<?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">500520</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-04-10</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="OneD"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ISIN">500520</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-04-10</xbrli:startDate><xbrli:endDate>2026-04-10</xbrli:endDate></xbrli:period></xbrli:context><xbrli:context id="D_UnitOrDivisionOrSubsidiary1"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">500520</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-04-10</xbrli:startDate><xbrli:endDate>2026-04-10</xbrli:endDate></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:UnitOrDivisionOrSubsidiaryAxis"><in-capmkt:UnitOrDivisionOrSubsidiaryDomain>UnitOrDivisionOrSubsidiaryDomain1</in-capmkt:UnitOrDivisionOrSubsidiaryDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:context id="I_UnitOrDivisionOrSubsidiary1"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">500520</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-04-10</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:UnitOrDivisionOrSubsidiaryAxis"><in-capmkt:UnitOrDivisionOrSubsidiaryDomain>UnitOrDivisionOrSubsidiaryDomain1</in-capmkt:UnitOrDivisionOrSubsidiaryDomain></xbrldi:typedMember></xbrli:scenario></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">Mahindra &amp; Mahindra Limited</in-capmkt:NameOfTheCompany><in-capmkt:NSESymbol contextRef="OneI">M&amp;M</in-capmkt:NSESymbol><in-capmkt:TypeOfAnnouncementPertainingToRegulation30Restructuring contextRef="OneD">New</in-capmkt:TypeOfAnnouncementPertainingToRegulation30Restructuring><in-capmkt:EventOfAnnouncementPertainingToRegulation30Restructuring contextRef="OneD">Sale or disposal of unit(s)/division(s)/subsidiary</in-capmkt:EventOfAnnouncementPertainingToRegulation30Restructuring><in-capmkt:DateOfEventOfAnnouncementPertainingToRegulation30Restructuring contextRef="OneI">2026-04-10</in-capmkt:DateOfEventOfAnnouncementPertainingToRegulation30Restructuring><in-capmkt:DateOfReport contextRef="OneI">2026-04-10</in-capmkt:DateOfReport><in-capmkt:DetailsOfSaleOrDisposalUnitOrDivisionOrSubsidiaryOfTheListedEntity contextRef="I_UnitOrDivisionOrSubsidiary1">Erkunt Sanayi Anonim Şirketi, a step-down subsidiary of the Company</in-capmkt:DetailsOfSaleOrDisposalUnitOrDivisionOrSubsidiaryOfTheListedEntity><in-capmkt:TypeOfSaleOrDisposalUnitOrDivisionOrSubsidiaryOfTheListedEntity contextRef="D_UnitOrDivisionOrSubsidiary1">Subsidiary</in-capmkt:TypeOfSaleOrDisposalUnitOrDivisionOrSubsidiaryOfTheListedEntity><in-capmkt:NameOfSaleOrDisposalUnitOrDivisionOrSubsidiaryOfTheListedEntity contextRef="I_UnitOrDivisionOrSubsidiary1">Erkunt Sanayi Anonim Şirketi</in-capmkt:NameOfSaleOrDisposalUnitOrDivisionOrSubsidiaryOfTheListedEntity><in-capmkt:PreviousYearTurnoverOfSaleOrDisposalUnitOrDivisionOrSubsidiaryOfTheListedEntity contextRef="D_UnitOrDivisionOrSubsidiary1" decimals="0" unitRef="INR">0</in-capmkt:PreviousYearTurnoverOfSaleOrDisposalUnitOrDivisionOrSubsidiaryOfTheListedEntity><in-capmkt:PreviousYearPercentageOfTurnoverOfSaleOrDisposalUnitOrDivisionOrSubsidiaryOfTheListedEntity contextRef="D_UnitOrDivisionOrSubsidiary1" decimals="INF" unitRef="pure">0.0049</in-capmkt:PreviousYearPercentageOfTurnoverOfSaleOrDisposalUnitOrDivisionOrSubsidiaryOfTheListedEntity><in-capmkt:PreviousYearRevenueOfSaleOrDisposalUnitOrDivisionOrSubsidiaryOfTheListedEntity contextRef="D_UnitOrDivisionOrSubsidiary1" decimals="0" unitRef="INR">0</in-capmkt:PreviousYearRevenueOfSaleOrDisposalUnitOrDivisionOrSubsidiaryOfTheListedEntity><in-capmkt:PreviousYearPercentageOfRevenueOfSaleOrDisposalUnitOrDivisionOrSubsidiaryOfTheListedEntity contextRef="D_UnitOrDivisionOrSubsidiary1" decimals="INF" unitRef="pure">0.0049</in-capmkt:PreviousYearPercentageOfRevenueOfSaleOrDisposalUnitOrDivisionOrSubsidiaryOfTheListedEntity><in-capmkt:PreviousYearIncomeOfSaleOrDisposalUnitOrDivisionOrSubsidiaryOfTheListedEntity contextRef="D_UnitOrDivisionOrSubsidiary1" decimals="0" unitRef="INR">0</in-capmkt:PreviousYearIncomeOfSaleOrDisposalUnitOrDivisionOrSubsidiaryOfTheListedEntity><in-capmkt:PreviousYearPercentageOfIncomeOfSaleOrDisposalUnitOrDivisionOrSubsidiaryOfTheListedEntity contextRef="D_UnitOrDivisionOrSubsidiary1" decimals="INF" unitRef="pure">0.0049</in-capmkt:PreviousYearPercentageOfIncomeOfSaleOrDisposalUnitOrDivisionOrSubsidiaryOfTheListedEntity><in-capmkt:PreviousYearNetWorthOfSaleOrDisposalUnitOrDivisionOrSubsidiaryOfTheListedEntity contextRef="D_UnitOrDivisionOrSubsidiary1" decimals="0" unitRef="INR">0</in-capmkt:PreviousYearNetWorthOfSaleOrDisposalUnitOrDivisionOrSubsidiaryOfTheListedEntity><in-capmkt:PreviousYearPercentageOfNetWorthOfSaleOrDisposalUnitOrDivisionOrSubsidiaryOfTheListedEntity contextRef="D_UnitOrDivisionOrSubsidiary1" decimals="INF" unitRef="pure">0.0049</in-capmkt:PreviousYearPercentageOfNetWorthOfSaleOrDisposalUnitOrDivisionOrSubsidiaryOfTheListedEntity><in-capmkt:DateOnWhichTheAgreementForSaleHasBeenEnteredInto contextRef="OneI">2026-04-10</in-capmkt:DateOnWhichTheAgreementForSaleHasBeenEnteredInto><in-capmkt:TheExpectedDateOfCompletionOfSaleOrDisposal contextRef="OneI">2026-07-30</in-capmkt:TheExpectedDateOfCompletionOfSaleOrDisposal><in-capmkt:NatureOfConsiderationForSaleOrDisposal contextRef="OneD">Cash</in-capmkt:NatureOfConsiderationForSaleOrDisposal><in-capmkt:BriefDetailsOfBuyers contextRef="OneI">The Buyers comprise of a Turkish entity Hisarlar Makina Sanayi ve Ticaret A.Ş. and two of its shareholders of Turkish Citizenship - Mr. Oguzhan Sahinkaya and Mr. Bunyamin Sarioglu.</in-capmkt:BriefDetailsOfBuyers><in-capmkt:WhetherThePromoterOrPromoterGroupOrGroupOrAssociateOrHoldingOrSubsidiaryCompaniesOrDirectorAndKMPAndItsRelativesHaveAnyInterestInTheEntityBeingSaleOrDisposed contextRef="OneD">false</in-capmkt:WhetherThePromoterOrPromoterGroupOrGroupOrAssociateOrHoldingOrSubsidiaryCompaniesOrDirectorAndKMPAndItsRelativesHaveAnyInterestInTheEntityBeingSaleOrDisposed><in-capmkt:WhetherSaleOrDisposalWouldFallWithinRelatedPartyTransactions contextRef="OneD">false</in-capmkt:WhetherSaleOrDisposalWouldFallWithinRelatedPartyTransactions><in-capmkt:WhetherSaleOrDisposalEventRPTIsMaterial contextRef="OneD">false</in-capmkt:WhetherSaleOrDisposalEventRPTIsMaterial><in-capmkt:WhetherSaleOrDisposalEventIsDoneAtArmsLength contextRef="OneD">false</in-capmkt:WhetherSaleOrDisposalEventIsDoneAtArmsLength><in-capmkt:AnyOtherBriefSignificantInformationForSaleOrDisposal contextRef="OneI">For row no. 13 we have put figures of Turnover and contribution percentage in the fields of Revenue and Income. 

