<?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">544700</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-11-03</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>2026-11-03</xbrli:startDate><xbrli:endDate>2026-11-03</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>2026-11-03</xbrli:startDate><xbrli:endDate>2026-11-03</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>2026-11-03</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">true</in-capmkt:WhetherEventOrInformationDisclosedIsAnOutcomeOfBoardMeeting><in-capmkt:DateOfBoardMeeting contextRef="OneI">2026-11-03</in-capmkt:DateOfBoardMeeting><in-capmkt:EndTimeOfBoardMeeting contextRef="OneD">21:48:00</in-capmkt:EndTimeOfBoardMeeting><in-capmkt:DateOfReport contextRef="OneI">2026-11-03</in-capmkt:DateOfReport><in-capmkt:NameOfRestructuringEntity contextRef="I_RestructuringEntity1">Analytics Vidhya Inc.</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">5000000</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">5000000</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 winding-up of Analytics Vidhya Inc., is being carried out for simplification of the Group's corporate structure to reduce compliance and administrative overheads and enhance operational efficiency, without any adverse impact on ongoing business operations.</in-capmkt:DetailsAndReasonsForOtherRestructuring><in-capmkt:QuantitativeEffectOfOtherRestructuring contextRef="OneI">Reduce duplicative compliance and administrative overheads</in-capmkt:QuantitativeEffectOfOtherRestructuring><in-capmkt:QualitativeEffectOfOtherRestructuring contextRef="OneI">Simplification of the Group's corporate structure and enhancement of operational efficiency</in-capmkt:QualitativeEffectOfOtherRestructuring><in-capmkt:WhetherThePromoterOrPromoterGroupOrGroupCompaniesIncludingAssociateOrHoldingOrSubsidiaryOrDirectorOrKMPOrSMPAndItsRelativesHaveAnyInterestInTheEntityBeingRestructuring contextRef="OneD">false</in-capmkt:WhetherThePromoterOrPromoterGroupOrGroupCompaniesIncludingAssociateOrHoldingOrSubsidiaryOrDirectorOrKMPOrSMPAndItsRelativesHaveAnyInterestInTheEntityBeingRestructuring><in-capmkt:BriefDetailsOfChangeInShareholdingPatternOfAllEntitiesForOtherRestructuring contextRef="OneI">Not applicable.
 
Analytics Vidhya Inc. is a wholly owned subsidiary of Analytics Vidhya Educon 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>
