<?xml version="1.0" encoding="UTF-8" standalone="no"?><!--IFOTB 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_OtherThanBank/2026-01-31/in-capmkt/in-capmkt-ent" xmlns:in-capmkt-roles="http://www.sebi.gov.in/xbrl/IntegratedFinance_OtherThanBank/2026-01-31/in-capmkt-roles" xmlns:in-capmkt-type="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/Symbol">MADHUSUDAN</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="OneI"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/Symbol">MADHUSUDAN</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-06-30</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="OneExpenses1D"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/Symbol">MADHUSUDAN</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 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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">000000</in-capmkt:ScripCode><in-capmkt:Symbol contextRef="OneD">MADHUSUDAN</in-capmkt:Symbol><in-capmkt:MSEISymbol contextRef="OneD">NOTLISTED</in-capmkt:MSEISymbol><in-capmkt:ISIN contextRef="OneD">INE0P6701019</in-capmkt:ISIN><in-capmkt:NameOfTheCompany contextRef="OneD">Madhusudan Masala Limited</in-capmkt:NameOfTheCompany><in-capmkt:TypeOfCompany contextRef="OneD">SME</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">2026-07-18</in-capmkt:DateOfBoardMeetingWhenFinancialResultsWereApproved><in-capmkt:DateOnWhichPriorIntimationOfTheMeetingForConsideringFinancialResultsWasInformedToTheExchange contextRef="OneD">2026-07-15</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">Spices</in-capmkt:DescriptionOfSingleSegment><in-capmkt:DateOfStartOfBoardMeeting contextRef="OneD">2026-07-18</in-capmkt:DateOfStartOfBoardMeeting><in-capmkt:StartTimeOfBoardMeeting contextRef="OneD">15:00:00</in-capmkt:StartTimeOfBoardMeeting><in-capmkt:DateOfEndOfBoardMeeting contextRef="OneD">2026-07-18</in-capmkt:DateOfEndOfBoardMeeting><in-capmkt:EndTimeOfBoardMeeting contextRef="OneD">16:00:00</in-capmkt:EndTimeOfBoardMeeting><in-capmkt:DeclarationOfUnmodifiedOpinionOrStatementOnImpactOfAuditQualification contextRef="OneD">Not applicable</in-capmkt:DeclarationOfUnmodifiedOpinionOrStatementOnImpactOfAuditQualification><in-capmkt:WhetherStatementOnDeviationOrVariationForProceedsOfPublicIssueOrRightIssueOrPreferentialIssueOrQIPEtcIsApplicableToTheCompanyForTheCurrentQuarter 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</in-capmkt:NoteForNonApplicabilityOfTheDisclosureForTheDefaultOnLoansAndDebtSecuritiesToTheEntity><in-capmkt:DateOfStartOfReportingPeriod contextRef="OneD">2026-04-01</in-capmkt:DateOfStartOfReportingPeriod><in-capmkt:DateOfEndOfReportingPeriod contextRef="OneD">2026-06-30</in-capmkt:DateOfEndOfReportingPeriod><in-capmkt:WhetherResultsAreAuditedOrUnaudited contextRef="OneD">Unaudited</in-capmkt:WhetherResultsAreAuditedOrUnaudited><in-capmkt:NatureOfReportStandaloneConsolidated contextRef="OneD">Standalone</in-capmkt:NatureOfReportStandaloneConsolidated><in-capmkt:RevenueFromOperations contextRef="OneD" decimals="-4" unitRef="INR">895350000</in-capmkt:RevenueFromOperations><in-capmkt:OtherIncome contextRef="OneD" decimals="-3" unitRef="INR">3085000</in-capmkt:OtherIncome><in-capmkt:Income contextRef="OneD" decimals="-3" unitRef="INR">898435000</in-capmkt:Income><in-capmkt:CostOfMaterialsConsumed contextRef="OneD" decimals="-4" unitRef="INR">456630000</in-capmkt:CostOfMaterialsConsumed><in-capmkt:PurchasesOfStockInTrade contextRef="OneD" decimals="-3" unitRef="INR">322522000</in-capmkt:PurchasesOfStockInTrade><in-capmkt:ChangesInInventoriesOfFinishedGoodsWorkInProgressAndStockInTrade contextRef="OneD" decimals="-3" unitRef="INR">-7009000</in-capmkt:ChangesInInventoriesOfFinishedGoodsWorkInProgressAndStockInTrade><in-capmkt:EmployeeBenefitExpense