<?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">-3.27</in-capmkt:BasicEarningsLossPerShareFromContinuingOperations><in-capmkt:DilutedEarningsLossPerShareFromContinuingOperations contextRef="OneD" decimals="INF" unitRef="INRPerShare">-3.27</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">-3.27</in-capmkt:BasicEarningsLossPerShareFromContinuingAndDiscontinuedOperations><in-capmkt:DilutedEarningsLossPerShareFromContinuingAndDiscontinuedOperations contextRef="OneD" decimals="INF" unitRef="INRPerShare">-3.27</in-capmkt:DilutedEarningsLossPerShareFromContinuingAndDiscontinuedOperations><in-capmkt:DebtEquityRatio contextRef="OneD" decimals="INF" unitRef="pure">0.0019</in-capmkt:DebtEquityRatio><in-capmkt:DebtServiceCoverageRatio contextRef="OneD" decimals="INF" unitRef="pure">0.0024</in-capmkt:DebtServiceCoverageRatio><in-capmkt:InterestServiceCoverageRatio contextRef="OneD" decimals="INF" unitRef="pure">-0.0145</in-capmkt:InterestServiceCoverageRatio><in-capmkt:DisclosureOfNotesOnFinancialResultsExplanatoryTextBlock contextRef="OneD">EPS for quarter ended 30th June 2025  has been shown as uploaded in stock exchange last year. Considering the split of shares on 03.11.2025 adjusted EPS for quarter ended 30th June 2025 is Rs (7.68). &lt;br /&gt; 
 &lt;br /&gt; 
1. As currently there are no independent directors on the Board of BEML, the Audit Committee has not been constituted. The results have been prepared in accordance with Ind AS, which was duly reviewed and recommended by the Committee of Functional Directors at the meeting held on 06.08.2026 and approved by the Board of Directors at the Meeting held on 07.08.2026. &lt;br /&gt; 
 &lt;br /&gt; 
2. As required under SEBI regulations, a Limited review of the above financials was conducted  by the Statutory Auditors and the Limited Review Report as duly placed before the aforesaid meeting of the Board is enclosed. &lt;br /&gt; 
 &lt;br /&gt; 
3. Exemption has been granted by Ministry of Corporate Affairs (MCA) from publishing segment-wise information. &lt;br /&gt; 
 &lt;br /&gt; 
4. As per CCEA approval dated 8th September 2021, voluntary liquidation of M/s Vignyan Industries Ltd, a subsidiary of BEML is under process.  &lt;br /&gt; 
 &lt;br /&gt; 
5. The company has advanced Rs 7,467.50 Lakhs to  MAMC consortium formed along with M/s Coal India Ltd(CIL) and M/s Damodar Valley Corporation (DVC) for acquiring specified assets of Mining &amp; Allied Machinery Corporation Ltd. (MAMC) (under liquidation). The company's share in the consortium is 48%. Further, a subsidiary company MAMC Industries Ltd (MIL) was formed &amp; incorporated for the intended JV formation. The company has advanced Rs 624.01 Lakhs on account of MIL. &lt;br /&gt; 
 &lt;br /&gt; 
6. The figures for the quarter ended March are the balancing figures between the audited figures for the full financial year and the published figures upto the third quarter of the financial year. &lt;br /&gt; 
 &lt;br /&gt; 
7. Previous period figures have been regrouped and reclassified wherever necessary to make them comparable with the current period figures. </in-capmkt:DisclosureOfNotesOnFinancialResultsExplanatoryTextBlock><in-capmkt:DescriptionOfOtherExpenses contextRef="OneExpenses1D">Other Expenses</in-capmkt:DescriptionOfOtherExpenses><in-capmkt:OtherExpenses contextRef="OneExpenses1D" decimals="-3" unitRef="INR">1582755000</in-capmkt:OtherExpenses><in-capmkt:DescriptionOfItemThatWillNotBeReclassifiedToProfitAndLoss contextRef="D_ItemsThatWillNotBeReclassifiedToProfitAndLoss11">Re - measurement of defined benefit (liability) / asset</in-capmkt:DescriptionOfItemThatWillNotBeReclassifiedToProfitAndLoss><in-capmkt:AmountOfItemThatWillNotBeReclassifiedToProfitAndLoss contextRef="D_ItemsThatWillNotBeReclassifiedToProfitAndLoss11" decimals="-3" unitRef="INR">-16386000</in-capmkt:AmountOfItemThatWillNotBeReclassifiedToProfitAndLoss><in-capmkt:AmountOfItemThatWillNotBeReclassifiedToProfitAndLoss contextRef="OneD" decimals="-3" unitRef="INR">-16386000</in-capmkt:AmountOfItemThatWillNotBeReclassifiedToProfitAndLoss><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="-3" unitRef="INR">-16386000</in-capmkt:OtherComprehensiveIncome></xbrli:xbrl>