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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">544014</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-10-28</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="OneD"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/ScripCode">544014</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-10-28</xbrli:startDate><xbrli:endDate>2026-10-28</xbrli:endDate></xbrli:period></xbrli:context><xbrli:context id="D_AmalgamatedEntity1"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/ScripCode">544014</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-10-28</xbrli:startDate><xbrli:endDate>2026-10-28</xbrli:endDate></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:AmalgamatedEntityAxis"><in-capmkt:AmalgamatedEntityDomain>AmalgamatedEntityDomain1</in-capmkt:AmalgamatedEntityDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:context id="I_AmalgamatedEntity1"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/ScripCode">544014</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-10-28</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:AmalgamatedEntityAxis"><in-capmkt:AmalgamatedEntityDomain>AmalgamatedEntityDomain1</in-capmkt:AmalgamatedEntityDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:context id="D_AmalgamatedEntity2"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/ScripCode">544014</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-10-28</xbrli:startDate><xbrli:endDate>2026-10-28</xbrli:endDate></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:AmalgamatedEntityAxis"><in-capmkt:AmalgamatedEntityDomain>AmalgamatedEntityDomain2</in-capmkt:AmalgamatedEntityDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:context id="I_AmalgamatedEntity2"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/ScripCode">544014</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-10-28</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:AmalgamatedEntityAxis"><in-capmkt:AmalgamatedEntityDomain>AmalgamatedEntityDomain2</in-capmkt:AmalgamatedEntityDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:unit id="pure"><xbrli:measure>xbrli:pure</xbrli:measure></xbrli:unit><xbrli:unit id="shares"><xbrli:measure>xbrli:shares</xbrli:measure></xbrli:unit><in-capmkt:ScripCode contextRef="OneI">544014</in-capmkt:ScripCode><in-capmkt:NameOfTheCompany contextRef="OneI">Honasa Consumer Limited</in-capmkt:NameOfTheCompany><in-capmkt:NSESymbol contextRef="OneI">HONASA</in-capmkt:NSESymbol><in-capmkt:MSEISymbol contextRef="OneI">NOTLISTED</in-capmkt:MSEISymbol><in-capmkt:ISIN contextRef="OneI">INE0J5401028</in-capmkt:ISIN><in-capmkt:TypeOfAnnouncementPertainingToRegulation30Restructuring contextRef="OneD">New</in-capmkt:TypeOfAnnouncementPertainingToRegulation30Restructuring><in-capmkt:TypeOfEventOfAnnouncementPertainingToRegulation30Restructuring contextRef="OneD">Amalgamation/ Merger</in-capmkt:TypeOfEventOfAnnouncementPertainingToRegulation30Restructuring><in-capmkt:WhetherEventOrInformationDisclosedIsAnOutcomeOfBoardMeeting contextRef="OneD">false</in-capmkt:WhetherEventOrInformationDisclosedIsAnOutcomeOfBoardMeeting><in-capmkt:DateOfOccurrenceOfEvent contextRef="OneI">2026-10-28</in-capmkt:DateOfOccurrenceOfEvent><in-capmkt:TimeOfOccurrenceOfEvent contextRef="OneD">16:26:00</in-capmkt:TimeOfOccurrenceOfEvent><in-capmkt:DateOfReport contextRef="OneI">2026-10-28</in-capmkt:DateOfReport><in-capmkt:RemarksForWebsiteDissemination contextRef="OneI">Note for whether the Merger would fall within Related Party Transactions: The transaction would fall under Related Party Transaction. However, since the transaction is between wholly-owned subsidiary and step-down wholly-owned subsidiary of the Company, it is exempted as per Regulation 23 of the SEBI Listing Regulations.