<?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/ScripCode">516072</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="OneI"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/ScripCode">516072</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-06-30</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="OneExpenses1D"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/ScripCode">516072</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="OneExpenses2D"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/ScripCode">516072</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:OtherExpenses2Member</xbrldi:explicitMember></xbrli:scenario></xbrli:context><xbrli:context id="OneExpenses3D"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/ScripCode">516072</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:OtherExpenses3Member</xbrldi:explicitMember></xbrli:scenario></xbrli:context><xbrli:context id="OneExpenses4D"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/ScripCode">516072</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:OtherExpenses4Member</xbrldi:explicitMember></xbrli:scenario></xbrli:context><xbrli:context id="OneExpenses5D"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/ScripCode">516072</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:OtherExpenses5Member</xbrldi:explicitMember></xbrli:scenario></xbrli:context><xbrli:context id="D_Auditor1"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/ScripCode">516072</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: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">516072</in-capmkt:ScripCode><in-capmkt:Symbol contextRef="OneD">VISHNU</in-capmkt:Symbol><in-capmkt:MSEISymbol contextRef="OneD">NOTLISTED</in-capmkt:MSEISymbol><in-capmkt:ISIN contextRef="OneD">INE270I01022</in-capmkt:ISIN><in-capmkt:NameOfTheCompany contextRef="OneD">VISHNU CHEMICALS 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">2026-08-01</in-capmkt:DateOfBoardMeetingWhenFinancialResultsWereApproved><in-capmkt:DateOnWhichPriorIntimationOfTheMeetingForConsideringFinancialResultsWasInformedToTheExchange contextRef="OneD">2026-07-23</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">Operating Segment</in-capmkt:DescriptionOfSingleSegment><in-capmkt:DateOfStartOfBoardMeeting contextRef="OneD">2026-08-01</in-capmkt:DateOfStartOfBoardMeeting><in-capmkt:StartTimeOfBoardMeeting contextRef="OneD">14:30:00</in-capmkt:StartTimeOfBoardMeeting><in-capmkt:DateOfEndOfBoardMeeting contextRef="OneD">2026-08-01</in-capmkt:DateOfEndOfBoardMeeting><in-capmkt:EndTimeOfBoardMeeting contextRef="OneD">15:45:00</in-capmkt:EndTimeOfBoardMeeting><in-capmkt:DeclarationOfUnmodifiedOpinionOrStatementOnImpactOfAuditQualification contextRef="OneD">Declaration of unmodified opinion</in-capmkt:DeclarationOfUnmodifiedOpinionOrStatementOnImpactOfAuditQualification><in-capmkt:WhetherStatementOnDeviationOrVariationForProceedsOfPublicIssueOrRightIssueOrPreferentialIssueOrQIPEtcIsApplicableToTheCompanyForTheCurrentQuarter contextRef="OneD">false</in-capmkt:WhetherStatementOnDeviationOrVariationForProceedsOfPublicIssueOrRightIssueOrPreferentialIssueOrQIPEtcIsApplicableToTheCompanyForTheCurrentQuarter><in-capmkt:WhetherTheDisclosureForTheDefaultOnLoansAndDebtSecuritiesIsApplicableToTheEntity contextRef="OneD">true</in-capmkt:WhetherTheDisclosureForTheDefaultOnLoansAndDebtSecuritiesIsApplicableToTheEntity><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">Standalone</in-capmkt:NatureOfReportStandaloneConsolidated><in-capmkt:RevenueFromOperations contextRef="OneD" decimals="-3" unitRef="INR">2976571000</in-capmkt:RevenueFromOperations><in-capmkt:OtherIncome contextRef="OneD" decimals="-5" unitRef="INR">143800000</in-capmkt:OtherIncome><in-capmkt:Income contextRef="OneD" decimals="-3" unitRef="INR">3120371000</in-capmkt:Income><in-capmkt:CostOfMaterialsConsumed contextRef="OneD" decimals="-3" unitRef="INR">1294325000</in-capmkt:CostOfMaterialsConsumed><in-capmkt:PurchasesOfStockInTrade contextRef="OneD" decimals="-5" unitRef="INR">0</in-capmkt:PurchasesOfStockInTrade><in-capmkt:ChangesInInventoriesOfFinishedGoodsWorkInProgressAndStockInTrade