<?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">543220</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-08-13</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="I_AtTheTimeOfInstitutingScheme"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/ScripCode">543220</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-08-13</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:explicitMember dimension="in-capmkt:StageOfOptionsToPurchaseSecuritiesAsPerSubPara10OfParaBAxis">in-capmkt:AtTheTimeOfInstitutingSchemeMember</xbrldi:explicitMember></xbrli:scenario></xbrli:context><in-capmkt:NSESymbol contextRef="MainI">MAXHEALTH</in-capmkt:NSESymbol><in-capmkt:NameOfTheCompany contextRef="MainI">MAX HEALTHCARE INSTITUTE LIMITED</in-capmkt:NameOfTheCompany><in-capmkt:ScripCode contextRef="MainI">543220</in-capmkt:ScripCode><in-capmkt:MSEISymbol contextRef="MainI">NOTLISTED</in-capmkt:MSEISymbol><in-capmkt:ISIN contextRef="MainI">INE027H01010</in-capmkt:ISIN><in-capmkt:TypeOfEventAsPerRegulation30ParaBOfPartAOfScheduleIII contextRef="MainI">Options to purchase securities ESOPS (Sub-para 10-Para B)</in-capmkt:TypeOfEventAsPerRegulation30ParaBOfPartAOfScheduleIII><in-capmkt:TypeOfAnnouncementAsPerRegulation30ParaBOfPartAOfScheduleIII contextRef="MainI">New</in-capmkt:TypeOfAnnouncementAsPerRegulation30ParaBOfPartAOfScheduleIII><in-capmkt:WhetherEventOrInformationDisclosedIsAnOutcomeOfTheBoardMeeting contextRef="MainI">true</in-capmkt:WhetherEventOrInformationDisclosedIsAnOutcomeOfTheBoardMeeting><in-capmkt:DateOfBoardMeeting contextRef="MainI">2026-08-13</in-capmkt:DateOfBoardMeeting><in-capmkt:StartTimeOfTheMeeting contextRef="MainI">07:50:00</in-capmkt:StartTimeOfTheMeeting><in-capmkt:EndTimeOfTheMeeting contextRef="MainI">08:20:00</in-capmkt:EndTimeOfTheMeeting><in-capmkt:DateOfReport contextRef="MainI">2026-08-13</in-capmkt:DateOfReport><in-capmkt:StageOfDisclosureOfOptionsToPurchaseSecurities contextRef="I_AtTheTimeOfInstitutingScheme">At the time of instituting the scheme</in-capmkt:StageOfDisclosureOfOptionsToPurchaseSecurities><in-capmkt:BriefDetailsOfOptionsGranted contextRef="I_AtTheTimeOfInstitutingScheme">1. Grant of 1,61,827 stock options under Max Healthcare Institute Limited - Employee Stock Option Scheme 2022 (MHIL ESOP - 2022) to eligible employees; 
 
2. Grant of 2,00,000 stock options under Max Healthcare Institute Limited - Employee Stock Option Scheme 2022 (MHIL ESOP - 2022) to an eligible employee.</in-capmkt:BriefDetailsOfOptionsGranted><in-capmkt:WhetherTheSchemeIsInTermsOfSEBISBEBRegulations2021 contextRef="I_AtTheTimeOfInstitutingScheme">true</in-capmkt:WhetherTheSchemeIsInTermsOfSEBISBEBRegulations2021><in-capmkt:DetailsOfSharesCoveredByOptions contextRef="I_AtTheTimeOfInstitutingScheme">1. 1,61,827 equity shares as each stock option convertible into one fully paidup equity share having face value of Rs. 10 each;
 
2. 2,00,000 equity shares as each stock option convertible into one fully paidup equity share having face value of Rs. 10 each.</in-capmkt:DetailsOfSharesCoveredByOptions><in-capmkt:PricingFormulaForOptions contextRef="I_AtTheTimeOfInstitutingScheme">1. Rs. 800 per stock option (1,61,827 equity shares as each stock option) 

2. Rs. 350 per stock option (2,00,000 equity shares as each stock option)</in-capmkt:PricingFormulaForOptions><in-capmkt:DetailsOfTimeWithinWhichOptionMayBeExercised contextRef="I_AtTheTimeOfInstitutingScheme">3 (three) years from the respective date of vesting of stock options.</in-capmkt:DetailsOfTimeWithinWhichOptionMayBeExercised><in-capmkt:BriefDetailsOfSignificantTermsOfOptions contextRef="I_AtTheTimeOfInstitutingScheme">Stock options granted are governed under the MHIL ESOP - 2022, which is administered and implemented by the Nomination and Remuneration Committee.</in-capmkt:BriefDetailsOfSignificantTermsOfOptions><in-capmkt:DilutedEarningsPerSharePursuantToIssueOfEquitySharesOnExerciseOfOptions contextRef="I_AtTheTimeOfInstitutingScheme">Not applicable</in-capmkt:DilutedEarningsPerSharePursuantToIssueOfEquitySharesOnExerciseOfOptions><in-capmkt:RemarksForWebsiteDisseminationForOptionsToPurchaseSecuritiesUnderSEBISBEBSchemeAsPerSubPara10OfParaB contextRef="MainI">The disclosure relates to the grant of 3,61,827 stock options under the Max Healthcare Institute Limited - Employee Stock Option Scheme 2022 to eligible employees. &lt;br /&gt; 
 &lt;br /&gt; 
As the XBRL utility does not provide an option to select 'Grant of Options' under the 'Stage of Disclosure' field, the filing is being submitted under the available category 'At the time of instituting the scheme'.</in-capmkt:RemarksForWebsiteDisseminationForOptionsToPurchaseSecuritiesUnderSEBISBEBSchemeAsPerSubPara10OfParaB></xbrli:xbrl>
