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<!--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">543245</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-10-01</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="OneD"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/ScripCode">543245</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-10-01</xbrli:startDate><xbrli:endDate>2026-10-01</xbrli:endDate></xbrli:period></xbrli:context><xbrli:context id="I_FinancialYear1"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/ScripCode">543245</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-10-01</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:explicitMember dimension="in-capmkt:TurnoverForLastThreeFinancialYearsAxis">in-capmkt:FinancialYear1Member</xbrldi:explicitMember></xbrli:scenario></xbrli:context><xbrli:context id="I_FinancialYear2"><xbrli:entity><xbrli:identifier 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scheme="http://www.sebi.gov.in/in-capmkt/ScripCode">543245</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-10-01</xbrli:startDate><xbrli:endDate>2026-10-01</xbrli:endDate></xbrli:period><xbrli:scenario><xbrldi:explicitMember dimension="in-capmkt:TurnoverForLastThreeFinancialYearsAxis">in-capmkt:FinancialYear1Member</xbrldi:explicitMember></xbrli:scenario></xbrli:context><xbrli:context id="D_FinancialYear2"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/ScripCode">543245</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-10-01</xbrli:startDate><xbrli:endDate>2026-10-01</xbrli:endDate></xbrli:period><xbrli:scenario><xbrldi:explicitMember dimension="in-capmkt:TurnoverForLastThreeFinancialYearsAxis">in-capmkt:FinancialYear2Member</xbrldi:explicitMember></xbrli:scenario></xbrli:context><xbrli:context id="D_FinancialYear3"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/ScripCode">543245</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-10-01</xbrli:startDate><xbrli:endDate>2026-10-01</xbrli:endDate></xbrli:period><xbrli:scenario><xbrldi:explicitMember dimension="in-capmkt:TurnoverForLastThreeFinancialYearsAxis">in-capmkt:FinancialYear3Member</xbrldi:explicitMember></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:ScripCode contextRef="OneI">543245</in-capmkt:ScripCode><in-capmkt:NameOfTheCompany contextRef="OneI">GLAND PHARMA LIMITED</in-capmkt:NameOfTheCompany><in-capmkt:NSESymbol contextRef="OneI">GLAND</in-capmkt:NSESymbol><in-capmkt:MSEISymbol contextRef="OneI">NOTLISTED</in-capmkt:MSEISymbol><in-capmkt:ISIN contextRef="OneI">INE068V01023</in-capmkt:ISIN><in-capmkt:TypeOfAnnouncementPertainingToRegulation30Restructuring contextRef="OneD">New</in-capmkt:TypeOfAnnouncementPertainingToRegulation30Restructuring><in-capmkt:TypeOfEventOfAnnouncementPertainingToRegulation30Restructuring contextRef="OneD">Acquisition (including agreement to acquire)</in-capmkt:TypeOfEventOfAnnouncementPertainingToRegulation30Restructuring><in-capmkt:WhetherEventOrInformationDisclosedIsAnOutcomeOfBoardMeeting contextRef="OneD">true</in-capmkt:WhetherEventOrInformationDisclosedIsAnOutcomeOfBoardMeeting><in-capmkt:DateOfBoardMeeting contextRef="OneI">2026-10-01</in-capmkt:DateOfBoardMeeting><in-capmkt:EndTimeOfBoardMeeting contextRef="OneD">15:30:00</in-capmkt:EndTimeOfBoardMeeting><in-capmkt:DateOfReport contextRef="OneI">2026-10-01</in-capmkt:DateOfReport><in-capmkt:NameOfAcquirer contextRef="OneI">GLAND PHARMA LIMITED</in-capmkt:NameOfAcquirer><in-capmkt:RelationshipOfAcquirerWithTheListedEntity contextRef="OneD">Listed Entity (self)</in-capmkt:RelationshipOfAcquirerWithTheListedEntity><in-capmkt:NameOfTheTargetEntity contextRef="OneI">Gland Pharma USA Inc.