<?xml version="1.0" encoding="UTF-8"?>
<!--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">544256</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-08-21</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="OneD"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/ScripCode">544256</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-08-21</xbrli:startDate><xbrli:endDate>2026-08-21</xbrli:endDate></xbrli:period></xbrli:context><in-capmkt:ScripCode contextRef="OneI">544256</in-capmkt:ScripCode><in-capmkt:NameOfTheCompany contextRef="OneI">P N Gadgil Jewellers Limited</in-capmkt:NameOfTheCompany><in-capmkt:NSESymbol contextRef="OneI">PNGJL</in-capmkt:NSESymbol><in-capmkt:MSEISymbol contextRef="OneI">NOTLISTED</in-capmkt:MSEISymbol><in-capmkt:ISIN contextRef="OneI">INE953R01016</in-capmkt:ISIN><in-capmkt:TypeOfAnnouncementPertainingToRegulation30Restructuring contextRef="OneD">Update</in-capmkt:TypeOfAnnouncementPertainingToRegulation30Restructuring><in-capmkt:WhetherEventOrInformationDisclosedIsAnOutcomeOfBoardMeeting contextRef="OneD">true</in-capmkt:WhetherEventOrInformationDisclosedIsAnOutcomeOfBoardMeeting><in-capmkt:DateOfBoardMeeting contextRef="OneI">2026-08-20</in-capmkt:DateOfBoardMeeting><in-capmkt:EndTimeOfBoardMeeting contextRef="OneD">15:05:00</in-capmkt:EndTimeOfBoardMeeting><in-capmkt:DateOfInitialAnnouncement contextRef="OneI">2026-08-20</in-capmkt:DateOfInitialAnnouncement><in-capmkt:DateOfLatestAnnouncement contextRef="OneI">2026-08-20</in-capmkt:DateOfLatestAnnouncement><in-capmkt:DateOfReport contextRef="OneI">2026-08-21</in-capmkt:DateOfReport><in-capmkt:RemarksForWebsiteDissemination contextRef="OneI">Revised XBRL</in-capmkt:RemarksForWebsiteDissemination><in-capmkt:UpdateForTheEvent contextRef="OneD">Acquisition (including agreement to acquire)</in-capmkt:UpdateForTheEvent><in-capmkt:BriefDetailsOfInitialAnnouncement contextRef="OneI">Silvostyle Jewellers Limited (“SJL”) is an Unlisted Public Limited Company engaged in the business of Fashion Silver Jewellery.
The Company has a paid-up capital of Rs. 15,00,000/- (Rupees Fifteen Lakhs only) divided into 1,50,000 (One Lakh Fifty Thousand) shares of Rs. 10/- (Rupees Ten only) each.
The Company will acquire 100 % of the Equity Share Capital of Silvostyle Jewellers Limited (“SJL”) by way of acquisition of 1,50,00,000 Equity Shares, through subscription to 1,48,50,000 Equity Shares (99% of the post issue capital) to be freshly issued by SJL and acquisition of 1,50,000 Equity Shares (1% of the post issue capital) from the existing shareholders of SJL, at a price of Rs. 18.64 per equity share, in one or more tranches.
Accordingly, the total consideration for the aforesaid acquisition is Rs. 27.96 Crores, comprising Rs. 27.68 crores towards subscription of the Equity Shares to be freshly issued by SJL and Rs. 0.28 Crores towards acquisition of Equity Shares from the existing shareholders of SJL.
The infusion of fresh capital of Rs. 27.68 crores in SJL is proposed to be utilized for the business purpose of SJL.
SJL was incorporated on December 19, 2025. As on March 31, 2026 the details are as follows:
Turnover: Nil
SJL has acquired Silvostyle Jewellery LLP by way of slump sale effective from May 01, 2026.
Accordingly, w.e.f May 01, 2026, the business is being carried out in SJL.               
The turnover of Silvostyle Jewellery LLP for the financial year ended March 31, 2026 was Rs. 72.93 Crore, as compared to Rs. 40.46 Crore for the financial year ended March 31, 2025 and Rs. 27.09 Crore for the financial year ended March 31, 2024. The Profit After Tax (PAT) for the corresponding periods was Rs. 6.36 Crore, Rs. 3.66 Crore and Rs. 1.60 Crore, respectively.</in-capmkt:BriefDetailsOfInitialAnnouncement><in-capmkt:ReasonForUpdate contextRef="OneD">Others</in-capmkt:ReasonForUpdate><in-capmkt:OtherUpdates contextRef="OneI">Revised Intimation</in-capmkt:OtherUpdates></xbrli:xbrl>
