<?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">500182</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-10-27</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="I_AtTheTimeOfInstitutingScheme"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/ScripCode">500182</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-10-27</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:explicitMember dimension="in-capmkt:StageOfOptionsToPurchaseSecuritiesAsPerSubPara10OfParaBAxis">in-capmkt:AtTheTimeOfInstitutingSchemeMember</xbrldi:explicitMember></xbrli:scenario></xbrli:context><in-capmkt:NSESymbol contextRef="MainI">HEROMOTOCO</in-capmkt:NSESymbol><in-capmkt:NameOfTheCompany contextRef="MainI">Hero MotoCorp Limited</in-capmkt:NameOfTheCompany><in-capmkt:ScripCode contextRef="MainI">500182</in-capmkt:ScripCode><in-capmkt:MSEISymbol contextRef="MainI">NOTLISTED</in-capmkt:MSEISymbol><in-capmkt:ISIN contextRef="MainI">INE158A01026</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">true</in-capmkt:WhetherEventOrInformationDisclosedIsAnOutcomeOfTheBoardMeeting><in-capmkt:DateOfBoardMeeting contextRef="MainI">2026-10-27</in-capmkt:DateOfBoardMeeting><in-capmkt:StartTimeOfTheMeeting contextRef="MainI">16:30:00</in-capmkt:StartTimeOfTheMeeting><in-capmkt:EndTimeOfTheMeeting contextRef="MainI">17:55:00</in-capmkt:EndTimeOfTheMeeting><in-capmkt:DateOfReport contextRef="MainI">2026-10-27</in-capmkt:DateOfReport><in-capmkt:StageOfDisclosureOfOptionsToPurchaseSecurities contextRef="I_AtTheTimeOfInstitutingScheme">At the time of instituting the scheme</in-capmkt:StageOfDisclosureOfOptionsToPurchaseSecurities><in-capmkt:BriefDetailsOfOptionsGranted contextRef="I_AtTheTimeOfInstitutingScheme">Grant of 281 nos. of RSUs [A1] and 842 nos. of PRSUs have been approved by the NRC, to certain eligible employees of the Company.

Each RSUs and PRSUs are convertible into one equity shares of the Company, subject to compliance of the Securities and Exchange Board of India (Share Based Employee Benefits) Regulations,  2021  (“SEBI (SBEB) Regulation, 2021”) , as amended from time to time and  the Company’s Employee Incentive Scheme 2014 (“Scheme”) 
</in-capmkt:BriefDetailsOfOptionsGranted><in-capmkt:WhetherTheSchemeIsInTermsOfSEBISBEBRegulations2021 contextRef="I_AtTheTimeOfInstitutingScheme">true</in-capmkt:WhetherTheSchemeIsInTermsOfSEBISBEBRegulations2021><in-capmkt:DetailsOfSharesCoveredByOptions contextRef="I_AtTheTimeOfInstitutingScheme">A total of 1123 equity shares of face value of Rs. 2/- each.  (Each RSUs and PRSUs are convertible into equal nos. of equity shares)</in-capmkt:DetailsOfSharesCoveredByOptions><in-capmkt:PricingFormulaForOptions contextRef="I_AtTheTimeOfInstitutingScheme">The exercise price for the RSUs and PRSUs shall be at the face value of the equity shares of the Company, i.e. at Rs. 2/-.</in-capmkt:PricingFormulaForOptions><in-capmkt:DetailsOfTimeWithinWhichOptionMayBeExercised contextRef="I_AtTheTimeOfInstitutingScheme">The vesting of the aforesaid RSUs shall commence from the end of first year, from the date of grant. The vesting shall be done in 3 years in the ratio of 33.33%:33.33%:33.33%. The aforesaid RSUs can be exercised within 24 months from the date of vesting. Whereas vesting of PRSUs shall commence after completion of 3 years from the date of Grant and can be exercised within 24 months from the date of vesting.</in-capmkt:DetailsOfTimeWithinWhichOptionMayBeExercised><in-capmkt:BriefDetailsOfSignificantTermsOfOptions contextRef="I_AtTheTimeOfInstitutingScheme">The RSUs &amp; PRSUs are convertible into one equity share of the Company each upon vesting, subject to the compliance of the SEBI (SBEB) Regulations, 2021 as amended from time to time and in terms of the Scheme.

The vesting of the aforesaid RSUs shall commence from the end of first year, from the date of grant. The vesting shall be done in 3 years in the ratio of 33.33%:33.33%:33.33%.The aforesaid RSUs can be exercised within 24 months from the date of vesting. Whereas vesting of PRSUs shall commence after completion of 3 years from the date of Grant and can be exercised within 24 months from the date of vesting. 
</in-capmkt:BriefDetailsOfSignificantTermsOfOptions><in-capmkt:DilutedEarningsPerSharePursuantToIssueOfEquitySharesOnExerciseOfOptions contextRef="I_AtTheTimeOfInstitutingScheme">Not Applicable</in-capmkt:DilutedEarningsPerSharePursuantToIssueOfEquitySharesOnExerciseOfOptions></xbrli:xbrl>
