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<xbrli:xbrl xmlns:in-capmkt="https://www.sebi.gov.in/xbrl/2023-05-31/in-capmkt" xmlns:in-capmkt-ent="https://www.sebi.gov.in/xbrl/Prior_Intimation_Of_Board_Meeting/2023-05-31/in-capmkt/in-capmkt-ent" xmlns:in-capmkt-roles="https://www.sebi.gov.in/xbrl/Prior_Intimation_Of_Board_Meeting/2023-05-31/in-capmkt-roles" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:nonnum="http://www.xbrl.org/dtr/type/non-numeric" xmlns:in-capmkt-type="https://www.sebi.gov.in/xbrl/2023-05-31/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.xbrl.org/2003/XLink"><link:schemaRef xlink:type="simple" xlink:href="in-capmkt-ent-2023-05-31.xsd"/><xbrli:context id="MainI"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">517146</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-04-23</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="MainD"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">517146</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:unit id="pure"><xbrli:measure>xbrli:pure</xbrli:measure></xbrli:unit><in-capmkt:NSESymbol contextRef="MainI">USHAMART</in-capmkt:NSESymbol><in-capmkt:NameOfTheCompany contextRef="MainI">USHA MARTIN LIMITED</in-capmkt:NameOfTheCompany><in-capmkt:WhetherCompanyIsSME contextRef="MainD">false</in-capmkt:WhetherCompanyIsSME><in-capmkt:ISIN contextRef="MainI">INE228A01035</in-capmkt:ISIN><in-capmkt:TypeOfMeeting contextRef="MainI">Board Meeting</in-capmkt:TypeOfMeeting><in-capmkt:TypeOfIntimation contextRef="MainD">New</in-capmkt:TypeOfIntimation><in-capmkt:DateOfProposedMeeting contextRef="MainD">2026-04-30</in-capmkt:DateOfProposedMeeting><in-capmkt:WhetherTradingWindowIsClosed contextRef="MainD">true</in-capmkt:WhetherTradingWindowIsClosed><in-capmkt:DateOfStartOfTradingWindowClosure contextRef="MainI">2026-04-01</in-capmkt:DateOfStartOfTradingWindowClosure><in-capmkt:DetailsOfDateOfEndOfTradingWindowClosure contextRef="MainI">The trading window shall remain closed for ‘Designated Persons and their immediate relatives’ with effect from 1st April 2026 till the expiry of 48 hours after the declaration of audited financial results (standalone and consolidated) of the Company for the quarter and year ending 31st March 2026.</in-capmkt:DetailsOfDateOfEndOfTradingWindowClosure><in-capmkt:DateOfReport contextRef="MainI">2026-04-23</in-capmkt:DateOfReport><in-capmkt:Agenda1 contextRef="MainD">Financial results</in-capmkt:Agenda1><in-capmkt:Agenda2 contextRef="MainD">Dividend</in-capmkt:Agenda2><in-capmkt:WhetherResultsAreAuditedOrUnaudited contextRef="MainD">Audited</in-capmkt:WhetherResultsAreAuditedOrUnaudited><in-capmkt:NatureOfReportStandaloneConsolidated contextRef="MainD">Standalone And Consolidated</in-capmkt:NatureOfReportStandaloneConsolidated><in-capmkt:ReportingPeriodType contextRef="MainD">Yearly</in-capmkt:ReportingPeriodType><in-capmkt:MonthOfPeriodEnded contextRef="MainD">March</in-capmkt:MonthOfPeriodEnded><in-capmkt:YearOfPeriodEnded contextRef="MainI" unitRef="pure" decimals="0">2026</in-capmkt:YearOfPeriodEnded><in-capmkt:TypeOfDividend contextRef="MainD">Final</in-capmkt:TypeOfDividend></xbrli:xbrl>