<?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">1.82</in-capmkt:BasicEarningsLossPerShareFromContinuingOperations><in-capmkt:DilutedEarningsLossPerShareFromContinuingOperations contextRef="OneD" decimals="INF" unitRef="INRPerShare">1.82</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">1.82</in-capmkt:BasicEarningsLossPerShareFromContinuingAndDiscontinuedOperations><in-capmkt:DilutedEarningsLossPerShareFromContinuingAndDiscontinuedOperations contextRef="OneD" decimals="INF" unitRef="INRPerShare">1.82</in-capmkt:DilutedEarningsLossPerShareFromContinuingAndDiscontinuedOperations><in-capmkt:DisclosureOfNotesOnFinancialResultsExplanatoryTextBlock contextRef="OneD">NOTES TO UNAUDITED STANDALONE AND CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30 2026 &lt;br /&gt; 
 &lt;br /&gt; 
1 The above Standalone and Consolidated Financial Results have been prepared in accordance with the Indian Accounting Standards Ind AS prescribed under Section 133 of the Companies Act 2013 read with the relevant rules issued thereunder and other accounting principles generally accepted in India These results have been reviewed and recommended by the Audit Committee and approved by the Board of Directors at its meeting held on August 12 2026 pursuant to Regulation 33 of the SEBI Listing Obligations and Disclosure Requirements Regulations 2015 as amended &lt;br /&gt; 
 &lt;br /&gt; 
2 The Company operates in a single reportable segment namely Material Handling Equipment Accordingly the disclosure requirements under Indian Accounting Standard Ind AS 108 Operating Segments are not applicable &lt;br /&gt; 
 &lt;br /&gt; 
3 Exceptional items comprise the following &lt;br /&gt; 
 &lt;br /&gt; 
Impact of Labour Codes on Employee Benefits &lt;br /&gt; 
 &lt;br /&gt; 
Standalone &lt;br /&gt; 
 &lt;br /&gt; 
Quarter ended June 30 2026 NIL &lt;br /&gt; 
 &lt;br /&gt; 
Year ended March 31 2026 22 76 &lt;br /&gt; 
 &lt;br /&gt; 
Quarter ended June 30 2025 NIL &lt;br /&gt; 
 &lt;br /&gt; 
Consolidated &lt;br /&gt; 
 &lt;br /&gt; 
Year ended March 31 2026 61 44 &lt;br /&gt; 
 &lt;br /&gt; 
Quarter ended June 30 2026 NIL &lt;br /&gt; 
 &lt;br /&gt; 
Year ended March 31 2026 22 76 &lt;br /&gt; 
 &lt;br /&gt; 
Quarter ended June 30 2025 NIL &lt;br /&gt; 
 &lt;br /&gt; 
Year ended March 31 2026 61 65 &lt;br /&gt; 
 &lt;br /&gt; 
4 The figures for the quarter ended March 31 2026 represent the balancing figures between the audited figures for the full financial year and the reviewed year to date figures up to the third quarter of the relevant financial year &lt;br /&gt; 
 &lt;br /&gt; 
5 Previous period figures have been appropriately regrouped reclassified wherever necessary &lt;br /&gt; 
 &lt;br /&gt; 
6 These standalone and consolidated financial results are available on the Companys website viz www indef com and on the websites of BSE www bseindia com and NSE www nseindia com</in-capmkt:DisclosureOfNotesOnFinancialResultsExplanatoryTextBlock><in-capmkt:DescriptionOfOtherExpenses contextRef="OneExpenses1D">Other Expenses</in-capmkt:DescriptionOfOtherExpenses><in-capmkt:OtherExpenses contextRef="OneExpenses1D" decimals="-3" unitRef="INR">70157000</in-capmkt:OtherExpenses><in-capmkt:IncomeTaxRelatingToItemsThatWillNotBeReclassifiedToProfitOrLoss contextRef="OneD" decimals="-3" unitRef="INR">-375000</in-capmkt:IncomeTaxRelatingToItemsThatWillNotBeReclassifiedToProfitOrLoss><in-capmkt:IncomeTaxRelatingToItemsThatWillBeReclassifiedToProfitOrLoss contextRef="OneD" decimals="-3" unitRef="INR">94000</in-capmkt:IncomeTaxRelatingToItemsThatWillBeReclassifiedToProfitOrLoss><in-capmkt:OtherComprehensiveIncome contextRef="OneD" decimals="-3" unitRef="INR">281000</in-capmkt:OtherComprehensiveIncome></xbrli:xbrl>