<?xml version="1.0" encoding="UTF-8"?>
<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: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">ASALCBR</in-capmkt:NSESymbol>
<in-capmkt:NameOfTheCompany contextRef="OneI">ASSOCIATED ALCOHOLS &amp; BREWERIES LTD.</in-capmkt:NameOfTheCompany>
<in-capmkt:ISIN contextRef="OneI">INE073G01016</in-capmkt:ISIN>
<in-capmkt:TypeOfMeeting contextRef="OneI">Board Meeting</in-capmkt:TypeOfMeeting>
<in-capmkt:TypeOfIntimation contextRef="OneD">New</in-capmkt:TypeOfIntimation>
<in-capmkt:DateOfProposedMeeting contextRef="OneD">2026-03-12</in-capmkt:DateOfProposedMeeting>
<in-capmkt:WhetherTradingWindowIsClosed contextRef="OneD">Yes</in-capmkt:WhetherTradingWindowIsClosed>
<in-capmkt:DateOfStartOfTradingWindowClosure contextRef="OneI">2026-03-06</in-capmkt:DateOfStartOfTradingWindowClosure>
<in-capmkt:DetailsOfDateOfEndOfTradingWindowClosure contextRef="OneI">14-03-2026</in-capmkt:DetailsOfDateOfEndOfTradingWindowClosure>
<in-capmkt:Agenda1 contextRef="OneD">Fund raising</in-capmkt:Agenda1>
<in-capmkt:ModeOfRaisingFunds contextRef="OneD">Preferential issue</in-capmkt:ModeOfRaisingFunds>
<in-capmkt:RemarksWebsiteDissemination contextRef="OneI">To approve the conversion of warrants into the equity shares of the Company to the warrant holder promoters and non promoters of the company and to consider and approve any other matter incidental thereto.</in-capmkt:RemarksWebsiteDissemination>
</xbrli:xbrl>