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<!--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">500257</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-08-20</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="I_ArrangementsForStrategicOrTechnicalOrManufacturingOrMarketingTieUp"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/ScripCode">500257</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-08-20</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:explicitMember dimension="in-capmkt:SubTypeOfEventAsPerRegulation30ParaBOfPartAOfScheduleIIIAxis">in-capmkt:ArrangementsForStrategicOrTechnicalOrManufacturingOrMarketingTieUpMember</xbrldi:explicitMember></xbrli:scenario></xbrli:context><in-capmkt:NSESymbol contextRef="MainI">LUPIN</in-capmkt:NSESymbol><in-capmkt:NameOfTheCompany contextRef="MainI">Lupin Limited</in-capmkt:NameOfTheCompany><in-capmkt:ScripCode contextRef="MainI">500257</in-capmkt:ScripCode><in-capmkt:MSEISymbol contextRef="MainI">NOTLISTED</in-capmkt:MSEISymbol><in-capmkt:ISIN contextRef="MainI">INE326A01037</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_ArrangementsForStrategicOrTechnicalOrManufacturingOrMarketingTieUp">Arrangements for strategic, technical, manufacturing, or marketing tie up</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">2026-08-20</in-capmkt:DateOfOccurrenceOfEventOrInformation><in-capmkt:TimeOfOccurrenceOfEventOrInformation contextRef="MainI">03:25:00</in-capmkt:TimeOfOccurrenceOfEventOrInformation><in-capmkt:DateOfReport contextRef="MainI">2026-08-20</in-capmkt:DateOfReport><in-capmkt:TypeOfArrangement contextRef="MainI">Agreement</in-capmkt:TypeOfArrangement><in-capmkt:NameOfEntitiesWithWhomAgreementOrJointVentureIsSigned contextRef="MainI">Visus Therapeutics, Inc., a Delaware corporation in U.S.A. and VISUfarma B.V., the Netherlands, a wholly owned subsidiary of the Company.</in-capmkt:NameOfEntitiesWithWhomAgreementOrJointVentureIsSigned><in-capmkt:AreaOfAgreementOrJointVenture contextRef="MainI">Exclusive License and Commercialization rights for YUVEZZI™ in the European Union, the United Kingdom, Switzerland, Norway and Iceland (‘Licensed Territories’).</in-capmkt:AreaOfAgreementOrJointVenture><in-capmkt:WhetherArrangementIsDomesticOrInternational contextRef="MainI">International</in-capmkt:WhetherArrangementIsDomesticOrInternational><in-capmkt:ShareExchangeRatioOrJointVentureRatio contextRef="MainI">Not applicable</in-capmkt:ShareExchangeRatioOrJointVentureRatio><in-capmkt:ScopeOfBusinessOperationOfAgreementOrJointVenture contextRef="MainI">Exclusive rights to undertake regulatory activities, commercialization, marketing, promotion, distribution and sale of YUVEZZI™ in the Licensed Territories.

The Agreement is valid on a country-by-country basis in the Licensed Territories and will continue until the twentieth (20th) anniversary of the date of the first commercial sale of YUVEZZITM in the respective country (‘Initial Term’), subject to earlier termination in accordance with the terms of the Agreement. After the Initial Term, VISUfarma B.V., the Netherlands, at its sole discretion, will have the right to renew the Agreement in such country for one or more additional successive periods of five (5) years each.</in-capmkt:ScopeOfBusinessOperationOfAgreementOrJointVenture><in-capmkt:DetailsOfConsiderationPaidOrReceivedInAgreementOrJointVenture contextRef="MainI">The total potential consideration under the agreement is up to €75 million through to first commercial sales in the Territory, comprising (i) a €20 million strategic investment in the capital stock of Visus Therapeutics, Inc. (‘Visus’), or its parent entity  through a SAFE (Simple Agreement for Future Equity) instrument, which provides the right to receive capital stock of Visus or its parent entity upon the occurrence of specified equity financing or public listing events, and (ii) up to €55 million in regulatory and early commercial milestone payments. 

In addition, the agreement provides for royalty payments based on net sales and sales milestone payments upon achievement of specified sales thresholds in the Licensed Territories, in accordance with the terms of the agreement. 

The milestone payments are contingent upon achievement of specified regulatory submissions, approvals and other commercial milestones in respect of YUVEZZI™ in the Licensed Territories.</in-capmkt:DetailsOfConsiderationPaidOrReceivedInAgreementOrJointVenture><in-capmkt:SignificantTermsAndConditionsOfAgreementOrJointVenture contextRef="MainI">The same is stated in the above points.</in-capmkt:SignificantTermsAndConditionsOfAgreementOrJointVenture><in-capmkt:WhetherTheAcquisitionWouldFallWithinRelatedPartyTransactions contextRef="MainI">false</in-capmkt:WhetherTheAcquisitionWouldFallWithinRelatedPartyTransactions><in-capmkt:SizeOfEntityInArrangement contextRef="MainI">Visus Therapeutics, Inc. (‘Visus’), is a biopharmaceutical company focused on developing eyecare drugs to rejuvenate vision in the aging eye, affiliated with Tenpoint Therapeutics Holding Limited through a parent holding company structure. Visus lead commercial asset is YUVEZZI™, an FDA-approved treatment for Presbyopia.</in-capmkt:SizeOfEntityInArrangement><in-capmkt:RationaleAndExpectedBenefitOfArrangement contextRef="MainI">This exclusive commercialization rights for YUVEZZI™ in Europe will strengthen Company’s ophthalmology portfolio, expand its Specialty Business presence and create long-term growth opportunities in the Presbyopia treatment market across the Licensed Territories.</in-capmkt:RationaleAndExpectedBenefitOfArrangement></xbrli:xbrl>
