<?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">AMAGI</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-08-10</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="I_ExerciseOfOptions"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/NSESymbol">AMAGI</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-08-10</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:explicitMember dimension="in-capmkt:StageOfOptionsToPurchaseSecuritiesAsPerSubPara10OfParaBAxis">in-capmkt:ExerciseOfOptionsMember</xbrldi:explicitMember></xbrli:scenario></xbrli:context><in-capmkt:NSESymbol contextRef="MainI">AMAGI</in-capmkt:NSESymbol><in-capmkt:NameOfTheCompany contextRef="MainI">AMAGI MEDIA LABS LIMITED</in-capmkt:NameOfTheCompany><in-capmkt:ScripCode contextRef="MainI">544679</in-capmkt:ScripCode><in-capmkt:MSEISymbol contextRef="MainI">NOTLISTED</in-capmkt:MSEISymbol><in-capmkt:ISIN contextRef="MainI">INE121R01077</in-capmkt:ISIN><in-capmkt:TypeOfEventAsPerRegulation30ParaBOfPartAOfScheduleIII contextRef="MainI">Options to purchase securities ESOPS (Sub-para 10-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">2026-08-10</in-capmkt:DateOfOccurrenceOfEventOrInformation><in-capmkt:TimeOfOccurrenceOfEventOrInformation contextRef="MainI">18:30:00</in-capmkt:TimeOfOccurrenceOfEventOrInformation><in-capmkt:DateOfReport contextRef="MainI">2026-08-10</in-capmkt:DateOfReport><in-capmkt:StageOfDisclosureOfOptionsToPurchaseSecurities contextRef="I_ExerciseOfOptions">Exercise of options</in-capmkt:StageOfDisclosureOfOptionsToPurchaseSecurities><in-capmkt:BriefDetailsOfOptionsGranted contextRef="I_ExerciseOfOptions">Not applicable, as the present disclosure relates to exercise and allotment of stock options.</in-capmkt:BriefDetailsOfOptionsGranted><in-capmkt:WhetherTheSchemeIsInTermsOfSEBISBEBRegulations2021 contextRef="I_ExerciseOfOptions">true</in-capmkt:WhetherTheSchemeIsInTermsOfSEBISBEBRegulations2021><in-capmkt:DetailsOfSharesCoveredByOptions contextRef="I_ExerciseOfOptions">3541160 equity shares</in-capmkt:DetailsOfSharesCoveredByOptions><in-capmkt:PricingFormulaForOptions contextRef="I_ExerciseOfOptions">The exercise price is determined in accordance with the terms of the Amagi Employee Stock Option Plan 2025[KG1.1][SS1.2] and as specified in the grant letter issued to the respective employee.</in-capmkt:PricingFormulaForOptions><in-capmkt:DetailsOfOptionsVested contextRef="I_ExerciseOfOptions">Not Applicable</in-capmkt:DetailsOfOptionsVested><in-capmkt:DetailsOfTimeWithinWhichOptionMayBeExercised contextRef="I_ExerciseOfOptions">Not Applicable</in-capmkt:DetailsOfTimeWithinWhichOptionMayBeExercised><in-capmkt:DetailsOfOptionsExercised contextRef="I_ExerciseOfOptions">3541160</in-capmkt:DetailsOfOptionsExercised><in-capmkt:DetailsOfMoneyRealizedByExerciseOfOptions contextRef="I_ExerciseOfOptions">₹6,41,02,043.20 (Indian Rupees Six Crore Forty One Lakh Two Thousand and Forty Three point Two Zero only)</in-capmkt:DetailsOfMoneyRealizedByExerciseOfOptions><in-capmkt:DetailsOfSharesArisingFromExerciseOfOptions contextRef="I_ExerciseOfOptions">35,41,160 equity shares of face value ₹5/- (Indian Rupees Five only) each</in-capmkt:DetailsOfSharesArisingFromExerciseOfOptions><in-capmkt:DetailsOfOptionsLapsed contextRef="I_ExerciseOfOptions">Not Applicable</in-capmkt:DetailsOfOptionsLapsed><in-capmkt:VariationInTermsOfOptions contextRef="I_ExerciseOfOptions">Not Applicable</in-capmkt:VariationInTermsOfOptions><in-capmkt:BriefDetailsOfSignificantTermsOfOptions contextRef="I_ExerciseOfOptions">As per the Amagi Employee Stock Option Plan 2025. The equity shares arising on exercise of the stock options shall rank pari-passu with the existing equity shares of the Company.</in-capmkt:BriefDetailsOfSignificantTermsOfOptions><in-capmkt:SubsequentChangesOrCancellationOrExerciseOfOptions contextRef="I_ExerciseOfOptions">Not Applicable</in-capmkt:SubsequentChangesOrCancellationOrExerciseOfOptions><in-capmkt:DilutedEarningsPerSharePursuantToIssueOfEquitySharesOnExerciseOfOptions contextRef="I_ExerciseOfOptions">The diluted earnings per share for the quarter ended March 31, 2026 is Rs 1.54 per share on consolidated basis.</in-capmkt:DilutedEarningsPerSharePursuantToIssueOfEquitySharesOnExerciseOfOptions></xbrli:xbrl>
