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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">533275</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-10-19</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="I_AtTheTimeOfBecomingPartyToLitigationOrAssessmentOrAdjudicationOrArbitrationOrDispute"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/ScripCode">533275</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-10-19</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:explicitMember dimension="in-capmkt:SubTypeOfEventAsPerRegulation30ParaBOfPartAOfScheduleIIIAxis">in-capmkt:AtTheTimeOfBecomingPartyToLitigationOrAssessmentOrAdjudicationOrArbitrationOrDisputeMember</xbrldi:explicitMember></xbrli:scenario></xbrli:context><xbrli:context id="I_StageOfTheLitigationIsConcludedOrDisputeIsResolved"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/ScripCode">533275</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-10-19</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:explicitMember dimension="in-capmkt:SubTypeOfEventAsPerRegulation30ParaBOfPartAOfScheduleIIIAxis">in-capmkt:StageOfTheLitigationIsConcludedOrDisputeIsResolvedMember</xbrldi:explicitMember></xbrli:scenario></xbrli:context><xbrli:context id="I_OppositePartyAsPerSubPara8OfParaB1"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/ScripCode">533275</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-10-19</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:OppositePartyAsPerSubPara8OfParaBAxis"><in-capmkt:OppositePartyAsPerSubPara8OfParaBDomain>OppositePartyAsPerSubPara8OfParaBDomain1</in-capmkt:OppositePartyAsPerSubPara8OfParaBDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:context id="I_SettlementOfProceedings"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/ScripCode">533275</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-10-19</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:explicitMember dimension="in-capmkt:StageOfTheLitigationIsConcludedOrDisputeIsResolvedAsPerSubPara8OfParaBAxis">in-capmkt:SettlementOfProceedingsMember</xbrldi:explicitMember></xbrli:scenario></xbrli:context><in-capmkt:NSESymbol contextRef="MainI">SHAH</in-capmkt:NSESymbol><in-capmkt:NameOfTheCompany contextRef="MainI">SHAH METACORP LIMITED</in-capmkt:NameOfTheCompany><in-capmkt:ScripCode contextRef="MainI">533275</in-capmkt:ScripCode><in-capmkt:MSEISymbol contextRef="MainI">NOTLISTED</in-capmkt:MSEISymbol><in-capmkt:ISIN contextRef="MainI">INE482J01021</in-capmkt:ISIN><in-capmkt:TypeOfEventAsPerRegulation30ParaBOfPartAOfScheduleIII contextRef="MainI">Pendency of any litigation(s) or dispute(s) (Sub-para 8-Para B)</in-capmkt:TypeOfEventAsPerRegulation30ParaBOfPartAOfScheduleIII><in-capmkt:SubTypeOfEventAsPerRegulation30ParaBOfPartAOfScheduleIII contextRef="I_AtTheTimeOfBecomingPartyToLitigationOrAssessmentOrAdjudicationOrArbitrationOrDispute">At the time of becoming the party to any litigation, assessment, adjudication, arbitration or dispute</in-capmkt:SubTypeOfEventAsPerRegulation30ParaBOfPartAOfScheduleIII><in-capmkt:SubTypeOfEventAsPerRegulation30ParaBOfPartAOfScheduleIII contextRef="I_StageOfTheLitigationIsConcludedOrDisputeIsResolved">Regularly till the litigation is concluded or dispute is resolved</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">2026-10-19</in-capmkt:DateOfOccurrenceOfEventOrInformation><in-capmkt:TimeOfOccurrenceOfEventOrInformation