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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">544609</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-10-05</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="MainD"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">544609</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-10-05</xbrli:startDate><xbrli:endDate>2026-10-05</xbrli:endDate></xbrli:period></xbrli:context><xbrli:context id="I_ClosureOfOperationsOfAnyUnitOrDivisionOrSubsidiary"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/ScripCode">544609</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-10-05</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:explicitMember dimension="in-capmkt:SubTypeOfEventAsPerRegulation30ParaBOfPartAOfScheduleIIIAxis">in-capmkt:ClosureOfOperationsOfAnyUnitOrDivisionOrSubsidiaryMember</xbrldi:explicitMember></xbrli:scenario></xbrli:context><xbrli:unit id="pure"><xbrli:measure>xbrli:pure</xbrli:measure></xbrli:unit><xbrli:unit id="INR"><xbrli:measure>iso4217:INR</xbrli:measure></xbrli:unit><in-capmkt:NSESymbol contextRef="MainI">PWL</in-capmkt:NSESymbol><in-capmkt:NameOfTheCompany contextRef="MainI">Physicswallah Limited</in-capmkt:NameOfTheCompany><in-capmkt:ScripCode contextRef="MainI">544609</in-capmkt:ScripCode><in-capmkt:MSEISymbol contextRef="MainI">NOTLISTED</in-capmkt:MSEISymbol><in-capmkt:ISIN contextRef="MainI">INE0LP301011</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_ClosureOfOperationsOfAnyUnitOrDivisionOrSubsidiary">Closure of operations of any unit, division or subsidiary (in entirety or in piecemeal)</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">2026-10-03</in-capmkt:DateOfOccurrenceOfEventOrInformation><in-capmkt:TimeOfOccurrenceOfEventOrInformation contextRef="MainI">23:10:00</in-capmkt:TimeOfOccurrenceOfEventOrInformation><in-capmkt:DateOfReport contextRef="MainI">2026-10-05</in-capmkt:DateOfReport><in-capmkt:DateOfBindingAgreementEnteredForSaleOfUnitOrDivisionOrSubsidiaryOfTheListedEntity contextRef="MainI">2026-10-03</in-capmkt:DateOfBindingAgreementEnteredForSaleOfUnitOrDivisionOrSubsidiaryOfTheListedEntity><in-capmkt:DetailsOfUnitOrDivisionOrSubsidiaryOfTheListedEntity contextRef="MainI">FinZ Finance Private Limited, Wholly owned subsidiary of the Company has entered into an agreement with Auxilo Finserve Private Limited, an RBI-registered NBFC, for sale, transfer and assignment of loan portfolio aggregating to INR 95.79 crores, which constitutes substantial/major part of the total loan portfolio.</in-capmkt:DetailsOfUnitOrDivisionOrSubsidiaryOfTheListedEntity><in-capmkt:PreviousYearTurnoverOfUnitOrDivisionOrSubsidiaryOfTheListedEntity contextRef="MainD" unitRef="INR" decimals="0">0</in-capmkt:PreviousYearTurnoverOfUnitOrDivisionOrSubsidiaryOfTheListedEntity><in-capmkt:PreviousYearPercentageOfTurnoverOfUnitOrDivisionOrSubsidiaryOfTheListedEntity contextRef="MainD" unitRef="pure" decimals="INF">0</in-capmkt:PreviousYearPercentageOfTurnoverOfUnitOrDivisionOrSubsidiaryOfTheListedEntity><in-capmkt:PreviousYearNetWorthOfUnitOrDivisionOrSubsidiaryOfTheListedEntity contextRef="MainD" unitRef="INR" decimals="2">602987291.44</in-capmkt:PreviousYearNetWorthOfUnitOrDivisionOrSubsidiaryOfTheListedEntity><in-capmkt:PreviousYearPercentageOfNetWorthOfUnitOrDivisionOrSubsidiaryOfTheListedEntity contextRef="MainD" unitRef="pure" decimals="INF">0.0118</in-capmkt:PreviousYearPercentageOfNetWorthOfUnitOrDivisionOrSubsidiaryOfTheListedEntity><in-capmkt:DateOfClosureOfOperations contextRef="MainI">2026-12-02</in-capmkt:DateOfClosureOfOperations><in-capmkt:ReasonForClosureOfOperations contextRef="MainI">The closure of substantial/major part of the total loan
portfolio of FinZ Finance forms part of a broader strategic
realignment, with a view to focusing on the Company’s
core business operations and optimising capital
allocation. Accordingly, lending activities are proposed to
be facilitated through established and regulated thirdparty NBFCs, thereby enabling greater operational
efficiency and reducing the associated balance sheet and
credit risks.</in-capmkt:ReasonForClosureOfOperations></xbrli:xbrl>
