<?xml version="1.0" encoding="UTF-8" standalone="no"?><!--OBM V1.0 (01-01-2026)--><xbrli:xbrl xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:in-capmkt="https://www.sebi.gov.in/xbrl/2024-05-31/in-capmkt" xmlns:in-capmkt-roles="https://www.sebi.gov.in/xbrl/Announcements_Pertaining_To_Outcome_Of_Board_Meeting/2024-05-31/in-capmkt/in-capmkt-ent" xmlns:in-capmkt-types="https://www.sebi.gov.in/xbrl/2024-05-31/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.w3.org/1999/xlink" xmlns:xlink="http://www.w3.org/1999/xlink"><link:schemaRef xlink:href="in-capmkt-ent-2024-05-31.xsd" xlink:type="simple"/><xbrli:context id="MainD"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">540768</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-04-23</xbrli:startDate><xbrli:endDate>2026-04-23</xbrli:endDate></xbrli:period></xbrli:context><xbrli:context id="MainI"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">540768</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-04-23</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="DividendD"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">540768</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-04-23</xbrli:startDate><xbrli:endDate>2026-04-23</xbrli:endDate></xbrli:period></xbrli:context><xbrli:context id="DividendI"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">540768</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-04-23</xbrli:instant></xbrli:period></xbrli:context><in-capmkt:NSESymbol contextRef="MainI">MAHLOG</in-capmkt:NSESymbol><in-capmkt:NameOfTheCompany contextRef="MainI">MAHINDRA LOGISTICS LIMITED</in-capmkt:NameOfTheCompany><in-capmkt:TypeOfAnnouncementOfBoardMeeting contextRef="MainD">New</in-capmkt:TypeOfAnnouncementOfBoardMeeting><in-capmkt:FirstEventOfBoardMeeting contextRef="MainD">Dividend</in-capmkt:FirstEventOfBoardMeeting><in-capmkt:RemarksForWebsiteDissemination contextRef="MainI">The Board of Directors of Mahindra Logistics Limited at their Meeting held on Thursday, 23 April 2026, has inter-alia, approved recommendation of Final Dividend of Rs. 2.50/- per equity share of the face value of Rs. 10/- each (25%) for the financial year ended 31 March 2026. The dividend payout is subject to the Members’ approval at the forthcoming 19th Annual General Meeting of the Company. &lt;BR&gt; 
 &lt;BR&gt; 
The final dividend on equity shares for the financial year ended 31 March 2026, as recommended by the Board of Directors and if approved and declared at the ensuing AGM, will be paid/dispatched by the Company in permitted modes after Monday, 20 July 2026 within the stipulated timelines to those Shareholders or their mandates, whose names appear as Beneficial Owners as at the end of the business hours on Friday, 10 July 2026 in the list of Beneficial Owners to be furnished by National Securities Depository Limited and Central Depository Services (India) Limited in respect of the shares held in dematerialised form. &lt;BR&gt; 
</in-capmkt:RemarksForWebsiteDissemination><in-capmkt:DateOfReport contextRef="MainI">2026-04-23</in-capmkt:DateOfReport><in-capmkt:WhetherPriorIntimationOfBoardMeetingConsideringInterimOrFinalDividendGivenToStockExchange contextRef="DividendI">true</in-capmkt:WhetherPriorIntimationOfBoardMeetingConsideringInterimOrFinalDividendGivenToStockExchange><in-capmkt:DateOfPriorIntimationSubmittedToStockExchangeOnBoardMeetingToConsiderDeclarationOfInterimOrRecommendationOfFinalDividend