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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">542759</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-04-15</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="MainD"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">542759</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-04-15</xbrli:startDate><xbrli:endDate>2026-04-15</xbrli:endDate></xbrli:period></xbrli:context><in-capmkt:NSESymbol contextRef="MainI">SPANDANA</in-capmkt:NSESymbol><in-capmkt:NameOfTheCompany contextRef="MainI">Spandana Sphoorty Financial Limited</in-capmkt:NameOfTheCompany><in-capmkt:WhetherCompanyIsSME contextRef="MainD">false</in-capmkt:WhetherCompanyIsSME><in-capmkt:ISIN contextRef="MainI">INE572J01011</in-capmkt:ISIN><in-capmkt:TypeOfMeeting contextRef="MainI">Committee Meeting</in-capmkt:TypeOfMeeting><in-capmkt:DetailsOfCommitteeMeetingOrOtherTypeOfMeeting contextRef="MainI">Management Committee</in-capmkt:DetailsOfCommitteeMeetingOrOtherTypeOfMeeting><in-capmkt:TypeOfIntimation contextRef="MainD">New</in-capmkt:TypeOfIntimation><in-capmkt:DateOfProposedMeeting contextRef="MainD">2026-04-20</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">Trading window will be closed till the expiry of 48 hours post announcement of the audited financial results of the Company for the quarter and year ended March 31, 2026.</in-capmkt:DetailsOfDateOfEndOfTradingWindowClosure><in-capmkt:DateOfReport contextRef="MainI">2026-04-15</in-capmkt:DateOfReport><in-capmkt:Agenda1 contextRef="MainD">Fund raising</in-capmkt:Agenda1><in-capmkt:ModeOfRaisingFunds contextRef="MainD">Debt issue</in-capmkt:ModeOfRaisingFunds><in-capmkt:RemarksWebsiteDissemination contextRef="MainI">Intimation for Considering Fund Raising By Way of Issue Of Debentures On Private Placement Basis</in-capmkt:RemarksWebsiteDissemination></xbrli:xbrl>