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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">524164</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-09-09</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="I_AdoptionOfNewLinesOfBusiness"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/ScripCode">524164</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-09-09</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:explicitMember dimension="in-capmkt:SubTypeOfEventAsPerRegulation30ParaBOfPartAOfScheduleIIIAxis">in-capmkt:AdoptionOfNewLinesOfBusinessMember</xbrldi:explicitMember></xbrli:scenario></xbrli:context><xbrli:context id="I_ArrangementsForStrategicOrTechnicalOrManufacturingOrMarketingTieUp"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/ScripCode">524164</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-09-09</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:explicitMember dimension="in-capmkt:SubTypeOfEventAsPerRegulation30ParaBOfPartAOfScheduleIIIAxis">in-capmkt:ArrangementsForStrategicOrTechnicalOrManufacturingOrMarketingTieUpMember</xbrldi:explicitMember></xbrli:scenario></xbrli:context><xbrli:unit id="INR"><xbrli:measure>iso4217:INR</xbrli:measure></xbrli:unit><in-capmkt:NSESymbol contextRef="MainI">IOLCP</in-capmkt:NSESymbol><in-capmkt:NameOfTheCompany contextRef="MainI">IOL Chemicals and Pharmaceuticals Limited</in-capmkt:NameOfTheCompany><in-capmkt:ScripCode contextRef="MainI">524164</in-capmkt:ScripCode><in-capmkt:MSEISymbol contextRef="MainI">NOTLISTED</in-capmkt:MSEISymbol><in-capmkt:ISIN contextRef="MainI">INE485C01029</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_AdoptionOfNewLinesOfBusiness">Adoption of new line(s) of business</in-capmkt:SubTypeOfEventAsPerRegulation30ParaBOfPartAOfScheduleIII><in-capmkt:SubTypeOfEventAsPerRegulation30ParaBOfPartAOfScheduleIII contextRef="I_ArrangementsForStrategicOrTechnicalOrManufacturingOrMarketingTieUp">Arrangements for strategic, technical, manufacturing, or marketing tie up</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">2026-09-09</in-capmkt:DateOfOccurrenceOfEventOrInformation><in-capmkt:TimeOfOccurrenceOfEventOrInformation contextRef="MainI">14:30:00</in-capmkt:TimeOfOccurrenceOfEventOrInformation><in-capmkt:DateOfReport contextRef="MainI">2026-09-09</in-capmkt:DateOfReport><in-capmkt:TypeOfArrangement contextRef="MainI">Agreement</in-capmkt:TypeOfArrangement><in-capmkt:NameOfEntitiesWithWhomAgreementOrJointVentureIsSigned contextRef="MainI">A leading global chemical company</in-capmkt:NameOfEntitiesWithWhomAgreementOrJointVentureIsSigned><in-capmkt:AreaOfAgreementOrJointVenture contextRef="MainI">Long-term manufacturing and supply of specialty chemicals</in-capmkt:AreaOfAgreementOrJointVenture><in-capmkt:WhetherArrangementIsDomesticOrInternational contextRef="MainI">International</in-capmkt:WhetherArrangementIsDomesticOrInternational><in-capmkt:ShareExchangeRatioOrJointVentureRatio contextRef="MainI">Not Applicable</in-capmkt:ShareExchangeRatioOrJointVentureRatio><in-capmkt:ScopeOfBusinessOperationOfAgreementOrJointVenture contextRef="MainI">Manufacturing and supply of Specialty Chemicals (the “Product”) by the Company for the customer in accordance with the agreed terms.</in-capmkt:ScopeOfBusinessOperationOfAgreementOrJointVenture><in-capmkt:DetailsOfConsiderationPaidOrReceivedInAgreementOrJointVenture contextRef="MainI">The arrangement is expected to contribute materially to the Company’s revenue stream upon commencement of commercial supplies</in-capmkt:DetailsOfConsiderationPaidOrReceivedInAgreementOrJointVenture><in-capmkt:SignificantTermsAndConditionsOfAgreementOrJointVenture contextRef="MainI">The Company will manufacture and supply the Product exclusively for the customer in accordance with the mutually agreed terms. In view of the confidentiality obligations agreed between the parties, the Company is restricted from disclosing the identity of the customer and quantitative/commercial details of the arrangement. The estimated capital expenditure for establishing a dedicated manufacturing facility for the Product is approximately ₹35 Crore, which is proposed to be funded through the Company’s internal accruals.</in-capmkt:SignificantTermsAndConditionsOfAgreementOrJointVenture><in-capmkt:WhetherTheAcquisitionWouldFallWithinRelatedPartyTransactions contextRef="MainI">false</in-capmkt:WhetherTheAcquisitionWouldFallWithinRelatedPartyTransactions><in-capmkt:SizeOfEntityInArrangement contextRef="MainI">Not Applicable</in-capmkt:SizeOfEntityInArrangement><in-capmkt:RationaleAndExpectedBenefitOfArrangement contextRef="MainI">It is expected to provide a stable and reliable long-term demand for the Product, strengthen the Company’s manufacturing capabilities and expand its presence in the specialty chemicals and contract manufacturing segment for sustainable long-term growth of the Company</in-capmkt:RationaleAndExpectedBenefitOfArrangement><in-capmkt:IndustryOrAreaAndDetailsOfNewLineOfBusiness contextRef="MainI">Contract Development and Manufacturing Organisation (“CDMO”) for Pharmaceutical Formulations</in-capmkt:IndustryOrAreaAndDetailsOfNewLineOfBusiness><in-capmkt:ExpectedBenefitsFromNewLineOfBusiness contextRef="MainI">The new line of business is primarily established to cater to the evolving and long-term contract manufacturing requirements of the Company’s Anchor Customers in the European region, leveraging the Company’s existing manufacturing capabilities, quality standards, regulatory compliance and technical expertise. The initiative is expected to strengthen long-term customer relationships, diversify the Company’s business portfolio and create additional opportunities across the pharmaceutical value chain.</in-capmkt:ExpectedBenefitsFromNewLineOfBusiness><in-capmkt:EstimatedAmountToBeInvestedInNewLineOfBusiness contextRef="MainI" unitRef="INR" decimals="0">1100000000</in-capmkt:EstimatedAmountToBeInvestedInNewLineOfBusiness></xbrli:xbrl>
