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<!--PIT V2.0 (30-04-2026)-->
<xbrli:xbrl xmlns:in-bse-co="http://www.bseindia.com/xbrl/co/2017-09-15/in-bse-co" xmlns:in-bse-co-roles="http://www.bseindia.com/xbrl/co/2017-09-15/in-bse-co-roles" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:nonnum="http://www.xbrl.org/dtr/type/non-numeric" xmlns:in-bse-co-type="http://www.bseindia.com/xbrl/co/2017-09-15/in-bse-co-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-bse-co-2017-09-15.xsd"/><xbrli:context id="MainI"><xbrli:entity><xbrli:identifier scheme="http://www.bseindia.com/bse-cg/ScripCode">532673</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-06-08</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="Disclosure1"><xbrli:entity><xbrli:identifier scheme="http://www.bseindia.com/bse-cg/ScripCode">532673</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-06-08</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-bse-co:ChangeInHoldingOfSecuritiesOfPromotersAxis"><in-bse-co:ChangeInHoldingOfSecuritiesOfPromotersDomain>Disclosure1</in-bse-co:ChangeInHoldingOfSecuritiesOfPromotersDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:context id="Disclosure2"><xbrli:entity><xbrli:identifier scheme="http://www.bseindia.com/bse-cg/ScripCode">532673</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-06-08</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-bse-co:ChangeInHoldingOfSecuritiesOfPromotersAxis"><in-bse-co:ChangeInHoldingOfSecuritiesOfPromotersDomain>Disclosure2</in-bse-co:ChangeInHoldingOfSecuritiesOfPromotersDomain></xbrldi:typedMember></xbrli:scenario></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><in-bse-co:ScripCode contextRef="MainI">532673</in-bse-co:ScripCode><in-bse-co:Symbol contextRef="MainI">KMSUGAR</in-bse-co:Symbol><in-bse-co:MSEISymbol contextRef="MainI">NA</in-bse-co:MSEISymbol><in-bse-co:NameOfTheCompany contextRef="MainI">K M Sugar Mills Limited</in-bse-co:NameOfTheCompany><in-bse-co:NameOfTheSignatory contextRef="MainI">Ritika Tandon</in-bse-co:NameOfTheSignatory><in-bse-co:DesignationOfSignatory contextRef="MainI">Company Secretary and Compliance Officer</in-bse-co:DesignationOfSignatory><in-bse-co:Place contextRef="MainI">Lucknow</in-bse-co:Place><in-bse-co:DateOfFiling contextRef="MainI">2026-06-08</in-bse-co:DateOfFiling><in-bse-co:ISINCode contextRef="MainI">INE157H01023</in-bse-co:ISINCode><in-bse-co:DisclosureUnderRegulation contextRef="MainI">Regulation 7 (2)</in-bse-co:DisclosureUnderRegulation><in-bse-co:RevisedFilling contextRef="MainI">false</in-bse-co:RevisedFilling><in-bse-co:TypeOfInstrument contextRef="Disclosure1">Equity</in-bse-co:TypeOfInstrument><in-bse-co:CategoryOfPerson contextRef="Disclosure1">Promoter and