<?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 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unitRef="INRPerShare">0</in-capmkt:DilutedEarningsLossPerShareFromDiscontinuedOperations><in-capmkt:BasicEarningsLossPerShareFromContinuingAndDiscontinuedOperations contextRef="OneD" decimals="INF" unitRef="INRPerShare">3.7</in-capmkt:BasicEarningsLossPerShareFromContinuingAndDiscontinuedOperations><in-capmkt:DilutedEarningsLossPerShareFromContinuingAndDiscontinuedOperations contextRef="OneD" decimals="INF" unitRef="INRPerShare">3.7</in-capmkt:DilutedEarningsLossPerShareFromContinuingAndDiscontinuedOperations><in-capmkt:DisclosureOfNotesOnFinancialResultsExplanatoryTextBlock contextRef="OneD">1.	The above consolidated financial results have been reviewed by the Audit Committee and thereafter approved by the Board of Directors of the Company in their respective meetings held on July 24, 2026.  &lt;br /&gt; 
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2.	The statutory auditors have carried out a “Limited Review” of the above results as per Regulation 33 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015. &lt;br /&gt; 
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3.	The above consolidated financial results comprise the results of Dolphin Offshore Enterprises India Limited (Parent Company) and Three subsidiaries (Parent Company and its subsidiaries together referred to as “the Group”). &lt;br /&gt; 
 &lt;br /&gt; 
4.	The Company has incorporated a wholly owned subsidiary “Beluga International (IFSC) Private Limited”. The Company received certificate of incorporation on 9th March 2026 and the In - Principle approval received from IFSC on 10th July 2026. The authorized share capital of Company is Rs. 2,00,00,000 divided into Rs. 2,00,00,000 share of Rs. 1 each. The Company is still in the process of opening the subsidiary Company’s bank account accordingly the paid-up capital has not yet been infused. Expenses of incorporation done by the Company stands as receivable in books of accounts.  &lt;br /&gt; 
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5.	The Consolidated Financial results for the quarter ended June 30, 2026 have been prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 (Ind AS) prescribed under Section 133 of the Companies Act, 2013 and other recognized accounting practices and policies to the extent applicable. &lt;br /&gt; 
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6.	The Company operates in a single segment and in line with Ind AS - 108 - "Operating Segments", the operations of the Company fall under "Oil &amp; Gas Offshore Support Services" which is considered to be the only reportable business segment. &lt;br /&gt; 
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7.	The figures of Corresponding previous period are reclassified, regrouped, and rearranged wherever necessary so as to make them comparable with current period's figures. &lt;br /&gt; 
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