</in-capmkt:RemarksForWebsiteDissemination><in-capmkt:NameOfTheAmalgamatedEntity contextRef="I_AmalgamatedEntity1">Bhabani Blunt Hair Dressing Private Limited</in-capmkt:NameOfTheAmalgamatedEntity><in-capmkt:TypeOfAmalgamatedEntity contextRef="D_AmalgamatedEntity1">Transferee</in-capmkt:TypeOfAmalgamatedEntity><in-capmkt:RelationshipOfAmalgamatedEntityWithListedEntities contextRef="D_AmalgamatedEntity1">Subsidiary</in-capmkt:RelationshipOfAmalgamatedEntityWithListedEntities><in-capmkt:BriefDetailsOfTurnoverOrSizeOrOtherDetailsOfAmalgamatedEntity contextRef="I_AmalgamatedEntity1">Turnover as of March 31, 2026 INR 2,439.49 Lakhs</in-capmkt:BriefDetailsOfTurnoverOrSizeOrOtherDetailsOfAmalgamatedEntity><in-capmkt:NumberOfSharesUnderPromoterAndPromoterGroupCategoryPreEvent contextRef="I_AmalgamatedEntity1" unitRef="shares" decimals="INF">0</in-capmkt:NumberOfSharesUnderPromoterAndPromoterGroupCategoryPreEvent><in-capmkt:PercentageOfSharesUnderPromoterAndPromoterGroupCategoryPreEvent contextRef="I_AmalgamatedEntity1" unitRef="pure" decimals="INF">0</in-capmkt:PercentageOfSharesUnderPromoterAndPromoterGroupCategoryPreEvent><in-capmkt:NumberOfSharesUnderPublicCategoryPreEvent contextRef="I_AmalgamatedEntity1" unitRef="shares" decimals="INF">0</in-capmkt:NumberOfSharesUnderPublicCategoryPreEvent><in-capmkt:PercentageOfSharesUnderPublicCategoryPreEvent contextRef="I_AmalgamatedEntity1" unitRef="pure" decimals="INF">0</in-capmkt:PercentageOfSharesUnderPublicCategoryPreEvent><in-capmkt:NumberOfSharesUnderOtherCategoryPreEvent contextRef="I_AmalgamatedEntity1" unitRef="shares" decimals="INF">0</in-capmkt:NumberOfSharesUnderOtherCategoryPreEvent><in-capmkt:PercentageOfSharesUnderOtherCategoryPreEvent contextRef="I_AmalgamatedEntity1" unitRef="pure" decimals="INF">0</in-capmkt:PercentageOfSharesUnderOtherCategoryPreEvent><in-capmkt:TotalNumberOfSharesPreEvent contextRef="I_AmalgamatedEntity1" unitRef="shares" decimals="INF">0</in-capmkt:TotalNumberOfSharesPreEvent><in-capmkt:TotalPercentageOfSharesPreEvent contextRef="I_AmalgamatedEntity1" unitRef="pure" decimals="INF">0</in-capmkt:TotalPercentageOfSharesPreEvent><in-capmkt:NumberOfSharesUnderPromoterAndPromoterGroupCategoryPostEvent contextRef="I_AmalgamatedEntity1" unitRef="shares" decimals="INF">0</in-capmkt:NumberOfSharesUnderPromoterAndPromoterGroupCategoryPostEvent><in-capmkt:PercentageOfSharesUnderPromoterAndPromoterGroupCategoryPostEvent contextRef="I_AmalgamatedEntity1" unitRef="pure" decimals="INF">0</in-capmkt:PercentageOfSharesUnderPromoterAndPromoterGroupCategoryPostEvent><in-capmkt:NumberOfSharesUnderPublicCategoryPostEvent contextRef="I_AmalgamatedEntity1" unitRef="shares" decimals="INF">0</in-capmkt:NumberOfSharesUnderPublicCategoryPostEvent><in-capmkt:PercentageOfSharesUnderPublicCategoryPostEvent contextRef="I_AmalgamatedEntity1" unitRef="pure" decimals="INF">0</in-capmkt:PercentageOfSharesUnderPublicCategoryPostEvent><in-capmkt:NumberOfSharesUnderOtherCategoryPostEvent contextRef="I_AmalgamatedEntity1" unitRef="shares" decimals="INF">0</in-capmkt:NumberOfSharesUnderOtherCategoryPostEvent><in-capmkt:PercentageOfSharesUnderOtherCategoryPostEvent