<?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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contextRef="OneD">BRNL</in-capmkt:Symbol><in-capmkt:MSEISymbol contextRef="OneD">NOTLISTED</in-capmkt:MSEISymbol><in-capmkt:ISIN contextRef="OneD">INE727S01012</in-capmkt:ISIN><in-capmkt:NameOfTheCompany contextRef="OneD">BHARAT ROAD NETWORK LIMITED</in-capmkt:NameOfTheCompany><in-capmkt:TypeOfCompany contextRef="OneD">Main Board</in-capmkt:TypeOfCompany><in-capmkt:ClassOfSecurity contextRef="OneD">Equity</in-capmkt:ClassOfSecurity><in-capmkt:DateOfStartOfFinancialYear contextRef="OneD">2026-04-01</in-capmkt:DateOfStartOfFinancialYear><in-capmkt:DateOfEndOfFinancialYear contextRef="OneD">2027-03-31</in-capmkt:DateOfEndOfFinancialYear><in-capmkt:DateOfBoardMeetingWhenFinancialResultsWereApproved contextRef="OneD">2026-08-14</in-capmkt:DateOfBoardMeetingWhenFinancialResultsWereApproved><in-capmkt:DateOnWhichPriorIntimationOfTheMeetingForConsideringFinancialResultsWasInformedToTheExchange contextRef="OneD">2026-08-09</in-capmkt:DateOnWhichPriorIntimationOfTheMeetingForConsideringFinancialResultsWasInformedToTheExchange><in-capmkt:DescriptionOfPresentationCurrency contextRef="OneD">INR</in-capmkt:DescriptionOfPresentationCurrency><in-capmkt:LevelOfRounding contextRef="OneD">Lakhs</in-capmkt:LevelOfRounding><in-capmkt:TypeOfReportingPeriod contextRef="OneD">Quarterly</in-capmkt:TypeOfReportingPeriod><in-capmkt:ReportingQuarter contextRef="OneD">First quarter</in-capmkt:ReportingQuarter><in-capmkt:IsCompanyReportingMultisegmentOrSingleSegment contextRef="OneD">Single segment</in-capmkt:IsCompanyReportingMultisegmentOrSingleSegment><in-capmkt:DescriptionOfSingleSegment contextRef="OneD">The Company Is primarlly engaged In a single business segment of purchase, own, bulld, develop, design, operate, transfer road and related services, Hence, segment reporting Is not applicable.</in-capmkt:DescriptionOfSingleSegment><in-capmkt:DateOfStartOfBoardMeeting 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unitRef="INR">-71000</in-capmkt:OtherComprehensiveIncomeNetOfTaxes><in-capmkt:ComprehensiveIncomeForThePeriod contextRef="OneD" decimals="-4" unitRef="INR">-1525220000</in-capmkt:ComprehensiveIncomeForThePeriod><in-capmkt:PaidUpValueOfEquityShareCapital contextRef="OneD" decimals="-5" unitRef="INR">839500000</in-capmkt:PaidUpValueOfEquityShareCapital><in-capmkt:FaceValueOfEquityShareCapital contextRef="OneD" decimals="INF" unitRef="INRPerShare">10</in-capmkt:FaceValueOfEquityShareCapital><in-capmkt:BasicEarningsLossPerShareFromContinuingOperations contextRef="OneD" decimals="INF" unitRef="INRPerShare">-18.17</in-capmkt:BasicEarningsLossPerShareFromContinuingOperations><in-capmkt:DilutedEarningsLossPerShareFromContinuingOperations contextRef="OneD" decimals="INF" unitRef="INRPerShare">-18.17</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">-18.17</in-capmkt:BasicEarningsLossPerShareFromContinuingAndDiscontinuedOperations><in-capmkt:DilutedEarningsLossPerShareFromContinuingAndDiscontinuedOperations contextRef="OneD" decimals="INF" unitRef="INRPerShare">-18.17</in-capmkt:DilutedEarningsLossPerShareFromContinuingAndDiscontinuedOperations><in-capmkt:DisclosureOfNotesOnFinancialResultsExplanatoryTextBlock contextRef="OneD">1)The above standalone financial results for the quarter ended   June 30, 2026 and consolidated 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 14, 2026. Limited Review of these   Financial Results for the quarter ended June 30, 2026 as required under   regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements)   Regulations, 2015 has been carried out by the Statutory Auditors of the   Company.         &lt;br /&gt; 
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2)The Company is primarily engaged in a single business segment of   purchase, own, build, develop, design, operate, transfer road and related   services. Hence, segment reporting is not applicable. &lt;br /&gt; 
