<?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/NSESymbol">NMSTEEL</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-11-05</xbrli:instant></xbrli:period></xbrli:context><xbrli:unit id="INR"><xbrli:measure>iso4217:INR</xbrli:measure></xbrli:unit><in-capmkt:NSESymbol contextRef="MainI">NMSTEEL</in-capmkt:NSESymbol><in-capmkt:NameOfTheCompany contextRef="MainI">Newmalayalam Steel Limited</in-capmkt:NameOfTheCompany><in-capmkt:ScripCode contextRef="MainI">000000</in-capmkt:ScripCode><in-capmkt:MSEISymbol contextRef="MainI">NOTLISTED</in-capmkt:MSEISymbol><in-capmkt:ISIN contextRef="MainI">INE0TP801012</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">true</in-capmkt:WhetherEventOrInformationDisclosedIsAnOutcomeOfTheBoardMeeting><in-capmkt:DateOfBoardMeeting contextRef="MainI">2026-11-05</in-capmkt:DateOfBoardMeeting><in-capmkt:StartTimeOfTheMeeting contextRef="MainI">17:00:00</in-capmkt:StartTimeOfTheMeeting><in-capmkt:EndTimeOfTheMeeting contextRef="MainI">17:25:00</in-capmkt:EndTimeOfTheMeeting><in-capmkt:DateOfReport contextRef="MainI">2026-11-05</in-capmkt:DateOfReport><in-capmkt:EventTypeOfGuaranteeOrIndemnityOrSurety contextRef="MainI">Giving guarantees</in-capmkt:EventTypeOfGuaranteeOrIndemnityOrSurety><in-capmkt:NameOfPartyForWhomGuaranteeOrIndemnityOrSuretyWasGiven contextRef="MainI">Prime NMS Private Limited</in-capmkt:NameOfPartyForWhomGuaranteeOrIndemnityOrSuretyWasGiven><in-capmkt:WhetherThePromoterOrPromoterGroupOrGroupCompaniesHaveAnyInterestInGuaranteeOrIndemnityOrSuretyTransaction contextRef="MainI">true</in-capmkt:WhetherThePromoterOrPromoterGroupOrGroupCompaniesHaveAnyInterestInGuaranteeOrIndemnityOrSuretyTransaction><in-capmkt:NatureOfInterestAndDetailsThereofInGuaranteeOrIndemnityOrSuretyTransaction contextRef="MainI">Mr. Divyakumar Jain and Mr. Vazhappilly Varghese Cyriac, Directors of the Company, also hold directorships in Prime NMS Private Limited, the subsidiary company for which the Corporate Guarantee has been provided.</in-capmkt:NatureOfInterestAndDetailsThereofInGuaranteeOrIndemnityOrSuretyTransaction><in-capmkt:WhetherTheGuaranteeOrIndemnityOrSuretyIsDoneAtArmsLength contextRef="MainI">true</in-capmkt:WhetherTheGuaranteeOrIndemnityOrSuretyIsDoneAtArmsLength><in-capmkt:BriefDetailsOfGuaranteeOrIndemnityOrSurety contextRef="MainI">The Company has provided a Corporate Guarantee in favour of HDFC Bank Limited in connection with various credit facilities availed by its subsidiary, Prime NMS Private Limited, aggregating to ₹10,00,00,000/- (Rupees Ten Crore Only), in accordance with the terms and conditions of the Corporate Guarantee.</in-capmkt:BriefDetailsOfGuaranteeOrIndemnityOrSurety><in-capmkt:SignificantTermsAndConditionsOfGuaranteeOrIndemnityOrSurety contextRef="MainI">As per HDFC Bank’s sanction Letter</in-capmkt:SignificantTermsAndConditionsOfGuaranteeOrIndemnityOrSurety><in-capmkt:AmountOfGuaranteeOrIndemnityOrSurety contextRef="MainI" unitRef="INR" decimals="0">100000000</in-capmkt:AmountOfGuaranteeOrIndemnityOrSurety><in-capmkt:ImpactOfGuaranteeOrIndemnityOrSuretyOnListedEntity contextRef="MainI">The Corporate Guarantee does not have any immediate financial impact on the Company. However, the Company is exposed to a contingent liability to the extent of the guarantee amount of ₹10,00,00,000/- (Rupees Ten Crore Only), which may become payable in the event of default by the subsidiary and invocation of the guarantee by HDFC Bank Limited. The same shall be disclosed in the financial statements of the Company as a contingent liability, in accordance with the applicable accounting standards.</in-capmkt:ImpactOfGuaranteeOrIndemnityOrSuretyOnListedEntity></xbrli:xbrl>