contextRef="OneD" decimals="-3" unitRef="INR">7182000</in-capmkt:EmployeeBenefitExpense><in-capmkt:FinanceCosts contextRef="OneD" decimals="-3" unitRef="INR">17501000</in-capmkt:FinanceCosts><in-capmkt:DepreciationAndAmortisationExpense contextRef="OneD" decimals="-3" unitRef="INR">5472000</in-capmkt:DepreciationAndAmortisationExpense><in-capmkt:OtherExpenses contextRef="OneD" decimals="-4" unitRef="INR">18110000</in-capmkt:OtherExpenses><in-capmkt:Expenses contextRef="OneD" decimals="-3" unitRef="INR">820408000</in-capmkt:Expenses><in-capmkt:ProfitBeforeExceptionalAndExtraordinaryItemsAndTax contextRef="OneD" decimals="-3" unitRef="INR">78027000</in-capmkt:ProfitBeforeExceptionalAndExtraordinaryItemsAndTax><in-capmkt:ExceptionalItems contextRef="OneD" decimals="-5" unitRef="INR">0</in-capmkt:ExceptionalItems><in-capmkt:ProfitBeforeExtraordinaryItemsAndTax contextRef="OneD" decimals="-3" unitRef="INR">78027000</in-capmkt:ProfitBeforeExtraordinaryItemsAndTax><in-capmkt:ExtraordinaryItems contextRef="OneD" decimals="-5" unitRef="INR">0</in-capmkt:ExtraordinaryItems><in-capmkt:ProfitBeforeTax contextRef="OneD" decimals="-3" unitRef="INR">78027000</in-capmkt:ProfitBeforeTax><in-capmkt:CurrentTax contextRef="OneD" decimals="-3" unitRef="INR">19802000</in-capmkt:CurrentTax><in-capmkt:DeferredTax contextRef="OneD" decimals="-3" unitRef="INR">76000</in-capmkt:DeferredTax><in-capmkt:TaxExpense contextRef="OneD" decimals="-3" unitRef="INR">19878000</in-capmkt:TaxExpense><in-capmkt:ProfitLossForThePeriodFromContinuingOperations contextRef="OneD" decimals="-3" unitRef="INR">58149000</in-capmkt:ProfitLossForThePeriodFromContinuingOperations><in-capmkt:ProfitLossFromDiscontinuingOperationsBeforeTax contextRef="OneD" decimals="-5" unitRef="INR">0</in-capmkt:ProfitLossFromDiscontinuingOperationsBeforeTax><in-capmkt:TaxExpenseOfDiscontinuingOperations contextRef="OneD" decimals="-5" unitRef="INR">0</in-capmkt:TaxExpenseOfDiscontinuingOperations><in-capmkt:ProfitLossFromDiscontinuingOperationAfterTax contextRef="OneD" decimals="-5" unitRef="INR">0</in-capmkt:ProfitLossFromDiscontinuingOperationAfterTax><in-capmkt:ProfitLossForPeriodBeforeMinorityInterest contextRef="OneD" decimals="-3" unitRef="INR">58149000</in-capmkt:ProfitLossForPeriodBeforeMinorityInterest><in-capmkt:ProfitLossForThePeriod contextRef="OneD" decimals="-3" unitRef="INR">58149000</in-capmkt:ProfitLossForThePeriod><in-capmkt:PaidUpValueOfEquityShareCapital contextRef="OneD" decimals="-4" unitRef="INR">161350000</in-capmkt:PaidUpValueOfEquityShareCapital><in-capmkt:FaceValueOfEquityShareCapital contextRef="OneD" decimals="INF" unitRef="INRPerShare">10</in-capmkt:FaceValueOfEquityShareCapital><in-capmkt:BasicEarningsLossPerShareFromContinuingAndDiscontinuedOperations contextRef="OneD" decimals="INF" unitRef="INRPerShare">3.77</in-capmkt:BasicEarningsLossPerShareFromContinuingAndDiscontinuedOperations><in-capmkt:DilutedEarningsLossPerShareFromContinuingAndDiscontinuedOperations contextRef="OneD" decimals="INF" unitRef="INRPerShare">3.76</in-capmkt:DilutedEarningsLossPerShareFromContinuingAndDiscontinuedOperations><in-capmkt:DebtEquityRatio contextRef="OneD" decimals="INF" unitRef="pure">0</in-capmkt:DebtEquityRatio><in-capmkt:InterestServiceCoverageRatio contextRef="OneD" decimals="INF" unitRef="pure">0.0577</in-capmkt:InterestServiceCoverageRatio><in-capmkt:DisclosureOfNotesOnFinancialResultsExplanatoryTextBlock contextRef="OneD">1.	The above said financial results were reviewed by the Audit Committee and then by the Board of Directors at their respective Meetings held on 18th July,2026	 &lt;br /&gt; 
			 &lt;br /&gt; 
