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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">544700</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-09-03</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="OneD"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/ScripCode">544700</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-09-03</xbrli:startDate><xbrli:endDate>2026-09-03</xbrli:endDate></xbrli:period></xbrli:context><xbrli:context id="D_RestructuringEntity1"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/ScripCode">544700</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-09-03</xbrli:startDate><xbrli:endDate>2026-09-03</xbrli:endDate></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:RestructuringEntityAxis"><in-capmkt:RestructuringEntityDomain>RestructuringEntityDomain1</in-capmkt:RestructuringEntityDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:context id="I_RestructuringEntity1"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/ScripCode">544700</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-09-03</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:RestructuringEntityAxis"><in-capmkt:RestructuringEntityDomain>RestructuringEntityDomain1</in-capmkt:RestructuringEntityDomain></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">544700</in-capmkt:ScripCode><in-capmkt:NameOfTheCompany contextRef="OneI">Fractal Analytics Limited</in-capmkt:NameOfTheCompany><in-capmkt:NSESymbol contextRef="OneI">FRACTAL</in-capmkt:NSESymbol><in-capmkt:MSEISymbol contextRef="OneI">NOTLISTED</in-capmkt:MSEISymbol><in-capmkt:ISIN contextRef="OneI">INE212S01015</in-capmkt:ISIN><in-capmkt:TypeOfAnnouncementPertainingToRegulation30Restructuring contextRef="OneD">New</in-capmkt:TypeOfAnnouncementPertainingToRegulation30Restructuring><in-capmkt:TypeOfEventOfAnnouncementPertainingToRegulation30Restructuring contextRef="OneD">Other Restructuring</in-capmkt:TypeOfEventOfAnnouncementPertainingToRegulation30Restructuring><in-capmkt:WhetherEventOrInformationDisclosedIsAnOutcomeOfBoardMeeting contextRef="OneD">false</in-capmkt:WhetherEventOrInformationDisclosedIsAnOutcomeOfBoardMeeting><in-capmkt:DateOfOccurrenceOfEvent contextRef="OneI">2026-09-02</in-capmkt:DateOfOccurrenceOfEvent><in-capmkt:TimeOfOccurrenceOfEvent contextRef="OneD">19:26:00</in-capmkt:TimeOfOccurrenceOfEvent><in-capmkt:DateOfReport contextRef="OneI">2026-09-03</in-capmkt:DateOfReport><in-capmkt:NameOfRestructuringEntity contextRef="I_RestructuringEntity1">Fractal Analytics Sweden AB</in-capmkt:NameOfRestructuringEntity><in-capmkt:RestructuringEntityRelationshipWithListedEntity contextRef="D_RestructuringEntity1">Step Down Subsidiary</in-capmkt:RestructuringEntityRelationshipWithListedEntity><in-capmkt:NumberOfSharesUnderPromoterAndPromoterGroupCategoryPreEvent contextRef="I_RestructuringEntity1" unitRef="shares" decimals="INF">0</in-capmkt:NumberOfSharesUnderPromoterAndPromoterGroupCategoryPreEvent><in-capmkt:PercentageOfSharesUnderPromoterAndPromoterGroupCategoryPreEvent contextRef="I_RestructuringEntity1" unitRef="pure" decimals="INF">0</in-capmkt:PercentageOfSharesUnderPromoterAndPromoterGroupCategoryPreEvent><in-capmkt:NumberOfSharesUnderPublicCategoryPreEvent contextRef="I_RestructuringEntity1" unitRef="shares" decimals="INF">0</in-capmkt:NumberOfSharesUnderPublicCategoryPreEvent><in-capmkt:PercentageOfSharesUnderPublicCategoryPreEvent contextRef="I_RestructuringEntity1" unitRef="pure" decimals="INF">0</in-capmkt:PercentageOfSharesUnderPublicCategoryPreEvent><in-capmkt:NumberOfSharesUnderOtherCategoryPreEvent