contextRef="I_AmalgamatedEntity1" unitRef="pure" decimals="INF">0</in-capmkt:PercentageOfSharesUnderOtherCategoryPostEvent><in-capmkt:TotalNumberOfSharesPostEvent contextRef="I_AmalgamatedEntity1" unitRef="shares" decimals="INF">0</in-capmkt:TotalNumberOfSharesPostEvent><in-capmkt:TotalPercentageOfSharesPostEvent contextRef="I_AmalgamatedEntity1" unitRef="pure" decimals="INF">0</in-capmkt:TotalPercentageOfSharesPostEvent><in-capmkt:NameOfTheAmalgamatedEntity contextRef="I_AmalgamatedEntity2">B:Blunt-Spratt Hairdressing Private Limited</in-capmkt:NameOfTheAmalgamatedEntity><in-capmkt:TypeOfAmalgamatedEntity contextRef="D_AmalgamatedEntity2">Transferor</in-capmkt:TypeOfAmalgamatedEntity><in-capmkt:RelationshipOfAmalgamatedEntityWithListedEntities contextRef="D_AmalgamatedEntity2">Step Down Subsidiary</in-capmkt:RelationshipOfAmalgamatedEntityWithListedEntities><in-capmkt:BriefDetailsOfTurnoverOrSizeOrOtherDetailsOfAmalgamatedEntity contextRef="I_AmalgamatedEntity2">Turnover as of March 31, 2026 INR 2,875.64 Lakhs</in-capmkt:BriefDetailsOfTurnoverOrSizeOrOtherDetailsOfAmalgamatedEntity><in-capmkt:NumberOfSharesUnderPromoterAndPromoterGroupCategoryPreEvent contextRef="I_AmalgamatedEntity2" unitRef="shares" decimals="INF">0</in-capmkt:NumberOfSharesUnderPromoterAndPromoterGroupCategoryPreEvent><in-capmkt:PercentageOfSharesUnderPromoterAndPromoterGroupCategoryPreEvent contextRef="I_AmalgamatedEntity2" unitRef="pure" decimals="INF">0</in-capmkt:PercentageOfSharesUnderPromoterAndPromoterGroupCategoryPreEvent><in-capmkt:NumberOfSharesUnderPublicCategoryPreEvent contextRef="I_AmalgamatedEntity2" unitRef="shares" decimals="INF">0</in-capmkt:NumberOfSharesUnderPublicCategoryPreEvent><in-capmkt:PercentageOfSharesUnderPublicCategoryPreEvent contextRef="I_AmalgamatedEntity2" unitRef="pure" decimals="INF">0</in-capmkt:PercentageOfSharesUnderPublicCategoryPreEvent><in-capmkt:NumberOfSharesUnderOtherCategoryPreEvent contextRef="I_AmalgamatedEntity2" unitRef="shares" decimals="INF">0</in-capmkt:NumberOfSharesUnderOtherCategoryPreEvent><in-capmkt:PercentageOfSharesUnderOtherCategoryPreEvent contextRef="I_AmalgamatedEntity2" unitRef="pure" decimals="INF">0</in-capmkt:PercentageOfSharesUnderOtherCategoryPreEvent><in-capmkt:TotalNumberOfSharesPreEvent contextRef="I_AmalgamatedEntity2" unitRef="shares" decimals="INF">0</in-capmkt:TotalNumberOfSharesPreEvent><in-capmkt:TotalPercentageOfSharesPreEvent contextRef="I_AmalgamatedEntity2" unitRef="pure" decimals="INF">0</in-capmkt:TotalPercentageOfSharesPreEvent><in-capmkt:NumberOfSharesUnderPromoterAndPromoterGroupCategoryPostEvent contextRef="I_AmalgamatedEntity2" unitRef="shares" decimals="INF">0</in-capmkt:NumberOfSharesUnderPromoterAndPromoterGroupCategoryPostEvent><in-capmkt:PercentageOfSharesUnderPromoterAndPromoterGroupCategoryPostEvent contextRef="I_AmalgamatedEntity2" unitRef="pure" decimals="INF">0</in-capmkt:PercentageOfSharesUnderPromoterAndPromoterGroupCategoryPostEvent><in-capmkt:NumberOfSharesUnderPublicCategoryPostEvent contextRef="I_AmalgamatedEntity2" unitRef="shares" decimals="INF">0</in-capmkt:NumberOfSharesUnderPublicCategoryPostEvent><in-capmkt:PercentageOfSharesUnderPublicCategoryPostEvent contextRef="I_AmalgamatedEntity2" unitRef="pure" decimals="INF">0</in-capmkt:PercentageOfSharesUnderPublicCategoryPostEvent><in-capmkt:NumberOfSharesUnderOtherCategoryPostEvent contextRef="I_AmalgamatedEntity2" unitRef="shares" decimals="INF">0</in-capmkt:NumberOfSharesUnderOtherCategoryPostEvent><in-capmkt:PercentageOfSharesUnderOtherCategoryPostEvent