As the fields only allows whole numbers we hereby putting the full figures -

The Revenue from operations of Erkunt Sanayi Ticaret Anonim Şirketi (“Erkunt Foundry”) for the year ended 31st March 2025 was Rs. 821.00 crore and after elimination of inter-company transactions with the Mahindra Group, Erkunt Foundry contributed Rs. 771.69 crores or 0.49% to the consolidated turnover of the Company.
The Net Worth of Erkunt Foundry as on 31st March 2025 was at Rs. 382.29 crore and after elimination of inter-company balances and adjustments with the Mahindra Group, it contributed Rs. 377.28 crores or 0.49% of the consolidated net worth of the Company excluding non-controlling interest. The Net worth of Erkunt Foundry as on 31st December 2025 was Nil.

For details of consideration - The consideration to be received by the MOICML and Erkunt Traktor is Turkish Lira 1,00,000 (apprx. 2,13,000 at the prevailing foreign exchange rate), post infusion of Turkish Lira 1.2 billion by MOICML (apprx. Rs. 256 Crores at the prevailing foreign exchange rate, for extinguishing external debt and funding the business until closing of the transaction)

For row no. 26 - The transaction is not a Related Party Transaction, hence, the question of whether it is done at arm's length basis would not arise, since it is not giving option to select NA, we have selected no.</in-capmkt:AnyOtherBriefSignificantInformationForSaleOrDisposal></xbrli:xbrl>