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<!--OBM V1.0 (01-01-2026)-->
<xbrli:xbrl 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:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:nonnum="http://www.xbrl.org/dtr/type/non-numeric" xmlns:in-capmkt-types="https://www.sebi.gov.in/xbrl/2024-05-31/in-capmkt-types" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:net="http://www.xbrl.org/2009/role/net" xmlns:num="http://www.xbrl.org/dtr/type/numeric" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:iso4217="http://www.xbrl.org/2003/iso4217" xmlns:negated="http://www.xbrl.org/2009/role/negated" xmlns:xbrldi="http://xbrl.org/2006/xbrldi" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:xl="http://www.w3.org/1999/xlink"><link:schemaRef xlink:type="simple" xlink:href="in-capmkt-ent-2024-05-31.xsd"/><xbrli:context id="MainD"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">532689</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-08-31</xbrli:startDate><xbrli:endDate>2026-08-31</xbrli:endDate></xbrli:period></xbrli:context><xbrli:context id="MainI"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">532689</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-08-31</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="BuybackD"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">532689</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-08-31</xbrli:startDate><xbrli:endDate>2026-08-31</xbrli:endDate></xbrli:period></xbrli:context><xbrli:context id="BuybackI"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">532689</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-08-31</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="PreI"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">532689</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-08-31</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="PostI"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">532689</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-08-31</xbrli:instant></xbrli:period></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="shares"><xbrli:measure>xbrli:shares</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:NSESymbol contextRef="MainI">PVRINOX</in-capmkt:NSESymbol><in-capmkt:NameOfTheCompany contextRef="MainI">PVR INOX Limited</in-capmkt:NameOfTheCompany><in-capmkt:TypeOfAnnouncementOfBoardMeeting contextRef="MainD">New</in-capmkt:TypeOfAnnouncementOfBoardMeeting><in-capmkt:FirstEventOfBoardMeeting contextRef="MainD">Buy-back</in-capmkt:FirstEventOfBoardMeeting><in-capmkt:DateOfReport contextRef="MainI">2026-08-31</in-capmkt:DateOfReport><in-capmkt:TypeOfSecuritiesOfBuyback contextRef="BuybackD">Equity</in-capmkt:TypeOfSecuritiesOfBuyback><in-capmkt:DateOfBoardMeetingToConsiderTheDecisionOnBuybackOfSecurities contextRef="BuybackI">2026-08-31</in-capmkt:DateOfBoardMeetingToConsiderTheDecisionOnBuybackOfSecurities><in-capmkt:StartTimeOfBoardMeetingForAnnouncementOfBuyback contextRef="BuybackD">18:00:00</in-capmkt:StartTimeOfBoardMeetingForAnnouncementOfBuyback><in-capmkt:EndTimeOfBoardMeetingForAnnouncementOfBuyback contextRef="BuybackD">18:30:00</in-capmkt:EndTimeOfBoardMeetingForAnnouncementOfBuyback><in-capmkt:WhetherPriorIntimationOfBoardMeetingForConsideringBuybackOfSecuritiesFiledWithTheExchange contextRef="BuybackI">true</in-capmkt:WhetherPriorIntimationOfBoardMeetingForConsideringBuybackOfSecuritiesFiledWithTheExchange><in-capmkt:DateOfPriorIntimationSubmittedToStockExchangeOnBoardMeetingForConsideringBuybackOfSecuritiesFiledWithTheExchange contextRef="BuybackI">2026-08-25</in-capmkt:DateOfPriorIntimationSubmittedToStockExchangeOnBoardMeetingForConsideringBuybackOfSecuritiesFiledWithTheExchange><in-capmkt:WhetherDecisionOnBuybackOfSecuritiesApprovedByTheBoard contextRef="BuybackD">Yes</in-capmkt:WhetherDecisionOnBuybackOfSecuritiesApprovedByTheBoard><in-capmkt:WhetherBuybackIsLessThanOrEqualToTenPercentOfTheTotalPaidUpEquityCapitalAndFreeReservesOfTheCompany contextRef="BuybackI">true</in-capmkt:WhetherBuybackIsLessThanOrEqualToTenPercentOfTheTotalPaidUpEquityCapitalAndFreeReservesOfTheCompany><in-capmkt:WhetherAnyRecordDateOrBookClosureDateIntimatedEarlierForBuyback contextRef="BuybackI">false</in-capmkt:WhetherAnyRecordDateOrBookClosureDateIntimatedEarlierForBuyback><in-capmkt:WhetherTheModeOrQuantumOrPricingOrTimingAndOtherDetailsOfBuybackDecidedByTheBoard