contextRef="MainI">16:00:00</in-capmkt:TimeOfOccurrenceOfEventOrInformation><in-capmkt:DateOfReport contextRef="MainI">2026-10-19</in-capmkt:DateOfReport><in-capmkt:NameOfOppositeParties contextRef="I_OppositePartyAsPerSubPara8OfParaB1">NOT APPLICABLE</in-capmkt:NameOfOppositeParties><in-capmkt:DateOfInitiationOfLitigation contextRef="I_OppositePartyAsPerSubPara8OfParaB1">2026-08-17</in-capmkt:DateOfInitiationOfLitigation><in-capmkt:NameOfAuthorityWhereLitigationIsFiled contextRef="I_OppositePartyAsPerSubPara8OfParaB1">Agency</in-capmkt:NameOfAuthorityWhereLitigationIsFiled><in-capmkt:DetailsOfAuthorityWhereLitigationIsFiled contextRef="I_OppositePartyAsPerSubPara8OfParaB1">NATIONAL STOCK EXCHANGE</in-capmkt:DetailsOfAuthorityWhereLitigationIsFiled><in-capmkt:PartyToTheLitigation contextRef="I_OppositePartyAsPerSubPara8OfParaB1">Company</in-capmkt:PartyToTheLitigation><in-capmkt:DetailsOfPartyToTheLitigation contextRef="I_OppositePartyAsPerSubPara8OfParaB1">THERE IS NO LITIGATION. THERE WAS IMPOSE OF PENALTY FOR DELAY IN FILING</in-capmkt:DetailsOfPartyToTheLitigation><in-capmkt:BriefDetailsOfLitigationOrDispute contextRef="I_OppositePartyAsPerSubPara8OfParaB1">Earlier notice NSE/LIST-SOP/FINES/0904 received from NSE imposing a fine of ₹2,000/- plus GST (Total: ₹2,360/-) for an alleged one-day delay in filing Shareholding Pattern under Regulation 31 of SEBI Listing Regulations for the quarter ended June 30, 2026.</in-capmkt:BriefDetailsOfLitigationOrDispute><in-capmkt:ExpectedFinancialImplicationsOfLitigation contextRef="I_OppositePartyAsPerSubPara8OfParaB1">Nil. There is no adverse operational or financial impact on the Company as the entire fine amount stands waived by the Exchange.</in-capmkt:ExpectedFinancialImplicationsOfLitigation><in-capmkt:QuantumOfClaimsInLitigation contextRef="I_OppositePartyAsPerSubPara8OfParaB1">2000</in-capmkt:QuantumOfClaimsInLitigation><in-capmkt:StageOfDisclosureOfLitigationOrDispute contextRef="I_SettlementOfProceedings">Settlement of the proceedings</in-capmkt:StageOfDisclosureOfLitigationOrDispute><in-capmkt:DetailsOfLitigationOrDisputeForWhichDisclosureIsBeingMade contextRef="I_SettlementOfProceedings">Acceptance / Approval of Waiver of Fine levied by the Exchange vide communication reference no. NSE/LIST/CD/2026/0043 dated October 19, 2026.</in-capmkt:DetailsOfLitigationOrDisputeForWhichDisclosureIsBeingMade><in-capmkt:DateOfOriginalLitigationDisclosure contextRef="I_SettlementOfProceedings">2026-10-19</in-capmkt:DateOfOriginalLitigationDisclosure><in-capmkt:DetailsOfSettlementOfLitigation contextRef="I_SettlementOfProceedings">THERE IS NO SETTLEMENT AS IT WAS WAIVER OF FINE APPLICATION</in-capmkt:DetailsOfSettlementOfLitigation><in-capmkt:LitigationAgainstParty contextRef="I_SettlementOfProceedings">Company</in-capmkt:LitigationAgainstParty><in-capmkt:TermsOfSettlementOfLitigation contextRef="I_SettlementOfProceedings">Not Applicable</in-capmkt:TermsOfSettlementOfLitigation><in-capmkt:CompensationOrPenaltyPaidForSettlement contextRef="I_SettlementOfProceedings">NOT APPLICABLE</in-capmkt:CompensationOrPenaltyPaidForSettlement><in-capmkt:ImpactOfSettlementOnTheFinancialPositionOfTheListedEntity contextRef="I_SettlementOfProceedings">Nil. There is no adverse operational or financial impact on the Company as the entire fine amount stands waived by the Exchange.</in-capmkt:ImpactOfSettlementOnTheFinancialPositionOfTheListedEntity></xbrli:xbrl>
