<?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>2026-10-26</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="I_CapacityAddition"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/ScripCode">544397</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-10-26</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:explicitMember dimension="in-capmkt:SubTypeOfEventAsPerRegulation30ParaBOfPartAOfScheduleIIIAxis">in-capmkt:CapacityAdditionMember</xbrldi:explicitMember></xbrli:scenario></xbrli:context><xbrli:unit id="INR"><xbrli:measure>iso4217:INR</xbrli:measure></xbrli:unit><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">Capacity addition/Product launch (Sub-para 3-Para B)</in-capmkt:TypeOfEventAsPerRegulation30ParaBOfPartAOfScheduleIII><in-capmkt:SubTypeOfEventAsPerRegulation30ParaBOfPartAOfScheduleIII contextRef="I_CapacityAddition">Capacity addition</in-capmkt:SubTypeOfEventAsPerRegulation30ParaBOfPartAOfScheduleIII><in-capmkt:TypeOfAnnouncementAsPerRegulation30ParaBOfPartAOfScheduleIII contextRef="MainI">New</in-capmkt:TypeOfAnnouncementAsPerRegulation30ParaBOfPartAOfScheduleIII><in-capmkt:WhetherEventOrInformationDisclosedIsAnOutcomeOfTheBoardMeeting contextRef="MainI">true</in-capmkt:WhetherEventOrInformationDisclosedIsAnOutcomeOfTheBoardMeeting><in-capmkt:DateOfBoardMeeting contextRef="MainI">2026-10-26</in-capmkt:DateOfBoardMeeting><in-capmkt:StartTimeOfTheMeeting contextRef="MainI">09:10:00</in-capmkt:StartTimeOfTheMeeting><in-capmkt:EndTimeOfTheMeeting contextRef="MainI">14:15:00</in-capmkt:EndTimeOfTheMeeting><in-capmkt:DateOfReport contextRef="MainI">2026-10-26</in-capmkt:DateOfReport><in-capmkt:ExistingCapacityOfProjectOrPlant contextRef="MainI">Hosur Factory- 420,000 units per annum
Factory 3.0 at Chhatrapati Sambhajinagar- 500,000 units per annum capacity (under construction)</in-capmkt:ExistingCapacityOfProjectOrPlant><in-capmkt:ExistingCapacityUtilizationByProjectOrPlant contextRef="MainI">Hosur Factory- 98% at peak production
Factory 3.0 at Chhatrapati Sambhajinagar-under construction</in-capmkt:ExistingCapacityUtilizationByProjectOrPlant><in-capmkt:ProposedCapacityAdditionInProjectOrPlant contextRef="MainI">Hosur Factory- 75,000 Units per annum 
Factory 3.0 at Chhatrapati Sambhajinagar- 150,000 units per annum</in-capmkt:ProposedCapacityAdditionInProjectOrPlant><in-capmkt:PeriodWithinWhichCapacityIsToBeAdded contextRef="MainI">Hosur Factory- Capacity addition is expected to be completed in December, 2026
Factory 3.0 at Chhatrapati Sambhajinagar- Capacity addition is expected to be completed in Q2 FY28</in-capmkt:PeriodWithinWhichCapacityIsToBeAdded><in-capmkt:InvestmentRequiredForProposedCapacityAddition contextRef="MainI" unitRef="INR" decimals="0">1220000000</in-capmkt:InvestmentRequiredForProposedCapacityAddition><in-capmkt:ModeOfFinancingForCapacityAddition contextRef="MainI">Combination of Internal Accruals &amp; Debts</in-capmkt:ModeOfFinancingForCapacityAddition><in-capmkt:RationaleForCapacityAddition contextRef="MainI">Scale up long-term manufacturing output to meet the business demand</in-capmkt:RationaleForCapacityAddition><in-capmkt:RemarksForWebsiteDisseminationForCapacityAdditionAsPerSubPara3OfParaB contextRef="MainI">Investment required for Hosur Factory- Upto INR 58 crore (incl tax) (Includes an investment of INR 53 crores in a new battery line to cater to demand scenarios and to de-risk supply chain. This is expected to be completed by Q3 FY28.) &lt;br /&gt; 
 &lt;br /&gt; 
Investment required for Factory 3.0 at Chhatrapati Sambhajinagar- Upto INR 64 crore (incl tax)</in-capmkt:RemarksForWebsiteDisseminationForCapacityAdditionAsPerSubPara3OfParaB></xbrli:xbrl>
