<?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/2023-01-31/in-capmkt" xmlns:in-capmkt-ent="https://www.sebi.gov.in/xbrl/Regulation_30_Restructuring/2023-01-31/in-capmkt/in-capmkt-ent" xmlns:in-capmkt-roles="https://www.sebi.gov.in/xbrl/Regulation_30_Restructuring/2023-01-31/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-2023-01-31.xsd" xlink:type="simple"/><xbrli:context id="OneI"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/NSESymbol">SAHYADRI</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-04-04</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="OneD"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/NSESymbol">SAHYADRI</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-04-04</xbrli:startDate><xbrli:endDate>2026-04-04</xbrli:endDate></xbrli:period></xbrli:context><in-capmkt:NSESymbol contextRef="OneI">SAHYADRI</in-capmkt:NSESymbol><in-capmkt:NameOfTheCompany contextRef="OneI">Sahyadri Industries Limited</in-capmkt:NameOfTheCompany><in-capmkt:TypeOfAnnouncementPertainingToRegulation30Restructuring contextRef="OneD">Update</in-capmkt:TypeOfAnnouncementPertainingToRegulation30Restructuring><in-capmkt:DateOfEventOfAnnouncementPertainingToRegulation30Restructuring contextRef="OneI">2026-04-04</in-capmkt:DateOfEventOfAnnouncementPertainingToRegulation30Restructuring><in-capmkt:DateOfInitialAnnouncement contextRef="OneI">2024-11-08</in-capmkt:DateOfInitialAnnouncement><in-capmkt:DateOfLatestAnnouncement contextRef="OneI">2026-04-04</in-capmkt:DateOfLatestAnnouncement><in-capmkt:DateOfReport contextRef="OneI">2026-04-04</in-capmkt:DateOfReport><in-capmkt:BriefDetailsOfInitialAnnouncement contextRef="OneI">Proposal to acquire 26% equity share capital of Emerge Solar One Private Limited (ESOPL)- dated 08-11-2024</in-capmkt:BriefDetailsOfInitialAnnouncement><in-capmkt:ReasonForUpdate contextRef="OneD">Others</in-capmkt:ReasonForUpdate><in-capmkt:OtherUpdates contextRef="OneI">The Board after re-assessing the progress of the project and the investment structure, approved acquisition of up to 26% equity in ESOPL. The amount of investment shall be Rs.1.3 Crores.</in-capmkt:OtherUpdates></xbrli:xbrl>