Director</in-bse-co:CategoryOfPerson><in-bse-co:NameOfThePerson contextRef="Disclosure1">L K Jhunjhunwala</in-bse-co:NameOfThePerson><in-bse-co:IdentificationNumberOfDirectorOrCompany contextRef="Disclosure1">01854647</in-bse-co:IdentificationNumberOfDirectorOrCompany><in-bse-co:SecuritiesHeldPriorToAcquisitionOrDisposalNumberOfSecurity contextRef="Disclosure1" unitRef="shares" decimals="INF">14302600</in-bse-co:SecuritiesHeldPriorToAcquisitionOrDisposalNumberOfSecurity><in-bse-co:SecuritiesHeldPriorToAcquisitionOrDisposalPercentageOfShareholding contextRef="Disclosure1" unitRef="pure" decimals="INF">0.1555</in-bse-co:SecuritiesHeldPriorToAcquisitionOrDisposalPercentageOfShareholding><in-bse-co:SecuritiesAcquiredOrDisposedNumberOfSecurity contextRef="Disclosure1" unitRef="shares" decimals="INF">14302600</in-bse-co:SecuritiesAcquiredOrDisposedNumberOfSecurity><in-bse-co:SecuritiesAcquiredOrDisposedValueOfSecurity contextRef="Disclosure1" unitRef="INR" decimals="0">28605200</in-bse-co:SecuritiesAcquiredOrDisposedValueOfSecurity><in-bse-co:SecuritiesAcquiredOrDisposedTransactionType contextRef="Disclosure1">Sell</in-bse-co:SecuritiesAcquiredOrDisposedTransactionType><in-bse-co:SecuritiesHeldPostAcquistionOrDisposalNumberOfSecurity contextRef="Disclosure1" unitRef="shares" decimals="INF">0</in-bse-co:SecuritiesHeldPostAcquistionOrDisposalNumberOfSecurity><in-bse-co:SecuritiesHeldPostAcquistionOrDisposalPercentageOfShareholding contextRef="Disclosure1" unitRef="pure" decimals="INF">0</in-bse-co:SecuritiesHeldPostAcquistionOrDisposalPercentageOfShareholding><in-bse-co:DateOfAllotmentAdviceOrAcquisitionOfSharesOrSaleOfSharesSpecifyFromDate contextRef="Disclosure1">2026-06-04</in-bse-co:DateOfAllotmentAdviceOrAcquisitionOfSharesOrSaleOfSharesSpecifyFromDate><in-bse-co:DateOfAllotmentAdviceOrAcquisitionOfSharesOrSaleOfSharesSpecifyToDate contextRef="Disclosure1">2026-06-04</in-bse-co:DateOfAllotmentAdviceOrAcquisitionOfSharesOrSaleOfSharesSpecifyToDate><in-bse-co:ModeOfAcquisitionOrDisposal contextRef="Disclosure1">Others</in-bse-co:ModeOfAcquisitionOrDisposal><in-bse-co:DateOfIntimationToCompany contextRef="Disclosure1">2026-06-08</in-bse-co:DateOfIntimationToCompany><in-bse-co:ExchangeOnWhichTheTradeWasExecuted contextRef="Disclosure1">NA</in-bse-co:ExchangeOnWhichTheTradeWasExecuted><in-bse-co:DetailsOfChangeInHoldingOfSecuritiesOfPromotersEmployeeOrDirectorOfAListedCompanyAndOtherSuchPersonsTextBlock contextRef="Disclosure1">We hereby inform you that 14302600 equity shares, representing precentage  15.55% of the total paid up equity share capital of the Company, held by Late Shri LK Jhunjhunwala (Promoter), have been transmitted to Smt. Naina Devi Jhunjhunwala (Promoter Group), being his nominee and legal heir, pursuant to transmission.
