<?xml version="1.0" encoding="UTF-8" standalone="no"?><xbrli:xbrl xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:in-capmkt="https://www.sebi.gov.in/xbrl/2022-12-31/in-capmkt" xmlns:in-capmkt-ent="https://www.sebi.gov.in/xbrl/Regulation_30_Restructuring/2022-12-31/in-capmkt/in-capmkt-ent" xmlns:in-capmkt-roles="https://www.sebi.gov.in/xbrl/Regulation_30_Restructuring/2022-12-31/in-capmkt-roles" xmlns:iso4217="http://www.xbrl.org/2003/iso4217" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:negated="http://www.xbrl.org/2009/role/negated" xmlns:net="http://www.xbrl.org/2009/role/net" xmlns:nonnum="http://www.xbrl.org/dtr/type/non-numeric" xmlns:num="http://www.xbrl.org/dtr/type/numeric" xmlns:xbrldi="http://xbrl.org/2006/xbrldi" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:xl="http://www.xbrl.org/2003/XLink" xmlns:xlink="http://www.w3.org/1999/xlink"><link:schemaRef xlink:href="in-capmkt-ent-2022-12-31.xsd" xlink:type="simple"/><xbrli:context id="OneI"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ISIN">500257</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2025-03-18</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="OneD"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ISIN">500257</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2025-03-18</xbrli:startDate><xbrli:endDate>2025-03-18</xbrli:endDate></xbrli:period></xbrli:context><in-capmkt:NameOfTheCompany contextRef="OneI">Lupin Limited</in-capmkt:NameOfTheCompany><in-capmkt:NSESymbol contextRef="OneI">LUPIN</in-capmkt:NSESymbol><in-capmkt:TypeOfAnnouncementPertainingToRegulation30Restructuring contextRef="OneD">Update</in-capmkt:TypeOfAnnouncementPertainingToRegulation30Restructuring><in-capmkt:DateOfEventOfAnnouncementPertainingToRegulation30Restructuring contextRef="OneI">2025-03-18</in-capmkt:DateOfEventOfAnnouncementPertainingToRegulation30Restructuring><in-capmkt:DateOfInitialAnnouncement contextRef="OneI">2025-02-12</in-capmkt:DateOfInitialAnnouncement><in-capmkt:DateOfLatestAnnouncement contextRef="OneI">2025-02-12</in-capmkt:DateOfLatestAnnouncement><in-capmkt:RemarksForWebsiteDissemination contextRef="OneI">The Company has incorporated a wholly-owned subsidiary in the name and style “LUPINLIFE Consumer Healthcare Limited” on March 08, 2025, under Corporate Identification Number U21002MH2025PLC443065 vide Certificate of Incorporation issued by the Ministry of Corporate Affairs today i.e. March 18, 2025.</in-capmkt:RemarksForWebsiteDissemination><in-capmkt:DateOfReport contextRef="OneI">2025-03-18</in-capmkt:DateOfReport><in-capmkt:BriefDetailsOfInitialAnnouncement contextRef="OneI">The Board at its meeting held on February 11, 2025, approved the incorporation of wholly owned subsidiary of the Company in the name and style “LUPINLIFE Consumer Healthcare Limited” or any other appropriate name as may be approved by the Ministry of Corporate Affairs.</in-capmkt:BriefDetailsOfInitialAnnouncement><in-capmkt:ReasonForUpdate contextRef="OneD">Others</in-capmkt:ReasonForUpdate><in-capmkt:OtherUpdates contextRef="OneI">The Company has incorporated a wholly-owned subsidiary in the name and style “LUPINLIFE Consumer Healthcare Limited” on March 08, 2025, under Corporate Identification Number U21002MH2025PLC443065 vide Certificate of Incorporation issued by the Ministry of Corporate Affairs today i.e. March 18, 2025.</in-capmkt:OtherUpdates></xbrli:xbrl>