<?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">533033</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2025-12-17</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="OneD"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ISIN">533033</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2025-12-17</xbrli:startDate><xbrli:endDate>2025-12-17</xbrli:endDate></xbrli:period></xbrli:context><xbrli:unit id="INR"><xbrli:measure>iso4217:INR</xbrli:measure></xbrli:unit><xbrli:unit id="pure"><xbrli:measure>xbrli:pure</xbrli:measure></xbrli:unit><in-capmkt:NameOfTheCompany contextRef="OneI">ISGEC HEAVY ENGINEERING LIMITED</in-capmkt:NameOfTheCompany><in-capmkt:NSESymbol contextRef="OneI">ISGEC</in-capmkt:NSESymbol><in-capmkt:TypeOfAnnouncementPertainingToRegulation30Restructuring contextRef="OneD">Update</in-capmkt:TypeOfAnnouncementPertainingToRegulation30Restructuring><in-capmkt:DateOfEventOfAnnouncementPertainingToRegulation30Restructuring contextRef="OneI">2025-10-06</in-capmkt:DateOfEventOfAnnouncementPertainingToRegulation30Restructuring><in-capmkt:DateOfInitialAnnouncement contextRef="OneI">2025-10-06</in-capmkt:DateOfInitialAnnouncement><in-capmkt:DateOfLatestAnnouncement contextRef="OneI">2025-12-17</in-capmkt:DateOfLatestAnnouncement><in-capmkt:DateOfReport contextRef="OneI">2025-12-17</in-capmkt:DateOfReport><in-capmkt:BriefDetailsOfInitialAnnouncement contextRef="OneI">The Company has entered into a Solar Power Purchase Agreement and Share Subscription and Shareholders' Agreement to acquire 26% equity shares of FPEL HR1 Energy Private Limited, engaged in the Business of generation and supply of solar power energy from its Captive Solar Power Plant located at Sirsa District, Haryana.</in-capmkt:BriefDetailsOfInitialAnnouncement><in-capmkt:ReasonForUpdate contextRef="OneD">Transaction Completed</in-capmkt:ReasonForUpdate><in-capmkt:TransactionCompleted contextRef="OneI">Upon receipt of an intimation dated December 17, 2025 regarding allotment of equity shares of FPEL HR1 Energy Private Limited, the acquisition stands completed</in-capmkt:TransactionCompleted><in-capmkt:AmountOfTransactionCompleted contextRef="OneD" decimals="0" unitRef="INR">0</in-capmkt:AmountOfTransactionCompleted><in-capmkt:DateOfTransactionCompleted contextRef="OneI">2025-12-17</in-capmkt:DateOfTransactionCompleted><in-capmkt:PercentageOfTransactionCompleted contextRef="OneI" decimals="INF" unitRef="pure">0.26</in-capmkt:PercentageOfTransactionCompleted><in-capmkt:AnyOtherBriefSignificantInformationForAnnouncementUpdate contextRef="OneI">No</in-capmkt:AnyOtherBriefSignificantInformationForAnnouncementUpdate></xbrli:xbrl>