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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>2026-11-06</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>2026-11-06</xbrli:startDate><xbrli:endDate>2026-11-06</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">2026-11-13</in-capmkt:DateOfProposedMeeting><in-capmkt:WhetherTradingWindowIsClosed contextRef="MainD">true</in-capmkt:WhetherTradingWindowIsClosed><in-capmkt:DateOfStartOfTradingWindowClosure contextRef="MainI">2026-10-01</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 October 2026 till the expiry of 48 hours after the declaration of unaudited financial results (standalone and consolidated) of the Company for the quarter and half year ended 30th September 2026.</in-capmkt:DetailsOfDateOfEndOfTradingWindowClosure><in-capmkt:DateOfReport contextRef="MainI">2026-11-06</in-capmkt:DateOfReport><in-capmkt:Agenda1 contextRef="MainD">Financial results</in-capmkt:Agenda1><in-capmkt:WhetherResultsAreAuditedOrUnaudited contextRef="MainD">Unaudited</in-capmkt:WhetherResultsAreAuditedOrUnaudited><in-capmkt:NatureOfReportStandaloneConsolidated contextRef="MainD">Standalone And Consolidated</in-capmkt:NatureOfReportStandaloneConsolidated><in-capmkt:ReportingPeriodType contextRef="MainD">Half Yearly</in-capmkt:ReportingPeriodType><in-capmkt:MonthOfPeriodEnded contextRef="MainD">September</in-capmkt:MonthOfPeriodEnded><in-capmkt:YearOfPeriodEnded contextRef="MainI" unitRef="pure" decimals="0">2026</in-capmkt:YearOfPeriodEnded></xbrli:xbrl>