<?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">0.23</in-capmkt:BasicEarningsLossPerShareFromContinuingAndDiscontinuedOperations><in-capmkt:DilutedEarningsLossPerShareFromContinuingAndDiscontinuedOperations contextRef="OneD" decimals="INF" unitRef="INRPerShare">0.23</in-capmkt:DilutedEarningsLossPerShareFromContinuingAndDiscontinuedOperations><in-capmkt:DisclosureOfNotesOnFinancialResultsExplanatoryTextBlock contextRef="OneD">Notes: &lt;br /&gt; 
1. The financial results for the quarter ended June 30, 2026 were reviewed by the Audit Committee and approved by the Board of Directors of the Company at their respective meetings held on August 13, 2026, and have been reviewed by the statutory auditor of the Company. &lt;br /&gt; 
 &lt;br /&gt; 
2. The financial results have been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standards (“Ind AS”) notified under the Companies (Indian Accounting Standards) Rule, 2015, as amended from time to time, specified under section 133 of the Companies Act, 2013.  &lt;br /&gt; 
 &lt;br /&gt; 
3. The consolidated financial results of the Company have been prepared by consolidating the unaudited financial results of the Company and its material subsidiary Panacea Biotec Pharma Limited (“PBPL”) for the respective periods, with the unaudited (management reviewed and approved) financial results of its wholly owned subsidiaries (“WOS”) and the enterprises over which the Company exercises control (“Enterprises”) (the Company, these subsidiaries and the Enterprises hereinafter collectively referred to as “the Group”) for the respective periods: &lt;br /&gt; 
(i) WOS: Meyten Realtech Private Limited, Panacea Biotec (International) S.A. (“PBS”), Panacea Biotec Germany GmbH (WOS through PBS) and Panacea Biotec Inc. (WOS through PBPL); and &lt;br /&gt; 
(ii) Enterprises*: PanEra Biotec Private Limited and Adveta Power Private Limited. &lt;br /&gt; 
*considered as a subsidiary for the purpose of consolidation as per Ind AS 110 &lt;br /&gt; 
 &lt;br /&gt; 
4. For the quarter ended June 30, 2026, the Company and Group has earned profit (including other comprehensive income) of Rs.167 lakh and Rs.258 lakh (quarter ended June 30, 2025: loss of Rs.668 lakh and profit of Rs.394 lakh), respectively. As on June 30, 2026, the retained earnings of the Company are negative to the extent of Rs.21,615 lakh (June 30, 2025: Rs.19,577 lakh). The aforesaid conditions indicate the existence of uncertainty that may create doubt about the Company's ability to continue as a going concern. However, the retained earnings of the Group as on June 30, 2026 are positive. The surplus funds remaining with the Group out of the sales of pharmaceutical formulations brands in India and Nepal in March 2022 have helped in strengthening the working capital position, setting up new facilities for enhancement of capacities for manufacturing of vaccines drug substance, scaling up its nutrition and pharmaceutical formulations business and pursuing other business opportunities. The Company has already received higher long-term business orders for vaccines from key institutional customers, resulting into higher revenues and profits during the current quarter. Based on these measures and continuous efforts to improve the business performance, the management has prepared the financial results on a going concern basis. &lt;br /&gt; 
 &lt;br /&gt; 
5. During the quarter ended June 30, 2026, the Group has recognised exceptional income of Rs.274 lakh (quarter ended June 30, 2025: Rs.1,132 lakh) in the consolidated statement of profit and loss, which includes: &lt;br /&gt; 
(i) income of Rs. Nil (quarter ended June 30, 2025: Rs.858 lakh), pursuant to the settlement agreement dated July 9, 2025 executed with Apotex Inc., USA (“Apotex”) to settle the ongoing dispute between Apotex and the Company &amp; PBPL; and &lt;br /&gt; 
(ii) income of Rs.274 Lakh (quarter ended June 30, 2025: Rs.274 lakh), out of the remaining deferred consideration of Rs.1,019 Lakh as at March 31, 2026, from sale of domestic pharmaceutical brands of PBPL. The balance deferred consideration of Rs.745 lakh (June 30, 2025: Rs.1,837 lakh) would be recognised in subsequent quarters / years and is shown as Contract Liability in the consolidated financial statements of the Group. &lt;br /&gt; 
</in-capmkt:DisclosureOfNotesOnFinancialResultsExplanatoryTextBlock><in-capmkt:DescriptionOfOtherExpenses contextRef="OneExpenses1D">Other Expenses</in-capmkt:DescriptionOfOtherExpenses><in-capmkt:OtherExpenses contextRef="OneExpenses1D" decimals="-5" unitRef="INR">265800000</in-capmkt:OtherExpenses><in-capmkt:DisclosureOfNotesOnSegmentsExplanatoryTextBlock contextRef="OneD">6. Amounts for the quarter ended March 31, 2026 represent the balancing amounts between the audited amounts for the full financial year and the published year to date amounts upto third quarter of the financial year ended March 31, 2026, which had been subjected only to limited review. &lt;br /&gt; 
 &lt;br /&gt; 
7. The Company publishes standalone financial results along with the consolidated financial results. In accordance with Ind AS 108, ‘Operating Segments’, the management has disclosed the segment information in the consolidated financial results. Accordingly, the segment information is given in the consolidated financial results of the Group for the quarter ended June 30, 2026. &lt;br /&gt; 
 &lt;br /&gt; 
8. The necessary certificate / report in respect of the above results in terms of requirements of Regulation 33 of the SEBI (Listing Obligations and Other Disclosure Requirements) Regulations, 2015, has been placed before the Board of Directors. &lt;br /&gt; 
 &lt;br /&gt; 
9. Previous period amounts have been regrouped/ reclassified in compliance with Ind-AS to make them comparable with those of current period / year. &lt;br /&gt; 
 &lt;br /&gt; 
10. ‘0’ under “Rs. in Lakh” represents an amount less than Rs.50,000. Further, the figures shown in the tables may not exactly add up due to rounding off. &lt;br /&gt; 
 &lt;br /&gt; 
11. The above results are also available on the Company’s website https://www.panaceabiotec.com. &lt;br /&gt; 
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