2.	The Statements is prepared in accordance with the requirement of Accounting Standards (AS) specified under section 133 of the Companies Act, 2013 read with rule 7 of the Companies (Accounts) Rules, 2014.				 &lt;br /&gt; 
3.	As per MCA Notification dated 16th February, 2015 Companies whose shares are listed on SME exchange as referred to in Chapter XB of SEBI (Issue of Capital and Disclosure Requirements) Regulation, 2009, are exempted from the compulsory requirement of adoption of IND-AS. &lt;br /&gt; 
				 &lt;br /&gt; 
4.	All activities of the company revolve around the main business and as such there is no separate reportable business segment and all the operations of the company are conducted within India as such there is no separate reportable geographical segment	 &lt;br /&gt; 
			 &lt;br /&gt; 
5.	The company is having wholly owned subsidiary therefore, it has prepared standalone results as well as consolidated result. The Consolidated Financial Result Includes Financial statement of Subsidiary - Vitagreen Products Pvt. Ltd which was acquired as on 26th July 2024. &lt;br /&gt; 
				 &lt;br /&gt; 
6.	Earning Per share : Earning Per share is calculated on the weighted average of the share capital received by the company.  EPS is not annualised. &lt;br /&gt; 
			 &lt;br /&gt; 
7.	Figures in brackets are representing negative values.	 &lt;br /&gt; 
			 &lt;br /&gt; 
8.	Previous year/Period figures have been re-grouped, re-arranged wherever considered necessary				 &lt;br /&gt; 
9.	The Statutory Auditors have carried out limited review of the standalone financial results of the Company for the quarter ended on June 30,2026	 &lt;br /&gt; 
			 &lt;br /&gt; 
10.	The Company has voluntarily adopted quarterly Standalone unaudited financial results for the quarter ended June 30, 2026	 &lt;br /&gt; 
</in-capmkt:DisclosureOfNotesOnFinancialResultsExplanatoryTextBlock><in-capmkt:RemarksForDebtEquityRatio contextRef="OneD">1.	The above said financial results were reviewed by the Audit Committee and then by the Board of Directors at their respective Meetings held on 18th July,2026	 &lt;br /&gt; 
			 &lt;br /&gt; 
2.	The Statements is prepared in accordance with the requirement of Accounting Standards (AS) specified under section 133 of the Companies Act, 2013 read with rule 7 of the Companies (Accounts) Rules, 2014.				 &lt;br /&gt; 
3.	As per MCA Notification dated 16th February, 2015 Companies whose shares are listed on SME exchange as referred to in Chapter XB of SEBI (Issue of Capital and Disclosure Requirements) Regulation, 2009, are exempted from the compulsory requirement of adoption of IND-AS. &lt;br /&gt; 
				 &lt;br /&gt; 
4.	All activities of the company revolve around the main business and as such there is no separate reportable business segment and all the operations of the company are conducted within India as such there is no separate reportable geographical segment	 &lt;br /&gt; 
			 &lt;br /&gt; 
5.	The company is having wholly owned subsidiary therefore, it has prepared standalone results as well as consolidated result. The Consolidated Financial Result Includes Financial statement of Subsidiary - Vitagreen Products Pvt. Ltd which was acquired as on 26th July 2024. &lt;br /&gt; 
				 &lt;br /&gt; 
6.	Earning Per share : Earning Per share is calculated on the weighted average of the share capital received by the company.  EPS is not annualised. &lt;br /&gt; 
			 &lt;br /&gt; 
7.	Figures in brackets are representing negative values.	 &lt;br /&gt; 
			 &lt;br /&gt; 
8.	Previous year/Period figures have been re-grouped, re-arranged wherever considered necessary				 &lt;br /&gt; 