contextRef="I_RestructuringEntity1" unitRef="shares" decimals="INF">50000</in-capmkt:NumberOfSharesUnderOtherCategoryPreEvent><in-capmkt:PercentageOfSharesUnderOtherCategoryPreEvent contextRef="I_RestructuringEntity1" unitRef="pure" decimals="INF">1</in-capmkt:PercentageOfSharesUnderOtherCategoryPreEvent><in-capmkt:TotalNumberOfSharesPreEvent contextRef="I_RestructuringEntity1" unitRef="shares" decimals="INF">50000</in-capmkt:TotalNumberOfSharesPreEvent><in-capmkt:TotalPercentageOfSharesPreEvent contextRef="I_RestructuringEntity1" unitRef="pure" decimals="INF">1</in-capmkt:TotalPercentageOfSharesPreEvent><in-capmkt:NumberOfSharesUnderPromoterAndPromoterGroupCategoryPostEvent contextRef="I_RestructuringEntity1" unitRef="shares" decimals="INF">0</in-capmkt:NumberOfSharesUnderPromoterAndPromoterGroupCategoryPostEvent><in-capmkt:PercentageOfSharesUnderPromoterAndPromoterGroupCategoryPostEvent contextRef="I_RestructuringEntity1" unitRef="pure" decimals="INF">0</in-capmkt:PercentageOfSharesUnderPromoterAndPromoterGroupCategoryPostEvent><in-capmkt:NumberOfSharesUnderPublicCategoryPostEvent contextRef="I_RestructuringEntity1" unitRef="shares" decimals="INF">0</in-capmkt:NumberOfSharesUnderPublicCategoryPostEvent><in-capmkt:PercentageOfSharesUnderPublicCategoryPostEvent contextRef="I_RestructuringEntity1" unitRef="pure" decimals="INF">0</in-capmkt:PercentageOfSharesUnderPublicCategoryPostEvent><in-capmkt:NumberOfSharesUnderOtherCategoryPostEvent contextRef="I_RestructuringEntity1" unitRef="shares" decimals="INF">0</in-capmkt:NumberOfSharesUnderOtherCategoryPostEvent><in-capmkt:PercentageOfSharesUnderOtherCategoryPostEvent contextRef="I_RestructuringEntity1" unitRef="pure" decimals="INF">0</in-capmkt:PercentageOfSharesUnderOtherCategoryPostEvent><in-capmkt:TotalNumberOfSharesPostEvent contextRef="I_RestructuringEntity1" unitRef="shares" decimals="INF">0</in-capmkt:TotalNumberOfSharesPostEvent><in-capmkt:TotalPercentageOfSharesPostEvent contextRef="I_RestructuringEntity1" unitRef="pure" decimals="INF">0</in-capmkt:TotalPercentageOfSharesPostEvent><in-capmkt:DetailsAndReasonsForOtherRestructuring contextRef="OneI">The voluntary liquidation of Fractal Analytics Sweden AB ("Fractal Sweden"), a step-down subsidiary of the Company, has been carried out to simplify the Group's corporate structure, reduce administrative costs, and streamline legal and regulatory compliance requirements.</in-capmkt:DetailsAndReasonsForOtherRestructuring><in-capmkt:QuantitativeEffectOfOtherRestructuring contextRef="OneI">Reduction of administrative cost</in-capmkt:QuantitativeEffectOfOtherRestructuring><in-capmkt:QualitativeEffectOfOtherRestructuring contextRef="OneI">Simplification of group structure and reducuction of the multiplicity of legal and regulatory compliances</in-capmkt:QualitativeEffectOfOtherRestructuring><in-capmkt:WhetherThePromoterOrPromoterGroupOrGroupCompaniesIncludingAssociateOrHoldingOrSubsidiaryOrDirectorOrKMPOrSMPAndItsRelativesHaveAnyInterestInTheEntityBeingRestructuring contextRef="OneD">false</in-capmkt:WhetherThePromoterOrPromoterGroupOrGroupCompaniesIncludingAssociateOrHoldingOrSubsidiaryOrDirectorOrKMPOrSMPAndItsRelativesHaveAnyInterestInTheEntityBeingRestructuring><in-capmkt:BriefDetailsOfChangeInShareholdingPatternOfAllEntitiesForOtherRestructuring contextRef="OneI">Not applicable.

Fractal Sweden is a wholly owned subsidiary of Fractal Private Limited and a step-down subsidiary of the Company.

The Company is not party to the liquidation and the shareholding pattern of the Company remains unchanged.</in-capmkt:BriefDetailsOfChangeInShareholdingPatternOfAllEntitiesForOtherRestructuring></xbrli:xbrl>
