInRegulatoryDeferralAccountBalancesRelatedToProfitOrLossAndTheRelatedDeferredTaxMovement contextRef="OneD" decimals="-5" unitRef="INR">0</in-capmkt:NetMovementInRegulatoryDeferralAccountBalancesRelatedToProfitOrLossAndTheRelatedDeferredTaxMovement><in-capmkt:ProfitLossForPeriodFromContinuingOperations contextRef="OneD" decimals="-3" unitRef="INR">102849000</in-capmkt:ProfitLossForPeriodFromContinuingOperations><in-capmkt:ProfitLossFromDiscontinuedOperationsBeforeTax contextRef="OneD" decimals="-5" unitRef="INR">0</in-capmkt:ProfitLossFromDiscontinuedOperationsBeforeTax><in-capmkt:TaxExpenseOfDiscontinuedOperations contextRef="OneD" decimals="-5" unitRef="INR">0</in-capmkt:TaxExpenseOfDiscontinuedOperations><in-capmkt:ProfitLossFromDiscontinuedOperationsAfterTax contextRef="OneD" decimals="-5" unitRef="INR">0</in-capmkt:ProfitLossFromDiscontinuedOperationsAfterTax><in-capmkt:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod contextRef="OneD" decimals="-5" unitRef="INR">0</in-capmkt:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod><in-capmkt:ProfitLossForPeriod contextRef="OneD" decimals="-3" unitRef="INR">102849000</in-capmkt:ProfitLossForPeriod><in-capmkt:OtherComprehensiveIncomeNetOfTaxes contextRef="OneD" decimals="-3" unitRef="INR">-267000</in-capmkt:OtherComprehensiveIncomeNetOfTaxes><in-capmkt:ComprehensiveIncomeForThePeriod contextRef="OneD" decimals="-3" unitRef="INR">102582000</in-capmkt:ComprehensiveIncomeForThePeriod><in-capmkt:PaidUpValueOfEquityShareCapital contextRef="OneD" decimals="-3" unitRef="INR">222499000</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">4.62</in-capmkt:BasicEarningsLossPerShareFromContinuingOperations><in-capmkt:DilutedEarningsLossPerShareFromContinuingOperations contextRef="OneD" decimals="INF" unitRef="INRPerShare">4.62</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">4.62</in-capmkt:BasicEarningsLossPerShareFromContinuingAndDiscontinuedOperations><in-capmkt:DilutedEarningsLossPerShareFromContinuingAndDiscontinuedOperations contextRef="OneD" decimals="INF" unitRef="INRPerShare">4.62</in-capmkt:DilutedEarningsLossPerShareFromContinuingAndDiscontinuedOperations><in-capmkt:DisclosureOfNotesOnFinancialResultsExplanatoryTextBlock contextRef="OneD">1	The Company is operating only in one segment i.e. Manufacturing of Pharmaceutical Products providing Liquid Orals, Cephalosporin Tablet, Capsule, Dry Powder Syrup, Dry Powder Injections, Liquid Injectables (SVP) in Ampoules and Vials &amp; Lyophilized Injections. Hence segment reporting is not given. &lt;br /&gt; 
 &lt;br /&gt; 
2	The consolidated Unaudited financial results of the Company are comprising of its subsidiary M/s. Sakar Oncology Private Limited. &lt;br /&gt; 
 &lt;br /&gt; 
3	The Consolidated financial results have been prepared in accordance with the recognition and measurement principles laid down in the Ind AS 34 “Interim Financial Reporting” as prescribed under section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India. &lt;br /&gt; 
 &lt;br /&gt; 
4	Provision for taxation/deferred taxation, if any, will be made at the year end. &lt;br /&gt; 
 &lt;br /&gt; 
5	Figures, wherever required, are regrouped / rearranged.  &lt;br /&gt; 
 &lt;br /&gt; 
6	The above results have been reviewed by audit committee and approved by Board of Directors of Company at its meeting held on 24th July 2026 &lt;br /&gt; 
 &lt;br /&gt; 
7	Further, the figures of Standalone and Consolidated Financial Results are identical since the subsidiary company has not carried out any business transactions during the relevant reporting period. Accordingly, there is no impact on the consolidated financial statements, resulting in the same figures as the standalone financials. &lt;br /&gt; 
 &lt;br /&gt; 
8	The figures for quarter ended on 31st March, 2026 are the balancing figures between the audited figures in respect of the full financial year ended on 31st March, 2026 and the year to date figures upto the third quarter of the financial year. &lt;br /&gt; 
 &lt;br /&gt; 
 &lt;br /&gt; 
</in-capmkt:DisclosureOfNotesOnFinancialResultsExplanatoryTextBlock><in-capmkt:DescriptionOfOtherExpenses contextRef="OneExpenses1D">Other Expenses</in-capmkt:DescriptionOfOtherExpenses><in-capmkt:OtherExpenses contextRef="OneExpenses1D" decimals="-3" unitRef="INR">56863000</in-capmkt:OtherExpenses><in-capmkt:DescriptionOfItemThatWillNotBeReclassifiedToProfitAndLoss contextRef="D_ItemsThatWillNotBeReclassifiedToProfitAndLoss11">Re-measurement gains/(losses) on defined benefit plans</in-capmkt:DescriptionOfItemThatWillNotBeReclassifiedToProfitAndLoss><in-capmkt:AmountOfItemThatWillNotBeReclassifiedToProfitAndLoss contextRef="D_ItemsThatWillNotBeReclassifiedToProfitAndLoss11" decimals="-4" unitRef="INR">-370000</in-capmkt:AmountOfItemThatWillNotBeReclassifiedToProfitAndLoss><in-capmkt:AmountOfItemThatWillNotBeReclassifiedToProfitAndLoss contextRef="OneD" decimals="-4" unitRef="INR">-370000</in-capmkt:AmountOfItemThatWillNotBeReclassifiedToProfitAndLoss><in-capmkt:IncomeTaxRelatingToItemsThatWillNotBeReclassifiedToProfitOrLoss contextRef="OneD" decimals="-3" unitRef="INR">-103000</in-capmkt:IncomeTaxRelatingToItemsThatWillNotBeReclassifiedToProfitOrLoss><in-capmkt:IncomeTaxRelatingToItemsThatWillBeReclassifiedToProfitOrLoss contextRef="OneD" decimals="-5" unitRef="INR">0</in-capmkt:IncomeTaxRelatingToItemsThatWillBeReclassifiedToProfitOrLoss><in-capmkt:OtherComprehensiveIncome contextRef="OneD" decimals="-3" unitRef="INR">-267000</in-capmkt:OtherComprehensiveIncome></xbrli:xbrl>