</in-capmkt:NameOfTheTargetEntity><in-capmkt:TurnoverOfTargetEntity contextRef="OneD" unitRef="INR" decimals="-7">0</in-capmkt:TurnoverOfTargetEntity><in-capmkt:ProfitAfterTaxOfTargetEntity contextRef="OneD" unitRef="INR" decimals="-5">-6200000</in-capmkt:ProfitAfterTaxOfTargetEntity><in-capmkt:NetWorthOfTargetEntity contextRef="OneD" unitRef="INR" decimals="-5">39300000</in-capmkt:NetWorthOfTargetEntity><in-capmkt:OtherFinancialParameterOfTargetEntity contextRef="OneI">NA</in-capmkt:OtherFinancialParameterOfTargetEntity><in-capmkt:WhetherTheAcquisitionWouldFallWithinRelatedPartyTransactions contextRef="OneD">true</in-capmkt:WhetherTheAcquisitionWouldFallWithinRelatedPartyTransactions><in-capmkt:DateOfBoardMeetingInWhichRPTApprovalTakenForAcquisitionEvent contextRef="OneI">2026-10-01</in-capmkt:DateOfBoardMeetingInWhichRPTApprovalTakenForAcquisitionEvent><in-capmkt:DateOfAuditCommitteeMeetingInWhichRPTApprovalTakenForAcquisitionEvent contextRef="OneI">2026-09-13</in-capmkt:DateOfAuditCommitteeMeetingInWhichRPTApprovalTakenForAcquisitionEvent><in-capmkt:WhetherAcquisitionEventRPTIsMaterial contextRef="OneD">false</in-capmkt:WhetherAcquisitionEventRPTIsMaterial><in-capmkt:WhetherThePromoterOrPromoterGroupOrGroupCompaniesIncludingAssociateOrHoldingOrSubsidiaryOrDirectorOrKMPOrSMPAndItsRelativesHaveAnyInterestInTheEntityBeingAcquired contextRef="OneD">false</in-capmkt:WhetherThePromoterOrPromoterGroupOrGroupCompaniesIncludingAssociateOrHoldingOrSubsidiaryOrDirectorOrKMPOrSMPAndItsRelativesHaveAnyInterestInTheEntityBeingAcquired><in-capmkt:WhetherAcquisitionEventIsDoneAtArmsLength contextRef="OneD">true</in-capmkt:WhetherAcquisitionEventIsDoneAtArmsLength><in-capmkt:IndustryToWhichTheEntityBeingAcquiredBelongs contextRef="OneI">Pharmaceutical Industry</in-capmkt:IndustryToWhichTheEntityBeingAcquiredBelongs><in-capmkt:ObjectsAndImpactOfAcquisitionIncludingButNotLimitedToDisclosureOfReasonsForAcquisitionOfTargetEntityIfItsBusinessIsOutsideTheMainLineOfBusinessOfTheListedEntity contextRef="OneI">The investment of USD 21,000,000 by the 
Company in Gland USA is being undertaken to 
facilitate expansion of the Company’s business 
in the United States of America. Gland USA 
proposes to utilize the funds to subscribe to 60% 
of the equity share capital of Novelstar Pharma 
Inc., a newly incorporated Company in the 
United States of America, pursuant to which 
Novelstar Pharma Inc. will become a subsidiary 
of Gland USA and a step-down subsidiary of the 
Company.</in-capmkt:ObjectsAndImpactOfAcquisitionIncludingButNotLimitedToDisclosureOfReasonsForAcquisitionOfTargetEntityIfItsBusinessIsOutsideTheMainLineOfBusinessOfTheListedEntity><in-capmkt:WhetherAnyGovernmentalOrRegulatoryApprovalsRequiredForTheAcquisition contextRef="OneD">No</in-capmkt:WhetherAnyGovernmentalOrRegulatoryApprovalsRequiredForTheAcquisition><in-capmkt:WhetherTheAcquisitionTransactionWillBeInTranches contextRef="OneD">false</in-capmkt:WhetherTheAcquisitionTransactionWillBeInTranches><in-capmkt:IndicativeTimePeriodForCompletionOfTheAcquisition contextRef="OneI">31-10-2026</in-capmkt:IndicativeTimePeriodForCompletionOfTheAcquisition><in-capmkt:NatureOfConsiderationForAcquisitionEvent contextRef="OneD">Cash</in-capmkt:NatureOfConsiderationForAcquisitionEvent><in-capmkt:AmountOfCashConsiderationForAcquisitionEvent contextRef="OneD" unitRef="INR" decimals="-5">2022700000</in-capmkt:AmountOfCashConsiderationForAcquisitionEvent><in-capmkt:DetailsOfConsiderationForAcquisitionEvent contextRef="OneI">USD 21000000</in-capmkt:DetailsOfConsiderationForAcquisitionEvent><in-capmkt:CostOfAcquisitionOrThePriceAtWhichTheSharesAreAcquired contextRef="OneD" unitRef="INR" decimals="-5">2022700000</in-capmkt:CostOfAcquisitionOrThePriceAtWhichTheSharesAreAcquired><in-capmkt:ExistingPercentageOfShareholdingHeldByAcquirer contextRef="OneI" unitRef="pure" decimals="INF">1</in-capmkt:ExistingPercentageOfShareholdingHeldByAcquirer><in-capmkt:PercentageOfControlAcquired contextRef="OneI" unitRef="pure" decimals="INF">1</in-capmkt:PercentageOfControlAcquired><in-capmkt:PercentageOfAdditionalSharesAcquiredIfExistingHoldingPersists contextRef="OneI" unitRef="pure" decimals="INF">1</in-capmkt:PercentageOfAdditionalSharesAcquiredIfExistingHoldingPersists><in-capmkt:BriefBackgroundAboutTheEntityAcquiredInTermsOfProductsLineOfBusinessAcquired contextRef="OneI">Background: Gland USA is  currently a wholly-owned step-down subsidiary of the Company and proposed to be subsidiary of the Company and is in a similar line of business as the Company. 

