<?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">532348</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-10-09</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="I_AwardingOfOrdersOrContracts"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/ScripCode">532348</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-10-09</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:explicitMember dimension="in-capmkt:SubTypeOfEventAsPerRegulation30ParaBOfPartAOfScheduleIIIAxis">in-capmkt:AwardingOfOrdersOrContractsMember</xbrldi:explicitMember></xbrli:scenario></xbrli:context><xbrli:context id="I_AwardingOfOrdersOrContractsMember"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/ScripCode">532348</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-10-09</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:explicitMember dimension="in-capmkt:AwardingOrBaggingOrReceivingOrAmendmentOrTerminationOfOrdersOrContractsAsPerSubPara4OfParaBAxis">in-capmkt:AwardingOfOrdersOrContractsMember</xbrldi:explicitMember></xbrli:scenario></xbrli:context><xbrli:unit id="INR"><xbrli:measure>iso4217:INR</xbrli:measure></xbrli:unit><in-capmkt:NSESymbol contextRef="MainI">SUBEXLTD</in-capmkt:NSESymbol><in-capmkt:NameOfTheCompany contextRef="MainI">SUBEX LIMITED</in-capmkt:NameOfTheCompany><in-capmkt:ScripCode contextRef="MainI">532348</in-capmkt:ScripCode><in-capmkt:MSEISymbol contextRef="MainI">NOTLISTED</in-capmkt:MSEISymbol><in-capmkt:ISIN contextRef="MainI">INE754A01055</in-capmkt:ISIN><in-capmkt:TypeOfEventAsPerRegulation30ParaBOfPartAOfScheduleIII contextRef="MainI">Awarding, Bagging/Receiving, Amendment or termination of orders/contracts (Sub-para 4-Para B)</in-capmkt:TypeOfEventAsPerRegulation30ParaBOfPartAOfScheduleIII><in-capmkt:SubTypeOfEventAsPerRegulation30ParaBOfPartAOfScheduleIII contextRef="I_AwardingOfOrdersOrContracts">Awarding of order(s)/contract(s)</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">2026-10-08</in-capmkt:DateOfOccurrenceOfEventOrInformation><in-capmkt:TimeOfOccurrenceOfEventOrInformation contextRef="MainI">20:23:00</in-capmkt:TimeOfOccurrenceOfEventOrInformation><in-capmkt:DateOfReport contextRef="MainI">2026-10-09</in-capmkt:DateOfReport><in-capmkt:NameOfTheEntityToWhichOrdersOrContractsIsAwarded contextRef="I_AwardingOfOrdersOrContractsMember">Subex Limited</in-capmkt:NameOfTheEntityToWhichOrdersOrContractsIsAwarded><in-capmkt:WhetherTheOrdersOrContractsIsOrdinaryCourseOfBusiness contextRef="I_AwardingOfOrdersOrContractsMember">false</in-capmkt:WhetherTheOrdersOrContractsIsOrdinaryCourseOfBusiness><in-capmkt:WhetherOrdersOrContractsIsAwardedToDomesticOrInternationalEntity contextRef="I_AwardingOfOrdersOrContractsMember">International</in-capmkt:WhetherOrdersOrContractsIsAwardedToDomesticOrInternationalEntity><in-capmkt:WhetherTheCounterpartyIsIndianListedEntity contextRef="I_AwardingOfOrdersOrContractsMember">false</in-capmkt:WhetherTheCounterpartyIsIndianListedEntity><in-capmkt:LEIOrCINOrRegistrationNumberOfTheCounterparty contextRef="I_AwardingOfOrdersOrContractsMember">NIL</in-capmkt:LEIOrCINOrRegistrationNumberOfTheCounterparty><in-capmkt:WhetherTheCounterpartyBelongsToGroupCompaniesOfAnyIndianListedEntity contextRef="I_AwardingOfOrdersOrContractsMember">false</in-capmkt:WhetherTheCounterpartyBelongsToGroupCompaniesOfAnyIndianListedEntity><in-capmkt:NameOfTheCountryInWhichCounterpartyIsExists contextRef="I_AwardingOfOrdersOrContractsMember">Another new-logo with a leading African mobile operator</in-capmkt:NameOfTheCountryInWhichCounterpartyIsExists><in-capmkt:DateOfAwardOfOrdersOrContracts contextRef="I_AwardingOfOrdersOrContractsMember">2026-10-08</in-capmkt:DateOfAwardOfOrdersOrContracts><in-capmkt:AmountOfTheOrdersOrContracts contextRef="I_AwardingOfOrdersOrContractsMember" unitRef="INR" decimals="0">67234614</in-capmkt:AmountOfTheOrdersOrContracts><in-capmkt:SignificantTermsAndConditionsOfOrdersOrContractsIsAwarded contextRef="I_AwardingOfOrdersOrContractsMember">The value of the deal is USD 0.7 million. This engagement involves deploying HyperSense Fraud Management solutions to strengthen the operator’s ability to identify emerging fraud patterns, improve investigation effectiveness and enable the operator to respond more rapidly to evolving threats</in-capmkt:SignificantTermsAndConditionsOfOrdersOrContractsIsAwarded><in-capmkt:TimePeriodToWhichOrdersOrContractsIsAssociated contextRef="I_AwardingOfOrdersOrContractsMember">The contract spans a period of 3 years</in-capmkt:TimePeriodToWhichOrdersOrContractsIsAssociated><in-capmkt:BroadCommercialConsiderationOrSizeOfTheOrdersOrContracts contextRef="I_AwardingOfOrdersOrContractsMember">0.7 Million USD</in-capmkt:BroadCommercialConsiderationOrSizeOfTheOrdersOrContracts><in-capmkt:WhetherThePromoterOrPromoterGroupOrGroupCompaniesHaveAnyInterestInThatEntityToWhomTheOrdersOrContractsIsAwarded contextRef="I_AwardingOfOrdersOrContractsMember">false</in-capmkt:WhetherThePromoterOrPromoterGroupOrGroupCompaniesHaveAnyInterestInThatEntityToWhomTheOrdersOrContractsIsAwarded><in-capmkt:WhetherTheOrderOrContractWouldFallWithinRelatedPartyTransactions contextRef="I_AwardingOfOrdersOrContractsMember">false</in-capmkt:WhetherTheOrderOrContractWouldFallWithinRelatedPartyTransactions></xbrli:xbrl>
