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<xbrli:xbrl xmlns:in-capmkt="https://www.sebi.gov.in/xbrl/2022-03-31/in-capmkt" xmlns:in-capmkt-ent="https://www.sebi.gov.in/xbrl/Prior_Intimation_Of_Board_Meeting/2022-03-31/in-capmkt/in-capmkt-ent" xmlns:in-capmkt-roles="https://www.sebi.gov.in/xbrl/Prior_Intimation_Of_Board_Meeting/2022-03-31/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/2022-03-31/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-2022-03-31.xsd"/>

<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="OneI">MAXIND</in-capmkt:NSESymbol>
<in-capmkt:ISIN contextRef="OneI">INE0CG601016</in-capmkt:ISIN>
<in-capmkt:TypeOfIntimation contextRef="OneD">New</in-capmkt:TypeOfIntimation>
<in-capmkt:DateOfProposedMeeting contextRef="OneD">2024-08-14</in-capmkt:DateOfProposedMeeting>
<in-capmkt:WhetherTradingWindowIsClosed contextRef="OneD">true</in-capmkt:WhetherTradingWindowIsClosed>
<in-capmkt:StartDateOfTradingWindow contextRef="OneD">2024-07-01</in-capmkt:StartDateOfTradingWindow>
<in-capmkt:EndDateOfTradingWindow contextRef="OneD">2024-08-16</in-capmkt:EndDateOfTradingWindow>
<in-capmkt:Agenda1 contextRef="OneD">Financial results</in-capmkt:Agenda1>
<in-capmkt:Agenda2 contextRef="OneD">Fund raising</in-capmkt:Agenda2>
<in-capmkt:WhetherResultsAreAuditedOrUnaudited contextRef="OneD">Unaudited</in-capmkt:WhetherResultsAreAuditedOrUnaudited>
<in-capmkt:NatureOfReportStandaloneConsolidated contextRef="OneD">Standalone And Consolidated</in-capmkt:NatureOfReportStandaloneConsolidated>
<in-capmkt:ReportingPeriodType contextRef="OneD">Quarterly</in-capmkt:ReportingPeriodType>
<in-capmkt:MonthOfPeriodEnded contextRef="OneD">June</in-capmkt:MonthOfPeriodEnded>
<in-capmkt:YearOfPeriodEnded contextRef="OneI" unitRef="INR" decimals="0">2024</in-capmkt:YearOfPeriodEnded>
<in-capmkt:ModeOfRaisingFunds contextRef="OneD">To be ascertained</in-capmkt:ModeOfRaisingFunds>
<in-capmkt:RemarksWebsiteDissemination contextRef="OneI">Pursuant to amended Regulation 29 of SEBI LODR Regulations the prior intimation of Board Meeting is required to given two working days (excluding date of intiamtion and date of Board Meeting) in advance instead of five days as per earlier regulations.</in-capmkt:RemarksWebsiteDissemination>
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