<?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:BasicEarningsLossPerShareFromDiscontinuedOperations><in-capmkt:DilutedEarningsLossPerShareFromDiscontinuedOperations contextRef="OneD" decimals="INF" unitRef="INRPerShare">0</in-capmkt:DilutedEarningsLossPerShareFromDiscontinuedOperations><in-capmkt:BasicEarningsLossPerShareFromContinuingAndDiscontinuedOperations contextRef="OneD" decimals="INF" unitRef="INRPerShare">18.94</in-capmkt:BasicEarningsLossPerShareFromContinuingAndDiscontinuedOperations><in-capmkt:DilutedEarningsLossPerShareFromContinuingAndDiscontinuedOperations contextRef="OneD" decimals="INF" unitRef="INRPerShare">18.94</in-capmkt:DilutedEarningsLossPerShareFromContinuingAndDiscontinuedOperations><in-capmkt:DisclosureOfNotesOnFinancialResultsExplanatoryTextBlock contextRef="OneD">Notes: &lt;br /&gt; 
 &lt;br /&gt; 
1. The above 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 August 12, 2026. The limited review as required under regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 has been completed by the statutory auditors of the Company. &lt;br /&gt; 
 &lt;br /&gt; 
2. The 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 recognised accounting practices and policies to the extent applicable.  &lt;br /&gt; 
 &lt;br /&gt; 
3. The figures for the quarter ended March 31, 2026 are the balancing figures between the audited figures in respect of the full financial year ended March 31, 2026 and unaudited figures for the nine months ended December 31, 2025, which were subjected to limited review. &lt;br /&gt; 
 &lt;br /&gt; 
4. The Company operates in a single segment and in line with Ind AS - 108 - "Operating Segments", the operations of the Company fall under "Chemical Business" which is considered to be the only reportable business segment. &lt;br /&gt; 
 &lt;br /&gt; 
5. On 2nd May 2024, Fire occurred in the Dry zone of VS Plant of the Company located at Village: lndrad, Chhatral-Kadi Road, Mehsana-382715. The Company had lodged a claim of this incident with the insurance company. During Q3 FY 24-25, the Company was able to e- auction scrap of the Property, Plant &amp; Equipment damaged due to fire and realized Rs. 32.29 Lakhs. On the basis of the same, the Company had estimated and recognised loss of Rs. 402.18 Lakhs on account of damage to Property, Plant &amp; Equipment and Inventory and had recognised insurance claim receivable to the extent of aforesaid losses, net of amount realized from sale of scrap. The aforesaid losses of Rs. 402.18 Lakhs and corresponding credit of Rs. 402.18 Lakhs arising from insurance claim receivables had been presented under Exceptional Items. &lt;br /&gt; 
 &lt;br /&gt; 
During Q2 FY 2025-26, the Company had received a part settlement of Rs.543.16 lakh (net of GST) towards the insurance claim. Further, based on the subsequent communication received from the insurer prior to the Board Meeting for Q2 of FY 2025-26, the Company had also been intimated of an additional amount of Rs.28.63 lakh as final settlement. The outstanding insurance claim receivables were in line with the terms and conditions of the insurance policies and the communications received from the insurer. Accordingly, the Company had recognised Rs.169.61 lakh as an exceptional item. &lt;br /&gt; 
 &lt;br /&gt; 
6. The Company has successfully commissioned its ground-mounted solar power plant amounting to Rs. 696.97 lakh of 2.40 MWp (DC) / 1.75 MWp (AC) at Survey No 46 &amp; 47 of Village: Sardarpura, Taluka: Jhagadiya, District: Bharuch, for captive consumption at its factory located at Plot No D/2/CH/152, Dahej Industrial Estate GIDC, Taluka Vaghara, Dahej, Bharuch. Solar power generation has commenced with effect from April 24, 2026 pursuant to the Certificate of Commissioning No. GEDA/SOL-1424/2026/05/OW/2355 received from the Gujarat Energy Development Agency (GEDA). &lt;br /&gt; 
 &lt;br /&gt; 
7. Previous period figures have been rearranged / regrouped wherever necessary.</in-capmkt:DisclosureOfNotesOnFinancialResultsExplanatoryTextBlock><in-capmkt:DescriptionOfOtherExpenses contextRef="OneExpenses1D">Power &amp; Fuel</in-capmkt:DescriptionOfOtherExpenses><in-capmkt:OtherExpenses contextRef="OneExpenses1D" decimals="-4" unitRef="INR">181860000</in-capmkt:OtherExpenses><in-capmkt:DescriptionOfOtherExpenses contextRef="OneExpenses2D">Other expenses</in-capmkt:DescriptionOfOtherExpenses><in-capmkt:OtherExpenses contextRef="OneExpenses2D" decimals="-3" unitRef="INR">231436000</in-capmkt:OtherExpenses><in-capmkt:IncomeTaxRelatingToItemsThatWillNotBeReclassifiedToProfitOrLoss contextRef="OneD" decimals="-5" unitRef="INR">0</in-capmkt:IncomeTaxRelatingToItemsThatWillNotBeReclassifiedToProfitOrLoss><in-capmkt:IncomeTaxRelatingToItemsThatWillBeReclassifiedToProfitOrLoss contextRef="OneD" decimals="-3" unitRef="INR">-7466000</in-capmkt:IncomeTaxRelatingToItemsThatWillBeReclassifiedToProfitOrLoss><in-capmkt:OtherComprehensiveIncome contextRef="OneD" decimals="-3" unitRef="INR">7466000</in-capmkt:OtherComprehensiveIncome></xbrli:xbrl>