<?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">540180</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-09-24</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="I_AdoptionOfNewLinesOfBusiness"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/ScripCode">540180</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-09-24</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:explicitMember dimension="in-capmkt:SubTypeOfEventAsPerRegulation30ParaBOfPartAOfScheduleIIIAxis">in-capmkt:AdoptionOfNewLinesOfBusinessMember</xbrldi:explicitMember></xbrli:scenario></xbrli:context><xbrli:unit id="INR"><xbrli:measure>iso4217:INR</xbrli:measure></xbrli:unit><in-capmkt:NSESymbol contextRef="MainI">VBL</in-capmkt:NSESymbol><in-capmkt:NameOfTheCompany contextRef="MainI">VARUN BEVERAGES LIMITED</in-capmkt:NameOfTheCompany><in-capmkt:ScripCode contextRef="MainI">540180</in-capmkt:ScripCode><in-capmkt:MSEISymbol contextRef="MainI">NOTLISTED</in-capmkt:MSEISymbol><in-capmkt:ISIN contextRef="MainI">INE200M01039</in-capmkt:ISIN><in-capmkt:TypeOfEventAsPerRegulation30ParaBOfPartAOfScheduleIII contextRef="MainI">Arrangement/Adoption of new line/Closure of operations (Sub-para 2-Para B)</in-capmkt:TypeOfEventAsPerRegulation30ParaBOfPartAOfScheduleIII><in-capmkt:SubTypeOfEventAsPerRegulation30ParaBOfPartAOfScheduleIII contextRef="I_AdoptionOfNewLinesOfBusiness">Adoption of new line(s) of business</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">2026-09-24</in-capmkt:DateOfOccurrenceOfEventOrInformation><in-capmkt:TimeOfOccurrenceOfEventOrInformation contextRef="MainI">09:10:00</in-capmkt:TimeOfOccurrenceOfEventOrInformation><in-capmkt:RemarksForWebsiteDissemination contextRef="MainI">We wish to inform you that Varun Beverages (Zimbabwe) (Private) Limited (a subsidiary of our Company) has entered into an Exclusive Distribution Agreement with Mondelez South Africa Proprietary Limited (“Mondelez”) effective from October 1, 2026 for the exclusive distribution of chocolate, biscuit, candy and gum products of Mondelez in the territory of the Republic of Zimbabwe.  </in-capmkt:RemarksForWebsiteDissemination><in-capmkt:DateOfReport contextRef="MainI">2026-09-24</in-capmkt:DateOfReport><in-capmkt:IndustryOrAreaAndDetailsOfNewLineOfBusiness contextRef="MainI">Confectionery</in-capmkt:IndustryOrAreaAndDetailsOfNewLineOfBusiness><in-capmkt:ExpectedBenefitsFromNewLineOfBusiness contextRef="MainI">Leveraging snacks distribution by expansion of portfolio</in-capmkt:ExpectedBenefitsFromNewLineOfBusiness><in-capmkt:EstimatedAmountToBeInvestedInNewLineOfBusiness contextRef="MainI" unitRef="INR" decimals="0">0</in-capmkt:EstimatedAmountToBeInvestedInNewLineOfBusiness><in-capmkt:RemarksForWebsiteDisseminationForAdoptionOfNewLinesOfBusinessAsPerSubPara2OfParaB contextRef="MainI">Estimated amount to be invested: As of now no capex is envisaged. We desire to leverage existing distribution network &lt;br /&gt; 
 &lt;br /&gt; 
(for this XBRL filing, we have tentatively filled estimated amount to be invested as Zero in row no. 10 to remove xbrl error)</in-capmkt:RemarksForWebsiteDisseminationForAdoptionOfNewLinesOfBusinessAsPerSubPara2OfParaB></xbrli:xbrl>