9.	The Statutory Auditors have carried out limited review of the standalone financial results of the Company for the quarter ended on June 30,2026	 &lt;br /&gt; 
			 &lt;br /&gt; 
10.	The Company has voluntarily adopted quarterly Standalone unaudited financial results for the quarter ended June 30, 2026	 &lt;br /&gt; 
</in-capmkt:RemarksForDebtEquityRatio><in-capmkt:RemarksForDebtServiceCoverageRatio contextRef="OneD"/><in-capmkt:RemarksForInterestServiceCoverageRatio contextRef="OneD"/><in-capmkt:DescriptionOfOtherExpenses contextRef="OneExpenses1D">Other Expenses</in-capmkt:DescriptionOfOtherExpenses><in-capmkt:OtherExpenses contextRef="OneExpenses1D" decimals="-4" unitRef="INR">18110000</in-capmkt:OtherExpenses><in-capmkt:ModeOfFundRaising contextRef="StatementStatic1I">Preferential Issues</in-capmkt:ModeOfFundRaising><in-capmkt:DateOfFundsRaising contextRef="StatementStatic1I">2026-06-13</in-capmkt:DateOfFundsRaising><in-capmkt:AmountRaised contextRef="StatementStatic1I" decimals="-3" unitRef="INR">121496000</in-capmkt:AmountRaised><in-capmkt:DateOfEndOfReportingPeriod contextRef="StatementStatic1D">2026-06-30</in-capmkt:DateOfEndOfReportingPeriod><in-capmkt:MonitoringAgency contextRef="StatementStatic1D">false</in-capmkt:MonitoringAgency><in-capmkt:IsThereADeviationOrVariationInUseOfFundsRaised contextRef="StatementStatic1D">false</in-capmkt:IsThereADeviationOrVariationInUseOfFundsRaised><in-capmkt:ExplanationForTheDeviationOrVariation contextRef="StatementStatic1I">NA</in-capmkt:ExplanationForTheDeviationOrVariation><in-capmkt:CommentsOfTheAuditCommitteeAfterReview contextRef="StatementStatic1I">The proceeds from Preferential Issue of Fully Convertible Warrants were utilized for the objects for which it was raised.</in-capmkt:CommentsOfTheAuditCommitteeAfterReview><in-capmkt:CommentsOfTheAuditors contextRef="StatementStatic1I">NA</in-capmkt:CommentsOfTheAuditors><in-capmkt:NameOfSignatoryOfStatementOfDeviationOrVariationInUtilisationOfFundsRaised contextRef="OneD">Mr. Rishit Dayalji Kotecha</in-capmkt:NameOfSignatoryOfStatementOfDeviationOrVariationInUtilisationOfFundsRaised><in-capmkt:DesignationOfPersonOfStatementOfDeviationOrVariationInUtilisationOfFundsRaised contextRef="OneD">Managing Director</in-capmkt:DesignationOfPersonOfStatementOfDeviationOrVariationInUtilisationOfFundsRaised><in-capmkt:PlaceOfStatementOfDeviationOrVariationInUtilisationOfFundsRaised contextRef="OneD">Jamnagar</in-capmkt:PlaceOfStatementOfDeviationOrVariationInUtilisationOfFundsRaised><in-capmkt:DateOfStatementOfDeviationOrVariationInUtilisationOfFundsRaised contextRef="OneI">2026-07-18</in-capmkt:DateOfStatementOfDeviationOrVariationInUtilisationOfFundsRaised><in-capmkt:OriginalObject contextRef="StatementDynamic1I1">prepayment of borrowings of the Company, meeting future funding requirements, working capital, to make requisite investments in subsidiaries/associates/joint ventures; To meet Capital expenditure towards expansion of existing factory, and other general corporate purposes.</in-capmkt:OriginalObject><in-capmkt:ModifiedObject contextRef="StatementDynamic1I1">NA</in-capmkt:ModifiedObject><in-capmkt:OriginalAllocation contextRef="StatementDynamic1I1" decimals="-3" unitRef="INR">121496000</in-capmkt:OriginalAllocation><in-capmkt:ModifiedAllocation contextRef="StatementDynamic1I1" decimals="-5" unitRef="INR">0</in-capmkt:ModifiedAllocation><in-capmkt:FundsUtilised contextRef="StatementDynamic1I1" decimals="-3" unitRef="INR">121496000</in-capmkt:FundsUtilised><in-capmkt:AmountOfDeviationOrVariationForTheQuarterAccordingToApplicableObject contextRef="StatementDynamic1I1" decimals="-5" unitRef="INR">0</in-capmkt:AmountOfDeviationOrVariationForTheQuarterAccordingToApplicableObject></xbrli:xbrl>