<?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="INR">1203800000</in-capmkt:ComprehensiveIncomeForThePeriod><in-capmkt:PaidUpValueOfEquityShareCapital contextRef="OneD" decimals="-6" unitRef="INR">152000000</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">15.84</in-capmkt:BasicEarningsLossPerShareFromContinuingOperations><in-capmkt:DilutedEarningsLossPerShareFromContinuingOperations contextRef="OneD" decimals="INF" unitRef="INRPerShare">15.79</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">15.84</in-capmkt:BasicEarningsLossPerShareFromContinuingAndDiscontinuedOperations><in-capmkt:DilutedEarningsLossPerShareFromContinuingAndDiscontinuedOperations contextRef="OneD" decimals="INF" unitRef="INRPerShare">15.79</in-capmkt:DilutedEarningsLossPerShareFromContinuingAndDiscontinuedOperations><in-capmkt:DisclosureOfNotesOnFinancialResultsExplanatoryTextBlock contextRef="OneD">The above Unaudited Standalone Financial Results for the quarter ended June 30, 2026 were reviewed and recommended by the Audit Committee and approved by the Board of Directors at their respective meetings held on August 12, 2026 and have been reviewed by the Statutory Auditors. &lt;br /&gt; 
The Unaudited 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 the relevant rules issued thereunder ("Ind AS") and other accounting principles generally accepted in India and in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. &lt;br /&gt; 
The Company is engaged in the sole activity of carrying on the business of "Pharmaceutical Formulations" and, accordingly, no separate segment reporting is applicable to the Company. &lt;br /&gt; 
Other Income and Profit Before Tax include the following: &lt;br /&gt; 
(a) Dividend received from the wholly owned subsidiary, Caplin Point Far East Limited, amounting to Rs. 28.90 Crores for the quarter ended June 30, 2026, Rs. 30.55 Crores for the quarter ended March 31, 2026, Rs. 8.12 Crores for the quarter ended June 30, 2025 and Rs. 62.30 Crores for the year ended March 31, 2026. &lt;br /&gt; 
During the quarter ended June 30, 2026, no shares were allotted under the Employee Stock Option Plan (ESOP). The total number of equity shares of the Company remained at 7,60,11,696 as at June 30, 2026, March 31, 2026, June 30, 2025 and March 31, 2026. &lt;br /&gt; 
The Board of Directors at its meeting held on May 14, 2026 declared an interim dividend of Rs. 4.00 (Rupees Four Only) per equity share (200%) for the financial year 2025-26, which was paid to the shareholders on June 8, 2026. The Board of Directors at its meeting held on August 12, 2026 has recommended a final dividend of Rs. 4.00 per equity share (200%) for the financial year 2025-26, subject to the approval of the shareholders at the ensuing Annual General Meeting of the Company. &lt;br /&gt; 
The total dividend for the financial year 2025-26, including the final dividend subject to the approval of the shareholders at the ensuing Annual General Meeting, will be Rs. 8.00 per equity share (400%) of the face value of Rs. 2 each. &lt;br /&gt; 
Previous periods' figures have been regrouped / reclassified to conform to the current period's classification / disclosure, wherever necessary.</in-capmkt:DisclosureOfNotesOnFinancialResultsExplanatoryTextBlock><in-capmkt:DescriptionOfOtherExpenses contextRef="OneExpenses1D">Other expenses</in-capmkt:DescriptionOfOtherExpenses><in-capmkt:OtherExpenses contextRef="OneExpenses1D" decimals="-5" unitRef="INR">366500000</in-capmkt:OtherExpenses><in-capmkt:IncomeTaxRelatingToItemsThatWillNotBeReclassifiedToProfitOrLoss contextRef="OneD" decimals="-7" unitRef="INR">0</in-capmkt:IncomeTaxRelatingToItemsThatWillNotBeReclassifiedToProfitOrLoss><in-capmkt:IncomeTaxRelatingToItemsThatWillBeReclassifiedToProfitOrLoss contextRef="OneD" decimals="-7" unitRef="INR">0</in-capmkt:IncomeTaxRelatingToItemsThatWillBeReclassifiedToProfitOrLoss><in-capmkt:OtherComprehensiveIncome contextRef="OneD" decimals="-7" unitRef="INR">0</in-capmkt:OtherComprehensiveIncome></xbrli:xbrl>