<?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">500185</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-09-18</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="OneD"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/ScripCode">500185</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-09-18</xbrli:startDate><xbrli:endDate>2026-09-18</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">500185</in-capmkt:ScripCode><in-capmkt:NameOfTheCompany contextRef="OneI">HINDUSTAN CONSTRUCTION COMPANY LIMITED</in-capmkt:NameOfTheCompany><in-capmkt:NSESymbol contextRef="OneI">HCC</in-capmkt:NSESymbol><in-capmkt:MSEISymbol contextRef="OneI">NOTLISTED</in-capmkt:MSEISymbol><in-capmkt:ISIN contextRef="OneI">INE549A01026</in-capmkt:ISIN><in-capmkt:TypeOfAnnouncementPertainingToRegulation30Restructuring contextRef="OneD">New</in-capmkt:TypeOfAnnouncementPertainingToRegulation30Restructuring><in-capmkt:TypeOfEventOfAnnouncementPertainingToRegulation30Restructuring contextRef="OneD">Acquisition of “to be incorporated companies”</in-capmkt:TypeOfEventOfAnnouncementPertainingToRegulation30Restructuring><in-capmkt:WhetherEventOrInformationDisclosedIsAnOutcomeOfBoardMeeting contextRef="OneD">false</in-capmkt:WhetherEventOrInformationDisclosedIsAnOutcomeOfBoardMeeting><in-capmkt:DateOfOccurrenceOfEvent contextRef="OneI">2026-09-17</in-capmkt:DateOfOccurrenceOfEvent><in-capmkt:TimeOfOccurrenceOfEvent contextRef="OneD">11:00:00</in-capmkt:TimeOfOccurrenceOfEvent><in-capmkt:DateOfReport contextRef="OneI">2026-09-18</in-capmkt:DateOfReport><in-capmkt:NameOfHoldingCompany contextRef="OneI">HCC Infrastructure Company Limited</in-capmkt:NameOfHoldingCompany><in-capmkt:RelationshipOfHoldingCompanyWithTheListedEntity contextRef="OneD">Material Subsidiary</in-capmkt:RelationshipOfHoldingCompanyWithTheListedEntity><in-capmkt:NameOfTheIncorporatedEntity contextRef="OneI">HC Concessions Limited</in-capmkt:NameOfTheIncorporatedEntity><in-capmkt:IndustryToWhichTheEntityBeingIncorporatedBelongs contextRef="OneI">Infrastructure Development Industry</in-capmkt:IndustryToWhichTheEntityBeingIncorporatedBelongs><in-capmkt:BriefBackgroundAboutTheEntityIncorporatedInTermsOfProductsOrLineOfBusiness contextRef="OneI">The Company is being incorporated to undertake to carry on in India and abroad business of builders, contractors, promoters, operation and maintenance operators, developers of all type of infrastructural facilities either alone or jointly with other companies or persons or any other entity and for that purpose to promote, develop, survey, establish, design, construct, equip, operate, manage, maintain, modify, upgrade, own, administer, control and finance roads/highways/expressways of all descriptions, including bridges, river crossings, waterways, approach roads, interchanges, flyovers, culverts, buildings, residential and commercial townships, restaurants, hotels, motels, recreation parks, amusement parks, fuel pumps, vehicle repair workshops, public conveniences, medical centers, first aid centers, commercial premises, rest rooms, hoardings, toll booths, toll plazas, railway facilities including terminals bus or otherwise, mass rapid transport systems, power stations including hydel, thermal, wind, solar, waste, geothermal and atomic nuclear power or any power through any other means, telecommunications, sealinks, waterworks, tramways, reservoirs, wharves, irrigation system, dams, tunnels, cannels, jetties, ports, container terminal, docks and harbours, sewage works, seaports, green ports, airports, city gas distribution, water distribution, bulk water supply, hydrocarbon transmission pipelines, exploration and production of crude oil &amp; natural gas, urban infrastructure projects, parking facilities, all other works or conveniences of public or private utility and any other infrastructure projects and/or any interest therein for any infrastructure projects including but not limited to projects mentioned above on “Build-Own-Operate” (BOO), Build-Own-Transfer (BOT), Hybrid Annuity Model (HAM), Build-Own-Operate-Maintain (BOOM), Build-Own-Operate-Transfer (BOOT), Design-Build-Finance-Operate (DBFO), Build-Operate-Lease-Transfer (BOLT) or any other model basis in infrastructure development sector with a view to facilitating, improving and developing the level of infrastructure in the economy of India or abroad with any authority including Government of India, State Government, Semi Government, Municipal/Local Authorities, Corporate Bodies, persons or such other authorities in India or elsewhere as the Company may deem fit.</in-capmkt:BriefBackgroundAboutTheEntityIncorporatedInTermsOfProductsOrLineOfBusiness><in-capmkt:WhetherAnyGovernmentalOrRegulatoryApprovalsRequiredForTheIncorporation contextRef="OneD">NA</in-capmkt:WhetherAnyGovernmentalOrRegulatoryApprovalsRequiredForTheIncorporation><in-capmkt:NatureOfConsiderationForIncorporation contextRef="OneD">Cash</in-capmkt:NatureOfConsiderationForIncorporation><in-capmkt:AmountOfCashConsiderationForIncorporation contextRef="OneD" unitRef="INR" decimals="-7">0</in-capmkt:AmountOfCashConsiderationForIncorporation><in-capmkt:DetailsOfConsiderationForIncorporation contextRef="OneI">Cash</in-capmkt:DetailsOfConsiderationForIncorporation><in-capmkt:CostOfSubscriptionOrThePriceAtWhichTheSharesAreSubscribed contextRef="OneD">Number of Shares</in-capmkt:CostOfSubscriptionOrThePriceAtWhichTheSharesAreSubscribed><in-capmkt:DetailsOfCostOfSubscriptionOrThePriceAtWhichTheSharesAreSubscribed contextRef="OneI">HCC Infrastructure Company Limited will subscribe 5,100 Equity Shares of Rs.10/- each aggregating to Rs. 51,000/- [51%] in the Company to be incorporated.</in-capmkt:DetailsOfCostOfSubscriptionOrThePriceAtWhichTheSharesAreSubscribed><in-capmkt:PercentageOfShareholdingOrControl contextRef="OneI" unitRef="pure" decimals="INF">0.51</in-capmkt:PercentageOfShareholdingOrControl><in-capmkt:DateOfIncorporation contextRef="OneI">2026-09-17</in-capmkt:DateOfIncorporation><in-capmkt:CountryInWhichTheEntityIsIncorporated contextRef="OneI">India</in-capmkt:CountryInWhichTheEntityIsIncorporated><in-capmkt:AnyOtherBriefSignificantInformationForIncorporationEvent contextRef="OneI">No</in-capmkt:AnyOtherBriefSignificantInformationForIncorporationEvent></xbrli:xbrl>
