<?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">539523</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-09-21</xbrli:instant></xbrli:period></xbrli:context><xbrli:unit id="INR"><xbrli:measure>iso4217:INR</xbrli:measure></xbrli:unit><in-capmkt:NSESymbol contextRef="MainI">ALKEM</in-capmkt:NSESymbol><in-capmkt:NameOfTheCompany contextRef="MainI">Alkem Laboratories Limited</in-capmkt:NameOfTheCompany><in-capmkt:ScripCode contextRef="MainI">539523</in-capmkt:ScripCode><in-capmkt:MSEISymbol contextRef="MainI">NOTLISTED</in-capmkt:MSEISymbol><in-capmkt:ISIN contextRef="MainI">INE540L01014</in-capmkt:ISIN><in-capmkt:TypeOfEventAsPerRegulation30ParaBOfPartAOfScheduleIII contextRef="MainI">Giving of guarantees or indemnity (Sub-para 11-Para B)</in-capmkt:TypeOfEventAsPerRegulation30ParaBOfPartAOfScheduleIII><in-capmkt:TypeOfAnnouncementAsPerRegulation30ParaBOfPartAOfScheduleIII contextRef="MainI">New</in-capmkt:TypeOfAnnouncementAsPerRegulation30ParaBOfPartAOfScheduleIII><in-capmkt:WhetherEventOrInformationDisclosedIsAnOutcomeOfTheBoardMeeting contextRef="MainI">false</in-capmkt:WhetherEventOrInformationDisclosedIsAnOutcomeOfTheBoardMeeting><in-capmkt:DateOfOccurrenceOfEventOrInformation contextRef="MainI">2026-09-17</in-capmkt:DateOfOccurrenceOfEventOrInformation><in-capmkt:TimeOfOccurrenceOfEventOrInformation contextRef="MainI">17:09:00</in-capmkt:TimeOfOccurrenceOfEventOrInformation><in-capmkt:DateOfReport contextRef="MainI">2026-09-21</in-capmkt:DateOfReport><in-capmkt:EventTypeOfGuaranteeOrIndemnityOrSurety contextRef="MainI">Giving guarantees</in-capmkt:EventTypeOfGuaranteeOrIndemnityOrSurety><in-capmkt:NameOfPartyForWhomGuaranteeOrIndemnityOrSuretyWasGiven contextRef="MainI">M/s. Occlutech Holding AG, a step-down subsidiary of the Company in Switzerland</in-capmkt:NameOfPartyForWhomGuaranteeOrIndemnityOrSuretyWasGiven><in-capmkt:WhetherThePromoterOrPromoterGroupOrGroupCompaniesHaveAnyInterestInGuaranteeOrIndemnityOrSuretyTransaction contextRef="MainI">false</in-capmkt:WhetherThePromoterOrPromoterGroupOrGroupCompaniesHaveAnyInterestInGuaranteeOrIndemnityOrSuretyTransaction><in-capmkt:SignificantTermsAndConditionsOfGuaranteeOrIndemnityOrSurety contextRef="MainI">Corporate Guarantee for an amount of Euro 54.45 Million to HSBC UK Bank plc (“the Bank”), for term loan of an amount of  Euro 49.5 Million availed by M/s. Occlutech</in-capmkt:SignificantTermsAndConditionsOfGuaranteeOrIndemnityOrSurety><in-capmkt:AmountOfGuaranteeOrIndemnityOrSurety contextRef="MainI" unitRef="INR" decimals="0">6002404650</in-capmkt:AmountOfGuaranteeOrIndemnityOrSurety><in-capmkt:ImpactOfGuaranteeOrIndemnityOrSuretyOnListedEntity contextRef="MainI">It is a contingent liability of the Company that Company has to pay in case Occlutech defaults</in-capmkt:ImpactOfGuaranteeOrIndemnityOrSuretyOnListedEntity><in-capmkt:RemarksForWebsiteDisseminationForGivingOfGuaranteesOrIndemnityOrSuretyAsPerSubPara11OfParaB contextRef="MainI">Due to requirement of XBRL utility, the amount mentioned in the column 'Amount of guarantee or indemnity or surety (Amount in Rupees (in actual)) is in Rupees. However, the corporate guarantee is issued of an amount of Euro 54.45 Million.</in-capmkt:RemarksForWebsiteDisseminationForGivingOfGuaranteesOrIndemnityOrSuretyAsPerSubPara11OfParaB></xbrli:xbrl>
