<?xml version="1.0" encoding="UTF-8"?>
<!--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">531162</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-09-17</xbrli:startDate><xbrli:endDate>2026-09-17</xbrli:endDate></xbrli:period></xbrli:context><xbrli:context id="MainI"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">531162</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-09-17</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="BuybackD"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">531162</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-09-17</xbrli:startDate><xbrli:endDate>2026-09-17</xbrli:endDate></xbrli:period></xbrli:context><xbrli:context id="BuybackI"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">531162</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-09-17</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="PreI"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">531162</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-09-17</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="PostI"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">531162</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-09-17</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">EMAMILTD</in-capmkt:NSESymbol><in-capmkt:NameOfTheCompany contextRef="MainI">EMAMI 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">2026-09-17</in-capmkt:DateOfReport><in-capmkt:TypeOfSecuritiesOfBuyback contextRef="BuybackD">Equity</in-capmkt:TypeOfSecuritiesOfBuyback><in-capmkt:DateOfBoardMeetingToConsiderTheDecisionOnBuybackOfSecurities contextRef="BuybackI">2026-09-17</in-capmkt:DateOfBoardMeetingToConsiderTheDecisionOnBuybackOfSecurities><in-capmkt:StartTimeOfBoardMeetingForAnnouncementOfBuyback contextRef="BuybackD">10:30:00</in-capmkt:StartTimeOfBoardMeetingForAnnouncementOfBuyback><in-capmkt:EndTimeOfBoardMeetingForAnnouncementOfBuyback contextRef="BuybackD">11:35:00</in-capmkt:EndTimeOfBoardMeetingForAnnouncementOfBuyback><in-capmkt:WhetherPriorIntimationOfBoardMeetingForConsideringBuybackOfSecuritiesFiledWithTheExchange contextRef="BuybackI">true</in-capmkt:WhetherPriorIntimationOfBoardMeetingForConsideringBuybackOfSecuritiesFiledWithTheExchange><in-capmkt:DateOfPriorIntimationSubmittedToStockExchangeOnBoardMeetingForConsideringBuybackOfSecuritiesFiledWithTheExchange contextRef="BuybackI">2026-09-14</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">false</in-capmkt:WhetherRecordDateOrBookClosureDateIsFixedByTheCompanyForBuyback><in-capmkt:MethodsOfBuyback contextRef="BuybackD">Open Market</in-capmkt:MethodsOfBuyback><in-capmkt:MaximumBuybackSizeApprovedByBoardOfDirectors contextRef="BuybackI" unitRef="INR" decimals="0">2820000000</in-capmkt:MaximumBuybackSizeApprovedByBoardOfDirectors><in-capmkt:NumberOfSecuritiesProposedForBuyback contextRef="BuybackI" unitRef="shares" decimals="INF">5936842</in-capmkt:NumberOfSecuritiesProposedForBuyback><in-capmkt:NumberOfSecuritiesProposedForBuybackAsAPercentageOfExistingPaidUpCapital contextRef="BuybackI" unitRef="shares" decimals="INF">1</in-capmkt:NumberOfSecuritiesProposedForBuybackAsAPercentageOfExistingPaidUpCapital><in-capmkt:BuybackPrice contextRef="BuybackD" unitRef="INRPerShare" decimals="INF">475</in-capmkt:BuybackPrice><in-capmkt:NumberOfActualSecuritiesInOfExistingPaidUpCapitalBoughtBack contextRef="BuybackI" unitRef="shares" decimals="INF">5936842</in-capmkt:NumberOfActualSecuritiesInOfExistingPaidUpCapitalBoughtBack><in-capmkt:PercentageOfActualSecuritiesOfExistingPaidUpCapitalBoughtBack contextRef="BuybackI" unitRef="pure" decimals="INF">0.0136</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">Since the column named as "Number of securities proposed for buyback as percentage of existing paid up capital" is not accepting decimal figures, hence it is taken as 1%. The actual percentage stands at 1.36%</in-capmkt:RemarksForWebsiteDisseminationForBuybackEvent><in-capmkt:PreBuybackNumberOfSharesUnderPromoterAndPromoterGroupCategory contextRef="PreI" unitRef="shares" decimals="INF">239393412</in-capmkt:PreBuybackNumberOfSharesUnderPromoterAndPromoterGroupCategory><in-capmkt:PreBuybackPercentageForPromoterAndPromoterGroupCategoryOfExistingShareCapital contextRef="PreI" unitRef="pure" decimals="INF">0.5484</in-capmkt:PreBuybackPercentageForPromoterAndPromoterGroupCategoryOfExistingShareCapital><in-capmkt:PreBuybackNumberOfSharesUnderPublicCategory contextRef="PreI" unitRef="shares" decimals="INF">197106588</in-capmkt:PreBuybackNumberOfSharesUnderPublicCategory><in-capmkt:PreBuybackPercentageForPublicCategoryOfExistingShareCapital contextRef="PreI" unitRef="pure" decimals="INF">0.4516</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">436500000</in-capmkt:PreBuybackNumberOfShares><in-capmkt:PreBuybackPercentageForTotalBuybackOfExistingShareCapital contextRef="PreI" unitRef="pure" decimals="INF">1</in-capmkt:PreBuybackPercentageForTotalBuybackOfExistingShareCapital><in-capmkt:WhetherPostBuybackShareholdingPatternAvailable contextRef="PostI">true</in-capmkt:WhetherPostBuybackShareholdingPatternAvailable><in-capmkt:PostBuybackNumberOfSharesUnderPromoterAndPromoterGroupCategory contextRef="PostI" unitRef="shares" decimals="INF">239393412</in-capmkt:PostBuybackNumberOfSharesUnderPromoterAndPromoterGroupCategory><in-capmkt:PostBuybackPercentageForPromoterAndPromoterGroupCategoryOfExistingShareCapital contextRef="PostI" unitRef="pure" decimals="INF">0.556</in-capmkt:PostBuybackPercentageForPromoterAndPromoterGroupCategoryOfExistingShareCapital><in-capmkt:PostBuybackNumberOfSharesUnderPublicCategory contextRef="PostI" unitRef="shares" decimals="INF">191169746</in-capmkt:PostBuybackNumberOfSharesUnderPublicCategory><in-capmkt:PostBuybackPercentageForPublicCategoryOfExistingShareCapital contextRef="PostI" unitRef="pure" decimals="INF">0.444</in-capmkt:PostBuybackPercentageForPublicCategoryOfExistingShareCapital><in-capmkt:PostBuybackNumberOfSharesUnderOtherCategory contextRef="PostI" unitRef="shares" decimals="INF">0</in-capmkt:PostBuybackNumberOfSharesUnderOtherCategory><in-capmkt:PostBuybackPercentageForOtherCategoryOfExistingShareCapital contextRef="PostI" unitRef="pure" decimals="INF">0</in-capmkt:PostBuybackPercentageForOtherCategoryOfExistingShareCapital><in-capmkt:PostBuybackNumberOfShares contextRef="PostI" unitRef="shares" decimals="INF">430563158</in-capmkt:PostBuybackNumberOfShares><in-capmkt:PostBuybackPercentageForTotalBuybackOfExistingShareCapital contextRef="PostI" unitRef="pure" decimals="INF">1</in-capmkt:PostBuybackPercentageForTotalBuybackOfExistingShareCapital></xbrli:xbrl>
