<?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">512599</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2025-10-24</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="OneD"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ISIN">512599</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2025-10-24</xbrli:startDate><xbrli:endDate>2025-10-24</xbrli:endDate></xbrli:period></xbrli:context><xbrli:unit id="pure"><xbrli:measure>xbrli:pure</xbrli:measure></xbrli:unit><in-capmkt:NameOfTheCompany contextRef="OneI">Adani Enterprises Limited</in-capmkt:NameOfTheCompany><in-capmkt:NSESymbol contextRef="OneI">ADANIENT</in-capmkt:NSESymbol><in-capmkt:TypeOfAnnouncementPertainingToRegulation30Restructuring contextRef="OneD">New</in-capmkt:TypeOfAnnouncementPertainingToRegulation30Restructuring><in-capmkt:EventOfAnnouncementPertainingToRegulation30Restructuring contextRef="OneD">Incorporation</in-capmkt:EventOfAnnouncementPertainingToRegulation30Restructuring><in-capmkt:DateOfEventOfAnnouncementPertainingToRegulation30Restructuring contextRef="OneI">2025-10-23</in-capmkt:DateOfEventOfAnnouncementPertainingToRegulation30Restructuring><in-capmkt:DateOfReport contextRef="OneI">2025-10-24</in-capmkt:DateOfReport><in-capmkt:NameOfHoldingCompany contextRef="OneI">Adani Enterprises Limited</in-capmkt:NameOfHoldingCompany><in-capmkt:RelationshipOfHoldingCompanyWithTheListedEntity contextRef="OneD">Others</in-capmkt:RelationshipOfHoldingCompanyWithTheListedEntity><in-capmkt:NameOfTheIncorporatedEntity contextRef="OneI">Adani Ropeways Limited</in-capmkt:NameOfTheIncorporatedEntity><in-capmkt:IndustryToWhichTheEntityBeingIncorporatedBelongs contextRef="OneI">Infrastructure</in-capmkt:IndustryToWhichTheEntityBeingIncorporatedBelongs><in-capmkt:BriefBackgroundAboutTheEntityIncorporatedInTermsOfProductsOrLineOfBusiness contextRef="OneI">Adani Ropeways Limited is incorporated a Wholly Owned Subsidiary namely on October 23, 2025 to undertake development and promotion of ropeway projects and to extend assistance of all kinds including investment, financial, technical or commercial, for development, construction, operation, maintenance, etc. of ropeway projects in India.</in-capmkt:BriefBackgroundAboutTheEntityIncorporatedInTermsOfProductsOrLineOfBusiness><in-capmkt:CostOfSubscriptionOrThePriceAtWhichTheSharesAreSubscribed contextRef="OneD">Number of Shares</in-capmkt:CostOfSubscriptionOrThePriceAtWhichTheSharesAreSubscribed><in-capmkt:PercentageOfShareholdingOrControl contextRef="OneI" decimals="INF" unitRef="pure">1</in-capmkt:PercentageOfShareholdingOrControl><in-capmkt:DateOfIncorporation contextRef="OneI">2025-10-23</in-capmkt:DateOfIncorporation><in-capmkt:CountryInWhichTheEntityIsIncorporated contextRef="OneI">India</in-capmkt:CountryInWhichTheEntityIsIncorporated><in-capmkt:AnyOtherBriefSignificantInformationForIncorporationEvent contextRef="OneI">Adani Enterprises Limited has incorporated a Wholly Owned Subsidiary namely Adani Ropeways Limited in India on October 23, 2025</in-capmkt:AnyOtherBriefSignificantInformationForIncorporationEvent></xbrli:xbrl>