<?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">523642</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-10-19</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="OneD"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/ScripCode">523642</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-10-19</xbrli:startDate><xbrli:endDate>2026-10-19</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">523642</in-capmkt:ScripCode><in-capmkt:NameOfTheCompany contextRef="OneI">PI INDUSTRIES LIMITED</in-capmkt:NameOfTheCompany><in-capmkt:NSESymbol contextRef="OneI">PIIND</in-capmkt:NSESymbol><in-capmkt:MSEISymbol contextRef="OneI">NOTLISTED</in-capmkt:MSEISymbol><in-capmkt:ISIN contextRef="OneI">INE603J01030</in-capmkt:ISIN><in-capmkt:TypeOfAnnouncementPertainingToRegulation30Restructuring contextRef="OneD">Update</in-capmkt:TypeOfAnnouncementPertainingToRegulation30Restructuring><in-capmkt:WhetherEventOrInformationDisclosedIsAnOutcomeOfBoardMeeting contextRef="OneD">false</in-capmkt:WhetherEventOrInformationDisclosedIsAnOutcomeOfBoardMeeting><in-capmkt:DateOfOccurrenceOfEvent contextRef="OneI">2026-10-19</in-capmkt:DateOfOccurrenceOfEvent><in-capmkt:TimeOfOccurrenceOfEvent contextRef="OneD">12:50:00</in-capmkt:TimeOfOccurrenceOfEvent><in-capmkt:DateOfInitialAnnouncement contextRef="OneI">2026-08-11</in-capmkt:DateOfInitialAnnouncement><in-capmkt:DateOfLatestAnnouncement contextRef="OneI">2026-10-19</in-capmkt:DateOfLatestAnnouncement><in-capmkt:DateOfReport contextRef="OneI">2026-10-19</in-capmkt:DateOfReport><in-capmkt:UpdateForTheEvent contextRef="OneD">Acquisition of “to be incorporated companies”</in-capmkt:UpdateForTheEvent><in-capmkt:BriefDetailsOfInitialAnnouncement contextRef="OneI">Intimation dated August 11, 2026, under Regulation 30 of SEBI Listing Regulations, wherein the Company had informed that the Board of Directors of the Company at its meeting held on August 11, 2026, has approved the incorporation of a Wholly Owned Subsidiary (direct or indirect) under section 8 of the Act in the name and style of “PI Foundation”.</in-capmkt:BriefDetailsOfInitialAnnouncement><in-capmkt:ReasonForUpdate contextRef="OneD">Transaction Completed</in-capmkt:ReasonForUpdate><in-capmkt:AmountOfTransactionCompleted contextRef="OneD" unitRef="INR" decimals="-5">100000</in-capmkt:AmountOfTransactionCompleted><in-capmkt:DateOfTransactionCompleted contextRef="OneI">2026-10-19</in-capmkt:DateOfTransactionCompleted><in-capmkt:PercentageOfTransactionCompleted contextRef="OneI" unitRef="pure" decimals="INF">1</in-capmkt:PercentageOfTransactionCompleted><in-capmkt:AnyOtherBriefSignificantInformationForAnnouncementUpdate contextRef="OneI">The Company is pleased to inform that:

PI Foundation has been incorporated as a Wholly Owned Subsidiary of the Company on October 19, 2026, having its registered office in Udaipur, Rajasthan. The Certificate of Incorporation has been issued by the Ministry of Corporate Affairs, Government of India, on October 19, 2026.</in-capmkt:AnyOtherBriefSignificantInformationForAnnouncementUpdate></xbrli:xbrl>