contextRef="I_AmalgamatedEntity2" unitRef="pure" decimals="INF">0</in-capmkt:PercentageOfSharesUnderOtherCategoryPostEvent><in-capmkt:TotalNumberOfSharesPostEvent contextRef="I_AmalgamatedEntity2" unitRef="shares" decimals="INF">0</in-capmkt:TotalNumberOfSharesPostEvent><in-capmkt:TotalPercentageOfSharesPostEvent contextRef="I_AmalgamatedEntity2" unitRef="pure" decimals="INF">0</in-capmkt:TotalPercentageOfSharesPostEvent><in-capmkt:WhetherTheAmalgamationOrMergerWouldFallWithinRelatedPartyTransactions contextRef="OneD">false</in-capmkt:WhetherTheAmalgamationOrMergerWouldFallWithinRelatedPartyTransactions><in-capmkt:WhetherThePromoterOrPromoterGroupOrGroupCompaniesIncludingAssociateOrHoldingOrSubsidiaryOrDirectorOrKMPOrSMPAndItsRelativesHaveAnyInterestInTheEntityBeingAmalgamated contextRef="OneD">true</in-capmkt:WhetherThePromoterOrPromoterGroupOrGroupCompaniesIncludingAssociateOrHoldingOrSubsidiaryOrDirectorOrKMPOrSMPAndItsRelativesHaveAnyInterestInTheEntityBeingAmalgamated><in-capmkt:NatureOfInterestAndDetailsThereofForAmalgamationOrMergerEvent contextRef="OneI">Promoters are Directors in the Entities</in-capmkt:NatureOfInterestAndDetailsThereofForAmalgamationOrMergerEvent><in-capmkt:WhetherAmalgamationOrMergerIsDoneAtArmsLength contextRef="OneD">true</in-capmkt:WhetherAmalgamationOrMergerIsDoneAtArmsLength><in-capmkt:AreaOfBusinessOfTheEntitiesForAmalgamationOrMergerEvent contextRef="OneI">Hair Care, Styling Products and Salon Services</in-capmkt:AreaOfBusinessOfTheEntitiesForAmalgamationOrMergerEvent><in-capmkt:RationaleForAmalgamationOrMerger contextRef="OneI">The Scheme, inter alia, provides for the amalgamation of  B:Blunt-Spratt Hairdressing Private Limited with and into  Bhabani Blunt Hair Dressing Private Limited.  The proposed amalgamation is being undertaken with a view to achieving organisational simplification, streamlining the group structure, improving operational efficiencies, reducing administrative and compliance costs and facilitating more efficient management of the business operations of the concerned entities.
</in-capmkt:RationaleForAmalgamationOrMerger><in-capmkt:NatureOfConsiderationForAmalgamationOrMerger contextRef="OneD">Others</in-capmkt:NatureOfConsiderationForAmalgamationOrMerger><in-capmkt:DetailsOfConsiderationForAmalgamationOrMerger contextRef="OneI">The Scheme involves entities which are wholly-owned subsidiary and step-down wholly-owned subsidiary of the Company and no shares are proposed to be issued to anyone pursuant to the Scheme.</in-capmkt:DetailsOfConsiderationForAmalgamationOrMerger><in-capmkt:BriefDetailsOfChangeInShareholdingPatternOfListedEntityForAmalgamationOrMerger contextRef="OneI">Not applicable.

There will be no change in the shareholding pattern of the Company pursuant to the Scheme and the Scheme is not expected to have any adverse impact on the shareholders of the Company.</in-capmkt:BriefDetailsOfChangeInShareholdingPatternOfListedEntityForAmalgamationOrMerger><in-capmkt:AnyOtherBriefSignificantInformationForAmalgamationOrMerger contextRef="OneI">The Scheme is subject to receipt of necessary statutory and regulatory approvals, consents and sanctions as may be required under applicable laws, including confirmation of the Central Government through the jurisdictional Regional Director under the Companies Act, 2013 read with Rules made thereunder.</in-capmkt:AnyOtherBriefSignificantInformationForAmalgamationOrMerger></xbrli:xbrl>
