<?xml version="1.0" encoding="UTF-8"?>
<!--REG30 V1.0 (16-10-2025)-->
<xbrli:xbrl xmlns:in-capmkt="http://www.sebi.gov.in/xbrl/2025-08-31/in-capmkt" xmlns:in-capmkt-ent="http://www.sebi.gov.in/xbrl/Regulation_30_Restructuring/2025-08-31/in-capmkt/in-capmkt-ent" xmlns:in-capmkt-roles="http://www.sebi.gov.in/xbrl/Regulation_30_Restructuring/2025-08-31/in-capmkt-roles" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:nonnum="http://www.xbrl.org/dtr/type/non-numeric" 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.xbrl.org/2003/XLink"><link:schemaRef xlink:type="simple" xlink:href="in-capmkt-ent-2025-08-31.xsd"/><xbrli:context id="OneI"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/ScripCode">532163</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-11-04</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="OneD"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/ScripCode">532163</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-11-04</xbrli:startDate><xbrli:endDate>2026-11-04</xbrli:endDate></xbrli:period></xbrli:context><in-capmkt:ScripCode contextRef="OneI">532163</in-capmkt:ScripCode><in-capmkt:NameOfTheCompany contextRef="OneI">SAREGAMA INDIA LIMITED</in-capmkt:NameOfTheCompany><in-capmkt:NSESymbol contextRef="OneI">SAREGAMA</in-capmkt:NSESymbol><in-capmkt:MSEISymbol contextRef="OneI">NOTLISTED</in-capmkt:MSEISymbol><in-capmkt:ISIN contextRef="OneI">INE979A01025</in-capmkt:ISIN><in-capmkt:TypeOfAnnouncementPertainingToRegulation30Restructuring contextRef="OneD">New</in-capmkt:TypeOfAnnouncementPertainingToRegulation30Restructuring><in-capmkt:TypeOfEventOfAnnouncementPertainingToRegulation30Restructuring contextRef="OneD">Other Restructuring</in-capmkt:TypeOfEventOfAnnouncementPertainingToRegulation30Restructuring><in-capmkt:WhetherEventOrInformationDisclosedIsAnOutcomeOfBoardMeeting contextRef="OneD">true</in-capmkt:WhetherEventOrInformationDisclosedIsAnOutcomeOfBoardMeeting><in-capmkt:DateOfBoardMeeting contextRef="OneI">2026-11-04</in-capmkt:DateOfBoardMeeting><in-capmkt:EndTimeOfBoardMeeting contextRef="OneD">12:20:00</in-capmkt:EndTimeOfBoardMeeting><in-capmkt:DateOfReport contextRef="OneI">2026-11-04</in-capmkt:DateOfReport><in-capmkt:DetailsAndReasonsForOtherRestructuring contextRef="OneI">The Company proposes to undertake an intra-group restructuring involving Kolkata Metro Networks Limited (“KMNL”), its wholly owned subsidiary. Having evaluated the operational and commercial rationale for continuing KMNL as a separate legal entity, the Company has determined that its continued existence is no longer commercially or operationally necessary. Accordingly, KMNL is proposed to be voluntarily liquidated pursuant to Section 59 of the Insolvency and Bankruptcy Code, 2016 and applicable regulations thereunder, subject to requisite approvals and completion of applicable statutory and regulatory formalities.

KMNL is not a material subsidiary and the Voluntary Liquidation will not have any material impact on the consolidated financials of the Company.</in-capmkt:DetailsAndReasonsForOtherRestructuring><in-capmkt:QuantitativeEffectOfOtherRestructuring contextRef="OneI">Kindly refer to the “Details and Reasons for Restructuring” section for the relevant information.</in-capmkt:QuantitativeEffectOfOtherRestructuring><in-capmkt:QualitativeEffectOfOtherRestructuring contextRef="OneI">Kindly refer to the “Details and Reasons for Restructuring” section for the relevant information.</in-capmkt:QualitativeEffectOfOtherRestructuring><in-capmkt:WhetherThePromoterOrPromoterGroupOrGroupCompaniesIncludingAssociateOrHoldingOrSubsidiaryOrDirectorOrKMPOrSMPAndItsRelativesHaveAnyInterestInTheEntityBeingRestructuring contextRef="OneD">false</in-capmkt:WhetherThePromoterOrPromoterGroupOrGroupCompaniesIncludingAssociateOrHoldingOrSubsidiaryOrDirectorOrKMPOrSMPAndItsRelativesHaveAnyInterestInTheEntityBeingRestructuring><in-capmkt:BriefDetailsOfChangeInShareholdingPatternOfAllEntitiesForOtherRestructuring contextRef="OneI">Upon dissolution of KMNL pursuant to the order of Hon’ble NCLT, the shares held by the Company in KMNL will get cancelled.                                                                                                    There is no change in the shareholding pattern of the Company pursuant to the aforesaid intra-group restructuring.</in-capmkt:BriefDetailsOfChangeInShareholdingPatternOfAllEntitiesForOtherRestructuring><in-capmkt:AnyOtherBriefSignificantInformationForOtherRestructuring contextRef="OneI">Kolkata Metro Networks Limited, a wholly owned subsidiary of the Company – Approval for voluntary liquidation.</in-capmkt:AnyOtherBriefSignificantInformationForOtherRestructuring></xbrli:xbrl>