contextRef="DividendI">2026-03-27</in-capmkt:DateOfPriorIntimationSubmittedToStockExchangeOnBoardMeetingToConsiderDeclarationOfInterimOrRecommendationOfFinalDividend><in-capmkt:DateOfBoardMeetingConsideringDeclarationOfInterimOrRecommendationOfFinalDividend contextRef="DividendI">2026-04-23</in-capmkt:DateOfBoardMeetingConsideringDeclarationOfInterimOrRecommendationOfFinalDividend><in-capmkt:StartTimeOfBoardMeetingForAnnouncementOfDividend contextRef="DividendD">14:00:00</in-capmkt:StartTimeOfBoardMeetingForAnnouncementOfDividend><in-capmkt:EndTimeOfBoardMeetingForAnnouncementOfDividend contextRef="DividendD">16:20:00</in-capmkt:EndTimeOfBoardMeetingForAnnouncementOfDividend><in-capmkt:WhetherDeclarationOfInterimDividendOrRecommendationOfFinalDividendApprovedByTheBoard contextRef="DividendD">Yes</in-capmkt:WhetherDeclarationOfInterimDividendOrRecommendationOfFinalDividendApprovedByTheBoard><in-capmkt:FirstTypeOfDividend contextRef="DividendD">Final</in-capmkt:FirstTypeOfDividend><in-capmkt:RateOfFinalDividendRecommendedPerEquityShare contextRef="DividendI">Rs. 2.5/- per Equity Share of Rs. 10 each (25%)</in-capmkt:RateOfFinalDividendRecommendedPerEquityShare><in-capmkt:WhetherRecordDateOrBookClosureBeenFixedForFinalDividend contextRef="DividendI">true</in-capmkt:WhetherRecordDateOrBookClosureBeenFixedForFinalDividend><in-capmkt:RecordDateOrBookClosureDateForFinalDividend contextRef="DividendD">Record Date</in-capmkt:RecordDateOrBookClosureDateForFinalDividend><in-capmkt:RecordDateOfFinalDividend contextRef="DividendI">2026-07-10</in-capmkt:RecordDateOfFinalDividend><in-capmkt:WhetherDateOfGeneralMeetingIsFixedForThePurposeOfFinalDividend contextRef="DividendI">true</in-capmkt:WhetherDateOfGeneralMeetingIsFixedForThePurposeOfFinalDividend><in-capmkt:DateOfGeneralMeetingForFinalDividend contextRef="DividendI">2026-07-20</in-capmkt:DateOfGeneralMeetingForFinalDividend><in-capmkt:ProposedDateWithinWhichPaymentOfFinalDividendShallBeMadeByTheCompanyForWhichGeneralMeetingDateHasBeenFixed contextRef="DividendI">2026-08-18</in-capmkt:ProposedDateWithinWhichPaymentOfFinalDividendShallBeMadeByTheCompanyForWhichGeneralMeetingDateHasBeenFixed><in-capmkt:PeriodForWhichFinalDividendIsDeclared contextRef="DividendI">Final Dividend for Financial Year 2025-26</in-capmkt:PeriodForWhichFinalDividendIsDeclared><in-capmkt:RemarksForWebsiteDisseminationForDividendEvent contextRef="DividendI">The Board of Directors of Mahindra Logistics Limited at their Meeting held on Thursday, 23 April 2026, has inter-alia, approved recommendation of Final Dividend of Rs. 2.50/- per equity share of the face value of Rs. 10/- each (25%) for the financial year ended 31 March 2026. The dividend payout is subject to the Members’ approval at the forthcoming 19th Annual General Meeting of the Company. &lt;BR&gt; 
 &lt;BR&gt; 
The final dividend on equity shares for the financial year ended 31 March 2026, as recommended by the Board of Directors and if approved and declared at the ensuing AGM, will be paid/dispatched by the Company in permitted modes after Monday, 20 July 2026 within the stipulated timelines to those Shareholders or their mandates, whose names appear as Beneficial Owners as at the end of the business hours on Friday, 10 July 2026 in the list of Beneficial Owners to be furnished by National Securities Depository Limited and Central Depository Services (India) Limited in respect of the shares held in dematerialised form. &lt;BR&gt; 
</in-capmkt:RemarksForWebsiteDisseminationForDividendEvent></xbrli:xbrl>