<?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">500184</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-08-25</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="OneD"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/ScripCode">500184</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-08-25</xbrli:startDate><xbrli:endDate>2026-08-25</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">500184</in-capmkt:ScripCode><in-capmkt:NameOfTheCompany contextRef="OneI">Himadri Speciality Chemical Limited</in-capmkt:NameOfTheCompany><in-capmkt:NSESymbol contextRef="OneI">HSCL</in-capmkt:NSESymbol><in-capmkt:MSEISymbol contextRef="OneI">NOTLISTED</in-capmkt:MSEISymbol><in-capmkt:ISIN contextRef="OneI">INE019C01026</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">2026-08-25</in-capmkt:DateOfOccurrenceOfEvent><in-capmkt:TimeOfOccurrenceOfEvent contextRef="OneD">15:30:00</in-capmkt:TimeOfOccurrenceOfEvent><in-capmkt:DateOfInitialAnnouncement contextRef="OneI">2025-05-13</in-capmkt:DateOfInitialAnnouncement><in-capmkt:DateOfLatestAnnouncement contextRef="OneI">2026-05-19</in-capmkt:DateOfLatestAnnouncement><in-capmkt:DateOfReport contextRef="OneI">2026-08-25</in-capmkt:DateOfReport><in-capmkt:UpdateForTheEvent contextRef="OneD">Acquisition (including agreement to acquire)</in-capmkt:UpdateForTheEvent><in-capmkt:BriefDetailsOfInitialAnnouncement contextRef="OneI">This has reference to our earlier announcement dated 13 May 2025, wherein the Board of Directors (“Board”) of the Company approved further investment in Sicona Battery Technologies Pty Ltd (“Sicona”) through the subscription of Compulsorily Convertible Notes (“CCNs”) in agreed tranches.</in-capmkt:BriefDetailsOfInitialAnnouncement><in-capmkt:ReasonForUpdate contextRef="OneD">Transaction Completed</in-capmkt:ReasonForUpdate><in-capmkt:TransactionCompleted contextRef="OneI">We would like to inform you that the Company has already invested AUD 1,67,53,000 in cash towards the subscription of 1,67,53,000 CCNs of face value AUD 1.00 each.
This is to further inform you that an investment of amount AUD 16,94,000, pertaining to the last tranche has been remitted in the form of cash towards the subscription of 16,94,000 CCNs of face value AUD 1.00 each.
Consequently, the Company now cumulatively holds 1,84,47,000 CCNs in Sicona.
Since the aforesaid investment is being made in the form of CCNs, the Company has not acquired any additional voting rights/ control in Sicona at present. The CCN will be convertible into shares of Sicona as per agreed terms.
Further, the information as required under Regulation 30 read with Schedule III of the SEBI Listing Regulations read along with SEBI Master Circular no. SEBI/HO/CFD/PoD2/CIR/P/0155 dated
November 11, 2024 has already been provided to the Stock Exchange(s) vide our letter Ref. No HSCL
/ Stock-Ex/2025-26/26, dated 13/05/2025 and there is no change in the said disclosure except as
mentioned in this intimation.
</in-capmkt:TransactionCompleted><in-capmkt:AmountOfTransactionCompleted contextRef="OneD" unitRef="INR" decimals="-5">115600000</in-capmkt:AmountOfTransactionCompleted><in-capmkt:DateOfTransactionCompleted contextRef="OneI">2026-08-25</in-capmkt:DateOfTransactionCompleted><in-capmkt:PercentageOfTransactionCompleted contextRef="OneI" unitRef="pure" decimals="INF">1</in-capmkt:PercentageOfTransactionCompleted><in-capmkt:RemarksForWebsiteDisseminationForAnnouncementUpdate contextRef="OneI">Update on Investment in Sicona Battery Technologies Pty Ltd</in-capmkt:RemarksForWebsiteDisseminationForAnnouncementUpdate></xbrli:xbrl>