<?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">544397</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-10-15</xbrli:instant></xbrli:period></xbrli:context><in-capmkt:NSESymbol contextRef="MainI">ATHERENERG</in-capmkt:NSESymbol><in-capmkt:NameOfTheCompany contextRef="MainI">Ather Energy Limited</in-capmkt:NameOfTheCompany><in-capmkt:ScripCode contextRef="MainI">544397</in-capmkt:ScripCode><in-capmkt:MSEISymbol contextRef="MainI">NOTLISTED</in-capmkt:MSEISymbol><in-capmkt:ISIN contextRef="MainI">INE0LEZ01016</in-capmkt:ISIN><in-capmkt:TypeOfEventAsPerRegulation30ParaBOfPartAOfScheduleIII contextRef="MainI">Key licenses or regulatory approvals (Sub-para 12-Para B)</in-capmkt:TypeOfEventAsPerRegulation30ParaBOfPartAOfScheduleIII><in-capmkt:TypeOfAnnouncementAsPerRegulation30ParaBOfPartAOfScheduleIII contextRef="MainI">New</in-capmkt:TypeOfAnnouncementAsPerRegulation30ParaBOfPartAOfScheduleIII><in-capmkt:WhetherEventOrInformationDisclosedIsAnOutcomeOfTheBoardMeeting contextRef="MainI">false</in-capmkt:WhetherEventOrInformationDisclosedIsAnOutcomeOfTheBoardMeeting><in-capmkt:DateOfOccurrenceOfEventOrInformation contextRef="MainI">2026-10-15</in-capmkt:DateOfOccurrenceOfEventOrInformation><in-capmkt:TimeOfOccurrenceOfEventOrInformation contextRef="MainI">19:48:00</in-capmkt:TimeOfOccurrenceOfEventOrInformation><in-capmkt:DateOfReport contextRef="MainI">2026-10-15</in-capmkt:DateOfReport><in-capmkt:EventTypeOfKeyLicenseOrRegulatoryApproval contextRef="MainI">Regulatory approvals</in-capmkt:EventTypeOfKeyLicenseOrRegulatoryApproval><in-capmkt:StageOfDisclosureOfKeyLicenseOrRegulatoryApproval contextRef="MainI">Granting</in-capmkt:StageOfDisclosureOfKeyLicenseOrRegulatoryApproval><in-capmkt:NameOfRegulatoryOrLicensingAuthority contextRef="MainI">Insurance Regulatory and Development Authority of India (“IRDAI”)</in-capmkt:NameOfRegulatoryOrLicensingAuthority><in-capmkt:BriefDetailsOfApprovalOrLicenseObtainedOrWithdrawnOrSurrendered contextRef="MainI">Certificate of Registration is granted to Ather Insurance Limited, a Wholly Owned Subsidiary of Ather Energy Limited, by the IRDAI to act as a Corporate Agent (Composite) under the IRDAI (Registration of Corporate Agents) Regulations, 2015, as amended.</in-capmkt:BriefDetailsOfApprovalOrLicenseObtainedOrWithdrawnOrSurrendered><in-capmkt:ImpactOrRelevanceOfApprovalOrLicenseToListedEntity contextRef="MainI">This will enable Ather Energy Limited (“Company”), through its Wholly Owned Subsidiary, to diversify its revenue stream by leveraging the existing customer base to create recurring revenue opportunities.
The expected benefits include:
1. Diversification of the Company’s revenue streams
2. Improved customer experience for the Company’s customers and retail partners</in-capmkt:ImpactOrRelevanceOfApprovalOrLicenseToListedEntity><in-capmkt:ReasonsForActionOfGrantingOrWithdrawalOrSurrenderOrCancellationOrSuspensionOfKeyLicensesOrRegulatoryApprovals contextRef="MainI">Not applicable</in-capmkt:ReasonsForActionOfGrantingOrWithdrawalOrSurrenderOrCancellationOrSuspensionOfKeyLicensesOrRegulatoryApprovals><in-capmkt:EstimatedImpactOfKeyLicenseOrRegulatoryApprovalOnListedEntity contextRef="MainI">Not applicable</in-capmkt:EstimatedImpactOfKeyLicenseOrRegulatoryApprovalOnListedEntity><in-capmkt:PenaltyRelatedToKeyLicenseOrRegulatoryApproval contextRef="MainI">Not applicable</in-capmkt:PenaltyRelatedToKeyLicenseOrRegulatoryApproval><in-capmkt:PeriodOfKeyLicenseOrRegulatoryApproval contextRef="MainI">From October 15, 2026 and shall remain in force subject to payment of annual fee, until it is suspended or cancelled by the IRDAI.</in-capmkt:PeriodOfKeyLicenseOrRegulatoryApproval><in-capmkt:ActualImpactOfKeyLicenseOrRegulatoryApprovalOnListedEntity contextRef="MainI">Not applicable</in-capmkt:ActualImpactOfKeyLicenseOrRegulatoryApprovalOnListedEntity><in-capmkt:CorrectiveActionsTakenByTheListedEntityPursuantToTheWithdrawalOrSurrenderOrCancellationOrSuspensionOfKeyLicensesOrRegulatoryApprovals contextRef="MainI">Not applicable</in-capmkt:CorrectiveActionsTakenByTheListedEntityPursuantToTheWithdrawalOrSurrenderOrCancellationOrSuspensionOfKeyLicensesOrRegulatoryApprovals></xbrli:xbrl>