Date of Incorporation: March 07, 2022 

Last 3 years’ Turnover: 

FY26 – NIL
FY25 – USD 87,342 
FY24 – USD 483,808 

Country in which the acquired entity has presence: United States of America</in-capmkt:BriefBackgroundAboutTheEntityAcquiredInTermsOfProductsLineOfBusinessAcquired><in-capmkt:DescriptionOfFinancialYear contextRef="I_FinancialYear1">2025-2026</in-capmkt:DescriptionOfFinancialYear><in-capmkt:Turnover contextRef="D_FinancialYear1" unitRef="INR" decimals="-7">0</in-capmkt:Turnover><in-capmkt:DescriptionOfFinancialYear contextRef="I_FinancialYear2">2024-2025</in-capmkt:DescriptionOfFinancialYear><in-capmkt:Turnover contextRef="D_FinancialYear2" unitRef="INR" decimals="-5">7400000</in-capmkt:Turnover><in-capmkt:DescriptionOfFinancialYear contextRef="I_FinancialYear3">2023-2024</in-capmkt:DescriptionOfFinancialYear><in-capmkt:Turnover contextRef="D_FinancialYear3" unitRef="INR" decimals="-5">40400000</in-capmkt:Turnover><in-capmkt:CountryInWhichTheAcquiredEntityHasPresence contextRef="OneI">United States of America</in-capmkt:CountryInWhichTheAcquiredEntityHasPresence><in-capmkt:AnyOtherBriefSignificantInformationForTheAcquisition contextRef="OneI">Background: Gland USA is  currently a wholly-owned step-down subsidiary of the Company and proposed to be subsidiary of the Company and is in a similar line of business as the Company. 

Date of Incorporation: March 07, 2022 

Last 3 years’ Turnover: 

FY26 – NIL
FY25 – USD 87,342 
FY24 – USD 483,808 

Country in which the acquired entity has presence: United States of America</in-capmkt:AnyOtherBriefSignificantInformationForTheAcquisition></xbrli:xbrl>
