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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/NSESymbol">IEML</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-11-14</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="OneD"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/NSESymbol">IEML</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-11-14</xbrli:startDate><xbrli:endDate>2026-11-14</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">000000</in-capmkt:ScripCode><in-capmkt:NameOfTheCompany contextRef="OneI">INDIAN EMULSIFIERS LIMITED</in-capmkt:NameOfTheCompany><in-capmkt:NSESymbol contextRef="OneI">IEML</in-capmkt:NSESymbol><in-capmkt:MSEISymbol contextRef="OneI">NOTLISTED</in-capmkt:MSEISymbol><in-capmkt:ISIN contextRef="OneI">INE0RRU01016</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">2026-11-09</in-capmkt:DateOfOccurrenceOfEvent><in-capmkt:TimeOfOccurrenceOfEvent contextRef="OneD">02:31:00</in-capmkt:TimeOfOccurrenceOfEvent><in-capmkt:DateOfReport contextRef="OneI">2026-11-14</in-capmkt:DateOfReport><in-capmkt:NameOfAcquirer contextRef="OneI">Indian Emulsifiers Limited</in-capmkt:NameOfAcquirer><in-capmkt:RelationshipOfAcquirerWithTheListedEntity contextRef="OneD">Others</in-capmkt:RelationshipOfAcquirerWithTheListedEntity><in-capmkt:DetailsOfOtherRelationWithTheListedEntity contextRef="OneI">Wholly Owned Subsidiary</in-capmkt:DetailsOfOtherRelationWithTheListedEntity><in-capmkt:NameOfTheTargetEntity contextRef="OneI">Monarch Infrachem 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:OtherFinancialParameterOfTargetEntity contextRef="OneI">0</in-capmkt:OtherFinancialParameterOfTargetEntity><in-capmkt:WhetherTheAcquisitionWouldFallWithinRelatedPartyTransactions contextRef="OneD">false</in-capmkt:WhetherTheAcquisitionWouldFallWithinRelatedPartyTransactions><in-capmkt:WhetherThePromoterOrPromoterGroupOrGroupCompaniesIncludingAssociateOrHoldingOrSubsidiaryOrDirectorOrKMPOrSMPAndItsRelativesHaveAnyInterestInTheEntityBeingAcquired contextRef="OneD">true</in-capmkt:WhetherThePromoterOrPromoterGroupOrGroupCompaniesIncludingAssociateOrHoldingOrSubsidiaryOrDirectorOrKMPOrSMPAndItsRelativesHaveAnyInterestInTheEntityBeingAcquired><in-capmkt:NatureOfInterestAndDetailsThereofForAcquisitionEvent contextRef="OneI">Mr. Yash Tikekar, Chairman and Managing Director and Mr. Abhay Tikekar, Executive Director of the Company are the first directors of Monarch Infrachem Private Limited.</in-capmkt:NatureOfInterestAndDetailsThereofForAcquisitionEvent><in-capmkt:WhetherAcquisitionEventIsDoneAtArmsLength contextRef="OneD">true</in-capmkt:WhetherAcquisitionEventIsDoneAtArmsLength><in-capmkt:IndustryToWhichTheEntityBeingAcquiredBelongs contextRef="OneI">The company, Monarch Infrachem Private Limited, will primarily operate in the Manufacturing and Trading of Bitumen Emulsion, polymer-modified bitumen, crumb rubber-modified bitumen, asphalt, Construction chemicals, Petroleum Products, with other allied activities related to infrastructure applications.</in-capmkt:IndustryToWhichTheEntityBeingAcquiredBelongs><in-capmkt:ObjectsAndImpactOfAcquisitionIncludingButNotLimitedToDisclosureOfReasonsForAcquisitionOfTargetEntityIfItsBusinessIsOutsideTheMainLineOfBusinessOfTheListedEntity contextRef="OneI">The principal objective of subscribing to and incorporating Monarch Infrachem Private Limited is to establish a dedicated business entity engaged in the manufacturing, processing, formulation, trading and distribution of bituminous emulsions, construction chemicals, modified bitumen, , asphalt products, specialty chemicals and other road construction materials, allied activities related to infrastructure applications.

The company will focus on developing and supplying innovative, high-performance and sustainable product solutions while exploring opportunities in domestic and international markets. The subscription will enable the parent company to establish a presence in the industry segment that is synergetic to its existing line of business and speciality chemicals know how so as to have additional value addition revenue streams and pursue long-term growth opportunities. It will also facilitate investments in manufacturing facilities, technology, research and development, and strategic partnerships, thereby supporting business expansion, operational synergies and long-term value creation for the parent 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">Completed</in-capmkt:IndicativeTimePeriodForCompletionOfTheAcquisition><in-capmkt:NatureOfConsiderationForAcquisitionEvent contextRef="OneD">Cash</in-capmkt:NatureOfConsiderationForAcquisitionEvent><in-capmkt:AmountOfCashConsiderationForAcquisitionEvent contextRef="OneD" unitRef="INR" decimals="-5">100000</in-capmkt:AmountOfCashConsiderationForAcquisitionEvent><in-capmkt:DetailsOfConsiderationForAcquisitionEvent contextRef="OneI">The Company has acquired 100% ownership for Rs. 1,00,000</in-capmkt:DetailsOfConsiderationForAcquisitionEvent><in-capmkt:CostOfAcquisitionOrThePriceAtWhichTheSharesAreAcquired contextRef="OneD" unitRef="INR" decimals="-5">100000</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">1</in-capmkt:PercentageOfControlAcquired><in-capmkt:BriefBackgroundAboutTheEntityAcquiredInTermsOfProductsLineOfBusinessAcquired contextRef="OneI">Manufacturing and Trading of Bitumen Emulsion, polymer-modified bitumen, crumb rubber-modified bitumen, asphalt, Construction chemicals, Petroleum Products, with other allied activities related to infrastructure applications.</in-capmkt:BriefBackgroundAboutTheEntityAcquiredInTermsOfProductsLineOfBusinessAcquired><in-capmkt:DateOfIncorporationForAcquisitionEvent contextRef="OneI">2026-11-06</in-capmkt:DateOfIncorporationForAcquisitionEvent><in-capmkt:CountryInWhichTheAcquiredEntityHasPresence contextRef="OneI">India</in-capmkt:CountryInWhichTheAcquiredEntityHasPresence></xbrli:xbrl>