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3)Other Income / expenses includes gain/(loss) on account of   Investments mandatorily measured at Fair Value Through Profit and Loss  (FVTPL). &lt;br /&gt; 
 &lt;br /&gt; 
4)The Company received Rs. 7,000 lakhs from IL&amp;FS Financial   Services Ltd. (IL&amp;FS) in FY 2016-17 and has receivables of Rs. 11,419   lakhs from IL&amp;FS Transportation Networks Ltd. IL&amp;FS filed a Section-7   application before NCLT, Kolkata which remains sine die. &lt;br /&gt; 
 &lt;br /&gt; 
As per NCLAT directions, all IL&amp;FS group entities are treated as a   single unit for restructuring. IL&amp;FS sought relief before NCLT, Mumbai   for mutual discharge of dues, but its application was dismissed. On appeal,   NCLAT, New Delhi set aside the dismissal and remitted the matter for fresh   consideration. Accordingly, IL&amp;FS has filed Restoration Application Under   Rule 11 on July 10, 2026 to seek revival and restoration of the Company   Application Number 226 of 2025 in NCLT Mumbai. This case too remains sub   judice before NCLT, Mumbai. &lt;br /&gt; 
 &lt;br /&gt; 
5)The Company has availed financial assistance from a financial   institution   amounting to Rs.   19,357.72 lakhs and the same was repayable on March 31, 2025. Total interest   accrued in books of accounts amounts to Rs. 12,015.55 lakhs till June 30,   2024. Interest amounting to Rs. 7,948.54    lakhs have not been provided from July 01, 2024 onwards.  Company has defaulted in repayment of   principal and interest due on March 31, 2025. Partial payment of Rs. 8,000   lakhs has been done in the month of December 2025 towards Interest by the   Company. The Company is currently in discussions  for    the potential restructuring / resolution of this financial support.   The Company is hopeful of a positive outcome in this regard. Considering   these, interest has not been recognised from July 01, 2024 onwards and repayments   have been put on hold. The accounts have been prepared on Going Concern   Basis, keeping in view the positive net worth of the Company as at  June 30, 2026 and expected realisation from   its financial assets and potential restructuring / resolution of the above. &lt;br /&gt; 
 &lt;br /&gt; 
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6)The Standalone and Consolidated figures for the last quarter for   financial year 2025-26 are the    balancing figures between the audited figures in respect of the full   financial year ended March 31, 2026 and the published unaudited (with limited   review) year to date figures upto the third quarter ended December 31, 2025 . &lt;br /&gt; 
 &lt;br /&gt; 
7)In case of Subsidiary Company, Guruvayoor Infrastructure Pvt. Ltd. (GIPL), Claims &amp; Counter claims are being pursued before the Arbitral Tribunal both by GIPL &amp;  National Highway Authority of India (NHAI) which is still pending adjudication. &lt;br /&gt; 
 &lt;br /&gt; 
8)The Officers of the Directorate of Enforcement (ED) conducted   search proceedings u/s 17(1) of the Prevention of Money Laundering Act,2002   (PMLA) at the Office Premises of the    Subsidiary, Guruvayoor Infrastructure Pvt. Ltd (GIPL) . This was   pursuant to the CBI Investigation and FIR    being filed alleging criminal conspiracy leading to unlawful gain of   Rs. 10,244 Lakhs.  Subsequently, CBI   has filled chargesheet on  March 27   ,2024, wherein the alleged undue gain has been quantified at around Rs.   2,447  Lakhs. &lt;br /&gt; 
 &lt;br /&gt; 
The ED has passed an order  against   GIPL, to freeze the movable properties (including Bank balance and fixed   deposits) to the tune of Rs. 12,521.42 lakhs.       &lt;br /&gt; 
 &lt;br /&gt; 
GIPL  has preferred an Appeal   against the said order of The Adjudicating Authority before the Hon'ble   Appellate Tribunal (PMLA).    Concurrently, ED has also filed a prosecution complaint before the   Hon’ble Additional Special Sessions Court , at Ernakulam. The matter is   sub-judice.                                                                               &lt;br /&gt; 
 &lt;br /&gt; 
