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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">532508</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-10-16</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="OneD"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/ScripCode">532508</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-10-16</xbrli:startDate><xbrli:endDate>2026-10-16</xbrli:endDate></xbrli:period></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">532508</in-capmkt:ScripCode><in-capmkt:NameOfTheCompany contextRef="OneI">JINDAL STAINLESS LIMITED</in-capmkt:NameOfTheCompany><in-capmkt:NSESymbol contextRef="OneI">JSL</in-capmkt:NSESymbol><in-capmkt:MSEISymbol contextRef="OneI">NOTLISTED</in-capmkt:MSEISymbol><in-capmkt:ISIN contextRef="OneI">INE220G01021</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">false</in-capmkt:WhetherEventOrInformationDisclosedIsAnOutcomeOfBoardMeeting><in-capmkt:DateOfOccurrenceOfEvent contextRef="OneI">2026-10-16</in-capmkt:DateOfOccurrenceOfEvent><in-capmkt:TimeOfOccurrenceOfEvent contextRef="OneD">14:19:00</in-capmkt:TimeOfOccurrenceOfEvent><in-capmkt:DateOfReport contextRef="OneI">2026-10-16</in-capmkt:DateOfReport><in-capmkt:NameOfAcquirer contextRef="OneI">Chromeni Steels Limited</in-capmkt:NameOfAcquirer><in-capmkt:RelationshipOfAcquirerWithTheListedEntity contextRef="OneD">Material Subsidiary</in-capmkt:RelationshipOfAcquirerWithTheListedEntity><in-capmkt:NameOfTheTargetEntity contextRef="OneI">Oyster Green Hybrid Four Private Limited</in-capmkt:NameOfTheTargetEntity><in-capmkt:TurnoverOfTargetEntity contextRef="OneD" unitRef="INR" decimals="-7">0</in-capmkt:TurnoverOfTargetEntity><in-capmkt:ProfitAfterTaxOfTargetEntity contextRef="OneD" unitRef="INR" decimals="-7">0</in-capmkt:ProfitAfterTaxOfTargetEntity><in-capmkt:NetWorthOfTargetEntity contextRef="OneD" unitRef="INR" decimals="-7">0</in-capmkt:NetWorthOfTargetEntity><in-capmkt:WhetherTheAcquisitionWouldFallWithinRelatedPartyTransactions contextRef="OneD">false</in-capmkt:WhetherTheAcquisitionWouldFallWithinRelatedPartyTransactions><in-capmkt:WhetherThePromoterOrPromoterGroupOrGroupCompaniesIncludingAssociateOrHoldingOrSubsidiaryOrDirectorOrKMPOrSMPAndItsRelativesHaveAnyInterestInTheEntityBeingAcquired contextRef="OneD">true</in-capmkt:WhetherThePromoterOrPromoterGroupOrGroupCompaniesIncludingAssociateOrHoldingOrSubsidiaryOrDirectorOrKMPOrSMPAndItsRelativesHaveAnyInterestInTheEntityBeingAcquired><in-capmkt:NatureOfInterestAndDetailsThereofForAcquisitionEvent contextRef="OneI">Oyster Green is a subsidiary of Oyster Renewable Energy Private Limited, which is a related party of the Company due to common promoter group. The proposed transaction is being done at arms’ length basis.</in-capmkt:NatureOfInterestAndDetailsThereofForAcquisitionEvent><in-capmkt:WhetherAcquisitionEventIsDoneAtArmsLength contextRef="OneD">true</in-capmkt:WhetherAcquisitionEventIsDoneAtArmsLength><in-capmkt:IndustryToWhichTheEntityBeingAcquiredBelongs contextRef="OneI">Oyster Green is a special purpose vehicle set up for developing and operating wind solar hybrid captive power project.</in-capmkt:IndustryToWhichTheEntityBeingAcquiredBelongs><in-capmkt:ObjectsAndImpactOfAcquisitionIncludingButNotLimitedToDisclosureOfReasonsForAcquisitionOfTargetEntityIfItsBusinessIsOutsideTheMainLineOfBusinessOfTheListedEntity contextRef="OneI">The project is expected to produce ~70 million units annually for captive consumption of CSL. Moreover, power procurement from this plant is in alignment with the Company’s commitment to power future growth through renewable sources of energy and reach net zero carbon emissions by 2050.