It is further confirmed that there has been no change in the aggregate shareholding of the promoters and promoter group pre  and post transmission. The detailed shareholding pattern post transmission is enclosed herewith for your records.</in-bse-co:DetailsOfChangeInHoldingOfSecuritiesOfPromotersEmployeeOrDirectorOfAListedCompanyAndOtherSuchPersonsTextBlock><in-bse-co:TypeOfInstrument contextRef="Disclosure2">Equity</in-bse-co:TypeOfInstrument><in-bse-co:CategoryOfPerson contextRef="Disclosure2">Promoter and Director</in-bse-co:CategoryOfPerson><in-bse-co:NameOfThePerson contextRef="Disclosure2">Naina Devi Jhunjhunwala</in-bse-co:NameOfThePerson><in-bse-co:IdentificationNumberOfDirectorOrCompany contextRef="Disclosure2">01837824</in-bse-co:IdentificationNumberOfDirectorOrCompany><in-bse-co:SecuritiesHeldPriorToAcquisitionOrDisposalNumberOfSecurity contextRef="Disclosure2" unitRef="shares" decimals="INF">4180748</in-bse-co:SecuritiesHeldPriorToAcquisitionOrDisposalNumberOfSecurity><in-bse-co:SecuritiesHeldPriorToAcquisitionOrDisposalPercentageOfShareholding contextRef="Disclosure2" unitRef="pure" decimals="INF">0.0454</in-bse-co:SecuritiesHeldPriorToAcquisitionOrDisposalPercentageOfShareholding><in-bse-co:SecuritiesAcquiredOrDisposedNumberOfSecurity contextRef="Disclosure2" unitRef="shares" decimals="INF">14302600</in-bse-co:SecuritiesAcquiredOrDisposedNumberOfSecurity><in-bse-co:SecuritiesAcquiredOrDisposedValueOfSecurity contextRef="Disclosure2" unitRef="INR" decimals="0">28605200</in-bse-co:SecuritiesAcquiredOrDisposedValueOfSecurity><in-bse-co:SecuritiesAcquiredOrDisposedTransactionType contextRef="Disclosure2">Buy</in-bse-co:SecuritiesAcquiredOrDisposedTransactionType><in-bse-co:SecuritiesHeldPostAcquistionOrDisposalNumberOfSecurity contextRef="Disclosure2" unitRef="shares" decimals="INF">18483348</in-bse-co:SecuritiesHeldPostAcquistionOrDisposalNumberOfSecurity><in-bse-co:SecuritiesHeldPostAcquistionOrDisposalPercentageOfShareholding contextRef="Disclosure2" unitRef="pure" decimals="INF">0.2009</in-bse-co:SecuritiesHeldPostAcquistionOrDisposalPercentageOfShareholding><in-bse-co:DateOfAllotmentAdviceOrAcquisitionOfSharesOrSaleOfSharesSpecifyFromDate contextRef="Disclosure2">2026-06-04</in-bse-co:DateOfAllotmentAdviceOrAcquisitionOfSharesOrSaleOfSharesSpecifyFromDate><in-bse-co:DateOfAllotmentAdviceOrAcquisitionOfSharesOrSaleOfSharesSpecifyToDate contextRef="Disclosure2">2026-06-04</in-bse-co:DateOfAllotmentAdviceOrAcquisitionOfSharesOrSaleOfSharesSpecifyToDate><in-bse-co:ModeOfAcquisitionOrDisposal contextRef="Disclosure2">Others</in-bse-co:ModeOfAcquisitionOrDisposal><in-bse-co:DateOfIntimationToCompany contextRef="Disclosure2">2026-06-08</in-bse-co:DateOfIntimationToCompany><in-bse-co:ExchangeOnWhichTheTradeWasExecuted contextRef="Disclosure2">NA</in-bse-co:ExchangeOnWhichTheTradeWasExecuted><in-bse-co:DetailsOfChangeInHoldingOfSecuritiesOfPromotersEmployeeOrDirectorOfAListedCompanyAndOtherSuchPersonsTextBlock contextRef="Disclosure2">We hereby inform you that 14302600 equity shares, representing precentage  15.55% of the total paid up equity share capital of the Company, held by Late Shri LK Jhunjhunwala (Promoter), have been transmitted to Smt. Naina Devi Jhunjhunwala (Promoter Group), being his nominee and legal heir, pursuant to transmission.
It is further confirmed that there has been no change in the aggregate shareholding of the promoters and promoter group pre  and post transmission. The detailed shareholding pattern post transmission is enclosed herewith for your records.</in-bse-co:DetailsOfChangeInHoldingOfSecuritiesOfPromotersEmployeeOrDirectorOfAListedCompanyAndOtherSuchPersonsTextBlock></xbrli:xbrl>