contextRef="OneD" decimals="-3" unitRef="INR">76221000</in-capmkt:ChangesInInventoriesOfFinishedGoodsWorkInProgressAndStockInTrade><in-capmkt:EmployeeBenefitExpense contextRef="OneD" decimals="-3" unitRef="INR">150473000</in-capmkt:EmployeeBenefitExpense><in-capmkt:FinanceCosts contextRef="OneD" decimals="-3" unitRef="INR">63895000</in-capmkt:FinanceCosts><in-capmkt:DepreciationDepletionAndAmortisationExpense contextRef="OneD" decimals="-3" unitRef="INR">64412000</in-capmkt:DepreciationDepletionAndAmortisationExpense><in-capmkt:OtherExpenses contextRef="OneD" decimals="-3" unitRef="INR">1036156000</in-capmkt:OtherExpenses><in-capmkt:Expenses contextRef="OneD" decimals="-3" unitRef="INR">2685482000</in-capmkt:Expenses><in-capmkt:ProfitBeforeExceptionalItemsAndTax contextRef="OneD" decimals="-3" unitRef="INR">434889000</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">434889000</in-capmkt:ProfitBeforeTax><in-capmkt:CurrentTax contextRef="OneD" decimals="-3" unitRef="INR">107724000</in-capmkt:CurrentTax><in-capmkt:DeferredTax contextRef="OneD" decimals="-3" unitRef="INR">8649000</in-capmkt:DeferredTax><in-capmkt:TaxExpense contextRef="OneD" decimals="-3" unitRef="INR">116373000</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">318516000</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">318516000</in-capmkt:ProfitLossForPeriod><in-capmkt:OtherComprehensiveIncomeNetOfTaxes contextRef="OneD" decimals="-5" unitRef="INR">0</in-capmkt:OtherComprehensiveIncomeNetOfTaxes><in-capmkt:ComprehensiveIncomeForThePeriod contextRef="OneD" decimals="-3" unitRef="INR">318516000</in-capmkt:ComprehensiveIncomeForThePeriod><in-capmkt:PaidUpValueOfEquityShareCapital contextRef="OneD" decimals="-3" unitRef="INR">134631000</in-capmkt:PaidUpValueOfEquityShareCapital><in-capmkt:FaceValueOfEquityShareCapital contextRef="OneD" decimals="INF" unitRef="INRPerShare">2</in-capmkt:FaceValueOfEquityShareCapital><in-capmkt:BasicEarningsLossPerShareFromContinuingOperations contextRef="OneD" decimals="INF" unitRef="INRPerShare">4.73</in-capmkt:BasicEarningsLossPerShareFromContinuingOperations><in-capmkt:DilutedEarningsLossPerShareFromContinuingOperations contextRef="OneD" decimals="INF" unitRef="INRPerShare">4.73</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">4.73</in-capmkt:BasicEarningsLossPerShareFromContinuingAndDiscontinuedOperations><in-capmkt:DilutedEarningsLossPerShareFromContinuingAndDiscontinuedOperations contextRef="OneD" decimals="INF" unitRef="INRPerShare">4.73</in-capmkt:DilutedEarningsLossPerShareFromContinuingAndDiscontinuedOperations><in-capmkt:DisclosureOfNotesOnFinancialResultsExplanatoryTextBlock contextRef="OneD">Notes &lt;br /&gt; 
 &lt;br /&gt; 
The unaudited standalone financial results of Vishnu Chemicals Limited the Company as reviewed by the Audit Committee has been approved by the Board of Directors at its meeting held on August 01 2026 The Statutory Auditors of the company have carried out a limited review on the standalone financial results and expressed an unmodified opinion thereon &lt;br /&gt; 
 &lt;br /&gt; 
These standalone financial results of the Company have been prepared in accordance with the Indian Accounting Standards prescribed under Section 133 of the Companies Act 2013 the Act read with relevant rules issued thereunder IND AS and other accounting principles generally accepted in India and guidelines issued by the Securities and Exchange Board of India SEBI &lt;br /&gt; 
 &lt;br /&gt; 
The figures for the quarter ended March 31 2026 are the balancing figures between audited figures in respect of the full financial year and published year to date figures up to the third quarter of the financial year ended March 31 2026 &lt;br /&gt; 
 &lt;br /&gt; 
Previous years figures have been regrouped reclassified rearranged wherever necessary to correspond with those of the current year &lt;br /&gt; 
 &lt;br /&gt; 
The Company is engaged in the manufacture and sale of Specialty Chemicals which constitutes a single reportable business segment as per Ind AS 108 Operating Segments However the company has two geographical revenue areas ie 1 Domestic 2 Overseas The breakup of Income is as under &lt;br /&gt; 
 &lt;br /&gt; 