</in-capmkt:ObjectsAndImpactOfAcquisitionIncludingButNotLimitedToDisclosureOfReasonsForAcquisitionOfTargetEntityIfItsBusinessIsOutsideTheMainLineOfBusinessOfTheListedEntity><in-capmkt:WhetherAnyGovernmentalOrRegulatoryApprovalsRequiredForTheAcquisition contextRef="OneD">No</in-capmkt:WhetherAnyGovernmentalOrRegulatoryApprovalsRequiredForTheAcquisition><in-capmkt:WhetherTheAcquisitionTransactionWillBeInTranches contextRef="OneD">true</in-capmkt:WhetherTheAcquisitionTransactionWillBeInTranches><in-capmkt:IndicativeTimePeriodForCompletionOfTheAcquisition contextRef="OneI">CSL is committed to invest upto an aggregate amount of ₹12.50 crores in Oyster Green towards commissioning of the project, expected by first quarter of the financial 2027-28 In the present tranche, upon achievement of milestone, an amount of ₹1.25 Crores is being invested.</in-capmkt:IndicativeTimePeriodForCompletionOfTheAcquisition><in-capmkt:NatureOfConsiderationForAcquisitionEvent contextRef="OneD">Cash</in-capmkt:NatureOfConsiderationForAcquisitionEvent><in-capmkt:AmountOfCashConsiderationForAcquisitionEvent contextRef="OneD" unitRef="INR" decimals="-5">12500000</in-capmkt:AmountOfCashConsiderationForAcquisitionEvent><in-capmkt:DetailsOfConsiderationForAcquisitionEvent contextRef="OneI">CSL is committed to invest upto an aggregate amount of ₹12.50 crores in Oyster Green towards commissioning of the project, expected by first quarter of the financial 2027-28 In the present tranche, upon achievement of milestone, an amount of ₹1.25 Crores is being invested.</in-capmkt:DetailsOfConsiderationForAcquisitionEvent><in-capmkt:CostOfAcquisitionOrThePriceAtWhichTheSharesAreAcquired contextRef="OneD" unitRef="INR" decimals="-5">12500000</in-capmkt:CostOfAcquisitionOrThePriceAtWhichTheSharesAreAcquired><in-capmkt:ExistingPercentageOfShareholdingHeldByAcquirer contextRef="OneI" unitRef="pure" decimals="INF">0</in-capmkt:ExistingPercentageOfShareholdingHeldByAcquirer><in-capmkt:PercentageOfControlAcquired contextRef="OneI" unitRef="pure" decimals="INF">0.4</in-capmkt:PercentageOfControlAcquired><in-capmkt:PercentageOfAdditionalSharesAcquiredIfExistingHoldingPersists contextRef="OneI" unitRef="pure" decimals="INF">0.4</in-capmkt:PercentageOfAdditionalSharesAcquiredIfExistingHoldingPersists><in-capmkt:BriefBackgroundAboutTheEntityAcquiredInTermsOfProductsLineOfBusinessAcquired contextRef="OneI">Oyster Green was incorporated on March 5, 2025, with its registered office in Mumbai, India. It is a special purpose vehicle, to develop a 24 MW wind solar hybrid captive renewable energy project for meeting the power requirements of CSL’s plant. As it was incorporated in FY’25, and the fact that the project is under construction, turnover details are not applicable.</in-capmkt:BriefBackgroundAboutTheEntityAcquiredInTermsOfProductsLineOfBusinessAcquired><in-capmkt:DateOfIncorporationForAcquisitionEvent contextRef="OneI">2025-03-05</in-capmkt:DateOfIncorporationForAcquisitionEvent><in-capmkt:CountryInWhichTheAcquiredEntityHasPresence contextRef="OneI">India</in-capmkt:CountryInWhichTheAcquiredEntityHasPresence><in-capmkt:AnyOtherBriefSignificantInformationForTheAcquisition contextRef="OneI">Oyster Green is a special purpose vehicle formed in collaboration with Oyster Renewable Energy Private Limited, to develop a 24 MW wind solar hybrid captive renewable energy project for meeting the power requirements of the plant of Chromeni Steels Limited (“CSL”), a wholly-owned subsidiary of the Company.</in-capmkt:AnyOtherBriefSignificantInformationForTheAcquisition></xbrli:xbrl>
