<?xml version="1.0" encoding="UTF-8"?>
<!--REG30PARAB V1.0 (01-06-2026)-->
<xbrli:xbrl xmlns:in-capmkt="http://www.sebi.gov.in/xbrl/2026-04-30/in-capmkt" xmlns:in-capmkt-ent="http://www.sebi.gov.in/xbrl/Regulation_30_Para_B_Of_Part_A_Of_Schedule_III/2026-04-30/in-capmkt/in-capmkt-ent" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:nonnum="http://www.xbrl.org/dtr/type/non-numeric" xmlns:in-capmkt-types="http://www.sebi.gov.in/xbrl/2026-04-30/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.w3.org/1999/xlink"><link:schemaRef xlink:type="simple" xlink:href="in-capmkt-ent-2026-04-30.xsd"/><xbrli:context id="MainI"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/ScripCode">500117</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-08-13</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="I_CapacityAddition"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/ScripCode">500117</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-08-13</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:explicitMember dimension="in-capmkt:SubTypeOfEventAsPerRegulation30ParaBOfPartAOfScheduleIIIAxis">in-capmkt:CapacityAdditionMember</xbrldi:explicitMember></xbrli:scenario></xbrli:context><xbrli:unit id="INR"><xbrli:measure>iso4217:INR</xbrli:measure></xbrli:unit><in-capmkt:NSESymbol contextRef="MainI">DCW</in-capmkt:NSESymbol><in-capmkt:NameOfTheCompany contextRef="MainI">DCW Limited</in-capmkt:NameOfTheCompany><in-capmkt:ScripCode contextRef="MainI">500117</in-capmkt:ScripCode><in-capmkt:MSEISymbol contextRef="MainI">NOTLISTED</in-capmkt:MSEISymbol><in-capmkt:ISIN contextRef="MainI">INE500A01029</in-capmkt:ISIN><in-capmkt:TypeOfEventAsPerRegulation30ParaBOfPartAOfScheduleIII contextRef="MainI">Capacity addition/Product launch (Sub-para 3-Para B)</in-capmkt:TypeOfEventAsPerRegulation30ParaBOfPartAOfScheduleIII><in-capmkt:SubTypeOfEventAsPerRegulation30ParaBOfPartAOfScheduleIII contextRef="I_CapacityAddition">Capacity addition</in-capmkt:SubTypeOfEventAsPerRegulation30ParaBOfPartAOfScheduleIII><in-capmkt:TypeOfAnnouncementAsPerRegulation30ParaBOfPartAOfScheduleIII contextRef="MainI">New</in-capmkt:TypeOfAnnouncementAsPerRegulation30ParaBOfPartAOfScheduleIII><in-capmkt:WhetherEventOrInformationDisclosedIsAnOutcomeOfTheBoardMeeting contextRef="MainI">false</in-capmkt:WhetherEventOrInformationDisclosedIsAnOutcomeOfTheBoardMeeting><in-capmkt:DateOfOccurrenceOfEventOrInformation contextRef="MainI">2026-08-13</in-capmkt:DateOfOccurrenceOfEventOrInformation><in-capmkt:TimeOfOccurrenceOfEventOrInformation contextRef="MainI">17:00:00</in-capmkt:TimeOfOccurrenceOfEventOrInformation><in-capmkt:DateOfReport contextRef="MainI">2026-08-13</in-capmkt:DateOfReport><in-capmkt:ExistingCapacityOfProjectOrPlant contextRef="MainI">SIOP Division - 30,000 MT</in-capmkt:ExistingCapacityOfProjectOrPlant><in-capmkt:ExistingCapacityUtilizationByProjectOrPlant contextRef="MainI">Between 90% to 100%, depending upon the product switch</in-capmkt:ExistingCapacityUtilizationByProjectOrPlant><in-capmkt:ProposedCapacityAdditionInProjectOrPlant contextRef="MainI">SIOP Division - 45000 MT</in-capmkt:ProposedCapacityAdditionInProjectOrPlant><in-capmkt:PeriodWithinWhichCapacityIsToBeAdded contextRef="MainI">1.	Synthetic Iron Oxide Pigments (SIOP) Capacity Expansion Project
The expansion for SIOP will be implemented in phases. Phase 1, comprising an additional capacity of 7,000 MT, is expected to be commissioned by Q4 FY28, followed by Phase 2 with a further capacity of 8,000 MT, which is proposed to be undertaken after stabilization and commercialization   of      Phase 1.

2.	 Sahupuram Power Plant Improvements Project:
The company will undertake improvements to its existing power plant by Q4 FY28.</in-capmkt:PeriodWithinWhichCapacityIsToBeAdded><in-capmkt:InvestmentRequiredForProposedCapacityAddition contextRef="MainI" unitRef="INR" decimals="0">2500000000</in-capmkt:InvestmentRequiredForProposedCapacityAddition><in-capmkt:ModeOfFinancingForCapacityAddition contextRef="MainI">Others</in-capmkt:ModeOfFinancingForCapacityAddition><in-capmkt:DetailsOfOtherModeOfFinancingForCapacityAddition contextRef="MainI">Bank Financing/Internal Accruals or combination of both</in-capmkt:DetailsOfOtherModeOfFinancingForCapacityAddition><in-capmkt:RationaleForCapacityAddition contextRef="MainI">With this investment in expansion, the total production capacity of SIOP Division of the Company will increase by 15,000 MT, growing from the current capacity of 30,000 MT to a total of 45,000 MT.

Overall, the planned investment is aimed at strengthening its Pigment portfolio, increasing sale, improving competitiveness and increasing presence across both domestic and international market.</in-capmkt:RationaleForCapacityAddition></xbrli:xbrl>