<?xml version="1.0" encoding="UTF-8" standalone="no"?><!--IFNBFC 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_NBFC/2026-01-31/in-capmkt/in-capmkt-ent" xmlns:in-capmkt-roles="http://www.sebi.gov.in/xbrl/IntegratedFinance_NBFC/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 xlink:href="in-capmkt-ent-2026-01-31.xsd" xlink:type="simple"/><xbrli:context id="OneD"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/ScripCode">501295</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-04-01</xbrli:startDate><xbrli:endDate>2026-06-30</xbrli:endDate></xbrli:period></xbrli:context><xbrli:context id="OneExpenses1D"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/ScripCode">501295</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-04-01</xbrli:startDate><xbrli:endDate>2026-06-30</xbrli:endDate></xbrli:period><xbrli:scenario><xbrldi:explicitMember dimension="in-capmkt:DetailsOfOtherExpensesAxis">in-capmkt:OtherExpenses1Member</xbrldi:explicitMember></xbrli:scenario></xbrli:context><xbrli:unit id="INR"><xbrli:measure>iso4217:INR</xbrli:measure></xbrli:unit><xbrli:unit id="INRPerShare"><xbrli:divide><xbrli:unitNumerator><xbrli:measure>iso4217:INR</xbrli:measure></xbrli:unitNumerator><xbrli:unitDenominator><xbrli:measure>xbrli:shares</xbrli:measure></xbrli:unitDenominator></xbrli:divide></xbrli:unit><in-capmkt:ScripCode contextRef="OneD">501295</in-capmkt:ScripCode><in-capmkt:Symbol contextRef="OneD">IITL</in-capmkt:Symbol><in-capmkt:MSEISymbol contextRef="OneD">NOTLISTED</in-capmkt:MSEISymbol><in-capmkt:ISIN contextRef="OneD">INE886A01014</in-capmkt:ISIN><in-capmkt:NameOfTheCompany contextRef="OneD">	INDUSTRIAL INVESTMENT TRUST 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">2026-08-05</in-capmkt:DateOfBoardMeetingWhenFinancialResultsWereApproved><in-capmkt:DateOnWhichPriorIntimationOfTheMeetingForConsideringFinancialResultsWasInformedToTheExchange contextRef="OneD">2026-07-22</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">Investment</in-capmkt:DescriptionOfSingleSegment><in-capmkt:DateOfStartOfBoardMeeting contextRef="OneD">2026-08-05</in-capmkt:DateOfStartOfBoardMeeting><in-capmkt:StartTimeOfBoardMeeting contextRef="OneD">15:08:00</in-capmkt:StartTimeOfBoardMeeting><in-capmkt:DateOfEndOfBoardMeeting contextRef="OneD">2026-08-05</in-capmkt:DateOfEndOfBoardMeeting><in-capmkt:EndTimeOfBoardMeeting contextRef="OneD">18:00:00</in-capmkt:EndTimeOfBoardMeeting><in-capmkt:DeclarationOfUnmodifiedOpinionOrStatementOnImpactOfAuditQualification contextRef="OneD">Not applicable</in-capmkt:DeclarationOfUnmodifiedOpinionOrStatementOnImpactOfAuditQualification><in-capmkt:WhetherStatementOnDeviationOrVariationForProceedsOfPublicIssueOrRightIssueOrPreferentialIssueOrQIPEtcIsApplicableToTheCompanyForTheCurrentQuarter contextRef="OneD">false</in-capmkt:WhetherStatementOnDeviationOrVariationForProceedsOfPublicIssueOrRightIssueOrPreferentialIssueOrQIPEtcIsApplicableToTheCompanyForTheCurrentQuarter><in-capmkt:WhetherTheDisclosureForTheDefaultOnLoansAndDebtSecuritiesIsApplicableToTheEntity contextRef="OneD">false</in-capmkt:WhetherTheDisclosureForTheDefaultOnLoansAndDebtSecuritiesIsApplicableToTheEntity><in-capmkt:NoteForNonApplicabilityOfTheDisclosureForTheDefaultOnLoansAndDebtSecuritiesToTheEntity contextRef="OneD">Notes: &lt;br /&gt; 
 &lt;br /&gt; 
1. The above standalone unaudited financial results have been reviewed by the Audit Committee and approved by the Board of Directors of the Company, at their meeting held on August 05, 2026. The unaudited Standalone Financial Result are prepared in accordance with the Indian Accounting Standard (Ind AS) as prescribed under Section 133 of the Companies Act, 2013. &lt;br /&gt; 
 &lt;br /&gt; 
2. The Company is subject to Income Tax under sections 196/197/200 of the Income Tax Act 2025 and tax provision is recognised accordingly. &lt;br /&gt; 
 &lt;br /&gt; 
3.IITL Projects Limited - Subsidiary is facing uncertainties as detailed below &lt;br /&gt; 
 &lt;br /&gt; 
The net worth of the subsidiary is negative as on June 30, 2026.  &lt;br /&gt; 
As on June 30, 2026, the accumulated loss of Rs. 903.01 lakhs, exceeds the paid up capital and net worth of the company stands fully eroded. The total liability of the company exceeds its total assets. &lt;br /&gt; 
 &lt;br /&gt; 
The Subsidiary has no business of its own and also no other cash flow at present. Thus, the company ceases to be a "Going Concern" and accordingly the financial statements of the subsidiary have been prepared on the basis that the company does not continue to be a "Going Concern"and therefore all assets that have being valued at their realisable value where lower than cost and all known liabilities have been fully provided for and recorded in the financial statements on the basis of best estimate of the Management. &lt;br /&gt; 
As at June 30, 2026, the Company carrying amount of investment in its subsidiary IITL Projects Limited amounting to Rs.1,361.23 lakhs in the equity shares and 0% Non-Convertible Redeemable Preference Shares 70,00,000 of Rs. 50 each aggregating to Rs. 3500.00 Lakhs and company has fully provided for the diminution in the value of Investments. &lt;br /&gt; 
 &lt;br /&gt; 
4. The previous year / periods figures have been regrouped/reclassified wherever necessary. &lt;br /&gt; 
 &lt;br /&gt; 
 &lt;br /&gt; 
 &lt;br /&gt; 
For Industrial Investment Trust Limited &lt;br /&gt; 
 &lt;br /&gt; 
 &lt;br /&gt; 
DR. BIDHUBHUSAN SAMAL &lt;br /&gt; 
Chairman &lt;br /&gt; 
DIN : 00007256 &lt;br /&gt; 
 &lt;br /&gt; 
Mumbai: August 05, 2026 &lt;br /&gt; 
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