contextRef="BuybackI">true</in-capmkt:WhetherTheModeOrQuantumOrPricingOrTimingAndOtherDetailsOfBuybackDecidedByTheBoard><in-capmkt:WhetherRecordDateOrBookClosureDateIsFixedByTheCompanyForBuyback contextRef="BuybackI">true</in-capmkt:WhetherRecordDateOrBookClosureDateIsFixedByTheCompanyForBuyback><in-capmkt:RecordDateOrBookClosureDateForBuyback contextRef="BuybackD">Record Date</in-capmkt:RecordDateOrBookClosureDateForBuyback><in-capmkt:RecordDateOfBuyback contextRef="BuybackI">2026-09-04</in-capmkt:RecordDateOfBuyback><in-capmkt:MethodsOfBuyback contextRef="BuybackD">Tender Offer</in-capmkt:MethodsOfBuyback><in-capmkt:MaximumBuybackSizeApprovedByBoardOfDirectors contextRef="BuybackI" unitRef="INR" decimals="0">3000000000</in-capmkt:MaximumBuybackSizeApprovedByBoardOfDirectors><in-capmkt:NumberOfSecuritiesProposedForBuyback contextRef="BuybackI" unitRef="shares" decimals="INF">2068965</in-capmkt:NumberOfSecuritiesProposedForBuyback><in-capmkt:NumberOfSecuritiesProposedForBuybackAsAPercentageOfExistingPaidUpCapital contextRef="BuybackI" unitRef="shares" decimals="INF">0</in-capmkt:NumberOfSecuritiesProposedForBuybackAsAPercentageOfExistingPaidUpCapital><in-capmkt:BuybackPrice contextRef="BuybackD" unitRef="INRPerShare" decimals="INF">1450</in-capmkt:BuybackPrice><in-capmkt:NumberOfActualSecuritiesInOfExistingPaidUpCapitalBoughtBack contextRef="BuybackI" unitRef="shares" decimals="INF">0</in-capmkt:NumberOfActualSecuritiesInOfExistingPaidUpCapitalBoughtBack><in-capmkt:PercentageOfActualSecuritiesOfExistingPaidUpCapitalBoughtBack contextRef="BuybackI" unitRef="pure" decimals="INF">0</in-capmkt:PercentageOfActualSecuritiesOfExistingPaidUpCapitalBoughtBack><in-capmkt:ConfirmThatTheBuybackUndertakenIsNotWithinAPeriodOfOneYearFromTheDateOfExpiryOfBuybackPeriodOfThePrecedingOfferOfBuyback contextRef="BuybackD">Yes</in-capmkt:ConfirmThatTheBuybackUndertakenIsNotWithinAPeriodOfOneYearFromTheDateOfExpiryOfBuybackPeriodOfThePrecedingOfferOfBuyback><in-capmkt:ConfirmThatNumberOfSharesOrOtherSpecifiedSecuritiesAreIssuedDuringTheBuybackPeriod contextRef="BuybackD">Yes</in-capmkt:ConfirmThatNumberOfSharesOrOtherSpecifiedSecuritiesAreIssuedDuringTheBuybackPeriod><in-capmkt:RemarksForWebsiteDisseminationForBuybackEvent contextRef="BuybackI">Buyback of up to 2,068,965  (Twenty Lakh Sixty-Eight Thousand Nine Hundred Sixty-Five ) fully paid-up equity shares of face value of INR 10/- (Rupees Ten only), representing 2.11 % of the total number of equity shares in the paid-up equity share capital of the Company.</in-capmkt:RemarksForWebsiteDisseminationForBuybackEvent><in-capmkt:PreBuybackNumberOfSharesUnderPromoterAndPromoterGroupCategory contextRef="PreI" unitRef="shares" decimals="INF">27034066</in-capmkt:PreBuybackNumberOfSharesUnderPromoterAndPromoterGroupCategory><in-capmkt:PreBuybackPercentageForPromoterAndPromoterGroupCategoryOfExistingShareCapital contextRef="PreI" unitRef="pure" decimals="INF">0.2753</in-capmkt:PreBuybackPercentageForPromoterAndPromoterGroupCategoryOfExistingShareCapital><in-capmkt:PreBuybackNumberOfSharesUnderPublicCategory contextRef="PreI" unitRef="shares" decimals="INF">71165896</in-capmkt:PreBuybackNumberOfSharesUnderPublicCategory><in-capmkt:PreBuybackPercentageForPublicCategoryOfExistingShareCapital contextRef="PreI" unitRef="pure" decimals="INF">0.7247</in-capmkt:PreBuybackPercentageForPublicCategoryOfExistingShareCapital><in-capmkt:PreBuybackNumberOfSharesUnderOtherCategory contextRef="PreI" unitRef="shares" decimals="INF">0</in-capmkt:PreBuybackNumberOfSharesUnderOtherCategory><in-capmkt:PreBuybackPercentageForOtherCategoryOfExistingShareCapital contextRef="PreI" unitRef="pure" decimals="INF">0</in-capmkt:PreBuybackPercentageForOtherCategoryOfExistingShareCapital><in-capmkt:PreBuybackNumberOfShares contextRef="PreI" unitRef="shares" decimals="INF">98199962</in-capmkt:PreBuybackNumberOfShares><in-capmkt:PreBuybackPercentageForTotalBuybackOfExistingShareCapital contextRef="PreI" unitRef="pure" decimals="INF">1</in-capmkt:PreBuybackPercentageForTotalBuybackOfExistingShareCapital><in-capmkt:WhetherPostBuybackShareholdingPatternAvailable contextRef="PostI">false</in-capmkt:WhetherPostBuybackShareholdingPatternAvailable><in-capmkt:NotesForUnAvailabilityOfPostBuybackShareholdingDetails contextRef="PostI">Pre buyback shareholding pattern of the Company is provided above and the post post buyback shareholding pattern will be ascertained on the basis of shares tendered by the Promoters and Public Shareholders.</in-capmkt:NotesForUnAvailabilityOfPostBuybackShareholdingDetails></xbrli:xbrl>