9)The Subsidiary Company, Guruvayoor Infrastructure Pvt. Ltd. (GIPL) has availed financial assistance from one of the  financial institution  and is currently in discussion with them regarding the potential restructuring of this financial support. GIPL is hopeful of a positive outcome in this regard. Considering this development, interest amounting to Rs  2,560.58 Lakhs has not been provided  from October  01,2024 onwards . &lt;br /&gt; 
 &lt;br /&gt; 
10)In case of  Solapur   Tollways Private Limited (STPL), pursuant to initiation of CIRP, vide   NCLT-Kolkata Order dated December 20, 2024, the Company  ceases    control  over  STPL.                                                                                                                                                                                                11)Kurukshetra Expressway Private Limited (KEPL), an associate of   the Company, was awarded Rs. 86,087 lakhs by the Arbitral Tribunal towards   losses including termination payment (net of counter claims)  vide order dated August 16, 2024, which has   been set aside by the Hon’ble Delhi High Court. Consequently, the Company has   impaired/ provided against the investments in and receivables from KEPL. &lt;br /&gt; 
 &lt;br /&gt; 
12)Mahakaleshwar Tollways Pvt Ltd. (MTPL) an associate of the   Company , pursuing claims of Rs. 214,916    lakhs  including Termination   payment and  other damages had  filed "Arbitration Petition"   before the Madhya Pradesh Arbitration Tribunal – Bhopal on October 30, 2021   under Madhya Pradesh Madhyastham Adhikaran Adhiniyam, 1983  .  The matter is subjudice. &lt;br /&gt; 
 &lt;br /&gt; 
13)The figures for the corresponding previous period have been regrouped/ reclassified wherever necessary, to make them comparable.</in-capmkt:DisclosureOfNotesOnFinancialResultsExplanatoryTextBlock><in-capmkt:DescriptionOfOtherExpenses contextRef="OneExpenses1D">Impairment on Investment in Associates</in-capmkt:DescriptionOfOtherExpenses><in-capmkt:OtherExpenses contextRef="OneExpenses1D" decimals="-3" unitRef="INR">400015000</in-capmkt:OtherExpenses><in-capmkt:DescriptionOfOtherExpenses contextRef="OneExpenses2D">Other Expenses</in-capmkt:DescriptionOfOtherExpenses><in-capmkt:OtherExpenses contextRef="OneExpenses2D" decimals="-3" unitRef="INR">1138691000</in-capmkt:OtherExpenses><in-capmkt:IncomeTaxRelatingToItemsThatWillNotBeReclassifiedToProfitOrLoss contextRef="OneD" decimals="-3" unitRef="INR">95000</in-capmkt:IncomeTaxRelatingToItemsThatWillNotBeReclassifiedToProfitOrLoss><in-capmkt:IncomeTaxRelatingToItemsThatWillBeReclassifiedToProfitOrLoss contextRef="OneD" decimals="-3" unitRef="INR">-24000</in-capmkt:IncomeTaxRelatingToItemsThatWillBeReclassifiedToProfitOrLoss><in-capmkt:OtherComprehensiveIncome contextRef="OneD" decimals="-3" unitRef="INR">-71000</in-capmkt:OtherComprehensiveIncome><in-capmkt:TotalOutstandingAmountOfLoansOrRevolvingFacilitiesAtTheEndOfPeriod contextRef="OneI" decimals="-3" unitRef="INR">2635773000</in-capmkt:TotalOutstandingAmountOfLoansOrRevolvingFacilitiesAtTheEndOfPeriod><in-capmkt:AmountOfDefaultOutOfTotalOutstandingAmountOfLoansOrRevolvingFacilitiesAtTheEndOfPeriod contextRef="OneI" decimals="-3" unitRef="INR">2635773000</in-capmkt:AmountOfDefaultOutOfTotalOutstandingAmountOfLoansOrRevolvingFacilitiesAtTheEndOfPeriod><in-capmkt:TotalOutstandingAmountOfUnlistedDebtSecuritiesAtTheEndOfPeriod contextRef="OneI" decimals="-5" unitRef="INR">0</in-capmkt:TotalOutstandingAmountOfUnlistedDebtSecuritiesAtTheEndOfPeriod><in-capmkt:AmountOfDefaultOutOfTotalOutstandingAmountOfUnlistedDebtSecuritiesAtTheEndOfPeriod contextRef="OneI" decimals="-5" unitRef="INR">0</in-capmkt:AmountOfDefaultOutOfTotalOutstandingAmountOfUnlistedDebtSecuritiesAtTheEndOfPeriod><in-capmkt:AmountOfTotalFinancialIndebtednessOfTheListedEntityIncludingShortTermAndLongTermDebtAtTheEndOfPeriod contextRef="OneI" decimals="-5" unitRef="INR">0</in-capmkt:AmountOfTotalFinancialIndebtednessOfTheListedEntityIncludingShortTermAndLongTermDebtAtTheEndOfPeriod></xbrli:xbrl>