<?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">KRMAYURVED</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/Symbol">KRMAYURVED</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="pure"><xbrli:measure>xbrli:pure</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">000000</in-capmkt:ScripCode><in-capmkt:Symbol contextRef="OneD">KRMAYURVED</in-capmkt:Symbol><in-capmkt:MSEISymbol contextRef="OneD">NOTLISTED</in-capmkt:MSEISymbol><in-capmkt:ISIN contextRef="OneD">INE1MTV01019</in-capmkt:ISIN><in-capmkt:NameOfTheCompany contextRef="OneD">KRM AYURVEDA 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">2026-08-10</in-capmkt:DateOfBoardMeetingWhenFinancialResultsWereApproved><in-capmkt:DateOnWhichPriorIntimationOfTheMeetingForConsideringFinancialResultsWasInformedToTheExchange contextRef="OneD">2026-08-10</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 operates only in one business segment viz “Trading of Ayurvedic Medicines and providing Ayurvedic therapie. “Accordingly, there are no separate reporting segments as per Accounting Standard 17 “Segment Reporting”</in-capmkt:DescriptionOfSingleSegment><in-capmkt:DateOfStartOfBoardMeeting contextRef="OneD">2026-08-10</in-capmkt:DateOfStartOfBoardMeeting><in-capmkt:StartTimeOfBoardMeeting contextRef="OneD">12:00:00</in-capmkt:StartTimeOfBoardMeeting><in-capmkt:DateOfEndOfBoardMeeting contextRef="OneD">2026-08-10</in-capmkt:DateOfEndOfBoardMeeting><in-capmkt:EndTimeOfBoardMeeting contextRef="OneD">15:30:00</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">The Company has not defaulted in the loan repayment during the Quarter 1 of  FY 2026-27. &lt;br /&gt; 
</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="-3" unitRef="INR">323226000</in-capmkt:RevenueFromOperations><in-capmkt:OtherIncome contextRef="OneD" decimals="-3" unitRef="INR">5429000</in-capmkt:OtherIncome><in-capmkt:Income contextRef="OneD" decimals="-3" unitRef="INR">328655000</in-capmkt:Income><in-capmkt:CostOfMaterialsConsumed contextRef="OneD" decimals="-5" unitRef="INR">25200000</in-capmkt:CostOfMaterialsConsumed><in-capmkt:PurchasesOfStockInTrade contextRef="OneD" decimals="-5" unitRef="INR">0</in-capmkt:PurchasesOfStockInTrade><in-capmkt:ChangesInInventoriesOfFinishedGoodsWorkInProgressAndStockInTrade contextRef="OneD" decimals="-5" unitRef="INR">0</in-capmkt:ChangesInInventoriesOfFinishedGoodsWorkInProgressAndStockInTrade><in-capmkt:EmployeeBenefitExpense contextRef="OneD" decimals="-3" unitRef="INR">59541000</in-capmkt:EmployeeBenefitExpense><in-capmkt:FinanceCosts contextRef="OneD" decimals="-3" unitRef="INR">621000</in-capmkt:FinanceCosts><in-capmkt:DepreciationAndAmortisationExpense contextRef="OneD" decimals="-3" unitRef="INR">2637000</in-capmkt:DepreciationAndAmortisationExpense><in-capmkt:OtherExpenses contextRef="OneD" decimals="-3" unitRef="INR">118307000</in-capmkt:OtherExpenses><in-capmkt:Expenses contextRef="OneD" decimals="-3" unitRef="INR">206306000</in-capmkt:Expenses><in-capmkt:ProfitBeforeExceptionalAndExtraordinaryItemsAndTax contextRef="OneD" decimals="-3" unitRef="INR">122349000</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">122349000</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">122349000</in-capmkt:ProfitBeforeTax><in-capmkt:CurrentTax contextRef="OneD" decimals="-3" unitRef="INR">31372000</in-capmkt:CurrentTax><in-capmkt:DeferredTax contextRef="OneD" decimals="-3" unitRef="INR">132000</in-capmkt:DeferredTax><in-capmkt:TaxExpense contextRef="OneD" decimals="-3" unitRef="INR">31504000</in-capmkt:TaxExpense><in-capmkt:ProfitLossForThePeriodFromContinuingOperations contextRef="OneD" decimals="-3" unitRef="INR">90845000</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">90845000</in-capmkt:ProfitLossForPeriodBeforeMinorityInterest><in-capmkt:ProfitLossForThePeriod contextRef="OneD" decimals="-3" unitRef="INR">90845000</in-capmkt:ProfitLossForThePeriod><in-capmkt:PaidUpValueOfEquityShareCapital contextRef="OneD" decimals="-3" unitRef="INR">212608000</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">4.27</in-capmkt:BasicEarningsLossPerShareFromContinuingAndDiscontinuedOperations><in-capmkt:DilutedEarningsLossPerShareFromContinuingAndDiscontinuedOperations contextRef="OneD" decimals="INF" unitRef="INRPerShare">4.27</in-capmkt:DilutedEarningsLossPerShareFromContinuingAndDiscontinuedOperations><in-capmkt:DebtEquityRatio contextRef="OneD" decimals="INF" unitRef="pure">0.0001</in-capmkt:DebtEquityRatio><in-capmkt:DebtServiceCoverageRatio contextRef="OneD" decimals="INF" unitRef="pure">2.0212</in-capmkt:DebtServiceCoverageRatio><in-capmkt:InterestServiceCoverageRatio contextRef="OneD" decimals="INF" unitRef="pure">2.0212</in-capmkt:InterestServiceCoverageRatio><in-capmkt:DisclosureOfNotesOnFinancialResultsExplanatoryTextBlock contextRef="OneD"/><in-capmkt:RemarksForDebtEquityRatio contextRef="OneD">Company has no outstanding debt as on 30.06.2025 except FDOD Limit, Hence finance cost reduced and the DSCR is increased signinficantly. &lt;br /&gt; 
 </in-capmkt:RemarksForDebtEquityRatio><in-capmkt:RemarksForDebtServiceCoverageRatio contextRef="OneD">Company has no outstanding debt as on 30.06.2025 except OD Limit, Hence finance cost reduced and the DSCR is increased signinficantly. &lt;br /&gt; 
 </in-capmkt:RemarksForDebtServiceCoverageRatio><in-capmkt:RemarksForInterestServiceCoverageRatio contextRef="OneD">Company has no outstanding debt as on 30.06.2025 except FDOD Limit, Hence finance cost reduced and the DSCR is increased signinficantly.</in-capmkt:RemarksForInterestServiceCoverageRatio><in-capmkt:DescriptionOfOtherExpenses contextRef="OneExpenses1D">Other Expenses</in-capmkt:DescriptionOfOtherExpenses><in-capmkt:OtherExpenses contextRef="OneExpenses1D" decimals="-3" unitRef="INR">118307000</in-capmkt:OtherExpenses></xbrli:xbrl>