                                                                                                                                                                              Rs In Lakhs &lt;br /&gt; 
 &lt;br /&gt; 
Sl No      PARTICULARS	                                        Quarter Ended                                                   	Year Ended &lt;br /&gt; 
 	                             30 Jun 2026	31 Mar 2026	30 Jun 2025	                           31 Mar 2026 &lt;br /&gt; 
 	 	             Unaudited)    	Unaudited 	Unaudited	                               Audited  &lt;br /&gt; 
1	Domestic	              13570.36 	                20756.34 	  14021.60 	                                  64519.76  &lt;br /&gt; 
2	Overseas	                16105.94 	13927.08 	   12126.73 	                                   57102.36  &lt;br /&gt; 
 Total Sales	                29676.29 	 34683.42 	   26148.33 	                                     121622.12  &lt;br /&gt; 
</in-capmkt:DisclosureOfNotesOnFinancialResultsExplanatoryTextBlock><in-capmkt:DescriptionOfOtherExpenses contextRef="OneExpenses1D">Cost of Consumables</in-capmkt:DescriptionOfOtherExpenses><in-capmkt:OtherExpenses contextRef="OneExpenses1D" decimals="-3" unitRef="INR">326994000</in-capmkt:OtherExpenses><in-capmkt:DescriptionOfOtherExpenses contextRef="OneExpenses2D">Power Cost</in-capmkt:DescriptionOfOtherExpenses><in-capmkt:OtherExpenses contextRef="OneExpenses2D" decimals="-3" unitRef="INR">114906000</in-capmkt:OtherExpenses><in-capmkt:DescriptionOfOtherExpenses contextRef="OneExpenses3D">Manufacturing Expenses</in-capmkt:DescriptionOfOtherExpenses><in-capmkt:OtherExpenses contextRef="OneExpenses3D" decimals="-3" unitRef="INR">283811000</in-capmkt:OtherExpenses><in-capmkt:DescriptionOfOtherExpenses contextRef="OneExpenses4D">Selling &amp; Administrative Expenses</in-capmkt:DescriptionOfOtherExpenses><in-capmkt:OtherExpenses contextRef="OneExpenses4D" decimals="-3" unitRef="INR">305472000</in-capmkt:OtherExpenses><in-capmkt:DescriptionOfOtherExpenses contextRef="OneExpenses5D">Other Expenses</in-capmkt:DescriptionOfOtherExpenses><in-capmkt:OtherExpenses contextRef="OneExpenses5D" decimals="-3" unitRef="INR">4973000</in-capmkt:OtherExpenses><in-capmkt:IncomeTaxRelatingToItemsThatWillNotBeReclassifiedToProfitOrLoss contextRef="OneD" decimals="-5" unitRef="INR">0</in-capmkt:IncomeTaxRelatingToItemsThatWillNotBeReclassifiedToProfitOrLoss><in-capmkt:IncomeTaxRelatingToItemsThatWillBeReclassifiedToProfitOrLoss contextRef="OneD" decimals="-5" unitRef="INR">0</in-capmkt:IncomeTaxRelatingToItemsThatWillBeReclassifiedToProfitOrLoss><in-capmkt:OtherComprehensiveIncome contextRef="OneD" decimals="-5" unitRef="INR">0</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. Jampani &amp; Associates</in-capmkt:AuditorsFirmName><in-capmkt:WhetherTheFirmHoldsAValidPeerReviewCertificateIssuedByPeerReviewBoardOfICAI contextRef="D_Auditor1">true</in-capmkt:WhetherTheFirmHoldsAValidPeerReviewCertificateIssuedByPeerReviewBoardOfICAI><in-capmkt:ValidityDateOfCertificate contextRef="D_Auditor1">2028-01-31</in-capmkt:ValidityDateOfCertificate><in-capmkt:TotalOutstandingAmountOfLoansOrRevolvingFacilitiesAtTheEndOfPeriod contextRef="OneI" decimals="-3" unitRef="INR">1541104000</in-capmkt:TotalOutstandingAmountOfLoansOrRevolvingFacilitiesAtTheEndOfPeriod><in-capmkt:AmountOfDefaultOutOfTotalOutstandingAmountOfLoansOrRevolvingFacilitiesAtTheEndOfPeriod contextRef="OneI" decimals="-5" unitRef="INR">0</in-capmkt:AmountOfDefaultOutOfTotalOutstandingAmountOfLoansOrRevolvingFacilitiesAtTheEndOfPeriod><in-capmkt:TotalOutstandingAmountOfUnlistedDebtSecuritiesAtTheEndOfPeriod contextRef="OneI" decimals="-5" unitRef="INR">0</in-capmkt:TotalOutstandingAmountOfUnlistedDebtSecuritiesAtTheEndOfPeriod><in-capmkt:AmountOfDefaultOutOfTotalOutstandingAmountOfUnlistedDebtSecuritiesAtTheEndOfPeriod contextRef="OneI" decimals="-5" unitRef="INR">0</in-capmkt:AmountOfDefaultOutOfTotalOutstandingAmountOfUnlistedDebtSecuritiesAtTheEndOfPeriod><in-capmkt:AmountOfTotalFinancialIndebtednessOfTheListedEntityIncludingShortTermAndLongTermDebtAtTheEndOfPeriod contextRef="OneI" decimals="-4" unitRef="INR">3350180000</in-capmkt:AmountOfTotalFinancialIndebtednessOfTheListedEntityIncludingShortTermAndLongTermDebtAtTheEndOfPeriod></xbrli:xbrl>