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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">500411</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-08-03</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="OneD"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/ScripCode">500411</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-08-03</xbrli:startDate><xbrli:endDate>2026-08-03</xbrli:endDate></xbrli:period></xbrli:context><xbrli:context id="D_DemergedEntity1"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/ScripCode">500411</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-08-03</xbrli:startDate><xbrli:endDate>2026-08-03</xbrli:endDate></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:DemergedEntityAxis"><in-capmkt:DemergedEntityDomain>DemergedEntityDomain1</in-capmkt:DemergedEntityDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:context id="I_DemergedEntity1"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/ScripCode">500411</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-08-03</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:DemergedEntityAxis"><in-capmkt:DemergedEntityDomain>DemergedEntityDomain1</in-capmkt:DemergedEntityDomain></xbrldi:typedMember></xbrli:scenario></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><xbrli:unit id="shares"><xbrli:measure>xbrli:shares</xbrli:measure></xbrli:unit><in-capmkt:ScripCode contextRef="OneI">500411</in-capmkt:ScripCode><in-capmkt:NameOfTheCompany contextRef="OneI">THERMAX LIMITED</in-capmkt:NameOfTheCompany><in-capmkt:NSESymbol contextRef="OneI">THERMAX</in-capmkt:NSESymbol><in-capmkt:MSEISymbol contextRef="OneI">NOTLISTED</in-capmkt:MSEISymbol><in-capmkt:ISIN contextRef="OneI">INE152A01029</in-capmkt:ISIN><in-capmkt:TypeOfAnnouncementPertainingToRegulation30Restructuring contextRef="OneD">New</in-capmkt:TypeOfAnnouncementPertainingToRegulation30Restructuring><in-capmkt:TypeOfEventOfAnnouncementPertainingToRegulation30Restructuring contextRef="OneD">De-merger</in-capmkt:TypeOfEventOfAnnouncementPertainingToRegulation30Restructuring><in-capmkt:WhetherEventOrInformationDisclosedIsAnOutcomeOfBoardMeeting contextRef="OneD">true</in-capmkt:WhetherEventOrInformationDisclosedIsAnOutcomeOfBoardMeeting><in-capmkt:DateOfBoardMeeting contextRef="OneI">2026-07-30</in-capmkt:DateOfBoardMeeting><in-capmkt:EndTimeOfBoardMeeting contextRef="OneD">15:40:00</in-capmkt:EndTimeOfBoardMeeting><in-capmkt:DateOfReport contextRef="OneI">2026-08-03</in-capmkt:DateOfReport><in-capmkt:BriefDetailsOfTheDivisionsToBeDemerged contextRef="OneI">Demerged Company:

Thermax Bioenergy Solutions Private Limited was incorporated as a public limited company under the Companies Act, 2013 on August 12, 2022 in the state of Maharashtra. The CIN of the Demerged Company as on date is U40107PN2022PTC213848. The Demerged Company is a wholly-owned subsidiary of the resulting Company.

Resulting Company:

Thermax Limited was originally incorporated as a public limited company under the erstwhile Companies Act, 1956, on June 30, 1980 in the State of Maharashtra. The CIN of the Transferee Company as on date is L29299PN1980PLC022787. Thermax is a listed company having its equity shares listed on BSE Limited and National Stock Exchange of India Limited.

The Scheme of Arrangement and Amalgamation provides for demerger of EPC business undertaking of the Demerged Company which is involved in business of Technology, Engineering, Procurement and Construction scope for Bio-Compressed Natural Gas (Bio CNG) projects.</in-capmkt:BriefDetailsOfTheDivisionsToBeDemerged><in-capmkt:NameOfDemergedEntityOrDivision contextRef="I_DemergedEntity1">Thermax Bioenergy Solutions Private Limited</in-capmkt:NameOfDemergedEntityOrDivision><in-capmkt:TypeOfDemergedEntityOrDivision contextRef="D_DemergedEntity1">Demerged</in-capmkt:TypeOfDemergedEntityOrDivision><in-capmkt:RelationshipOfDemergedEntityOrDivisionWithListedEntities contextRef="D_DemergedEntity1">Subsidiary</in-capmkt:RelationshipOfDemergedEntityOrDivisionWithListedEntities><in-capmkt:TurnoverOfTheDemergedDivision contextRef="D_DemergedEntity1" unitRef="INR" decimals="-5">2393500000</in-capmkt:TurnoverOfTheDemergedDivision><in-capmkt:PercentageToTheTotalTurnoverOfTheListedEntityInTheImmediatelyPrecedingFinancialYear contextRef="I_DemergedEntity1" unitRef="pure" decimals="INF">0.0367</in-capmkt:PercentageToTheTotalTurnoverOfTheListedEntityInTheImmediatelyPrecedingFinancialYear><in-capmkt:NumberOfSharesUnderPromoterAndPromoterGroupCategoryPreEvent contextRef="I_DemergedEntity1" unitRef="shares" decimals="INF">38000000</in-capmkt:NumberOfSharesUnderPromoterAndPromoterGroupCategoryPreEvent><in-capmkt:PercentageOfSharesUnderPromoterAndPromoterGroupCategoryPreEvent contextRef="I_DemergedEntity1" unitRef="pure" decimals="INF">1</in-capmkt:PercentageOfSharesUnderPromoterAndPromoterGroupCategoryPreEvent><in-capmkt:NumberOfSharesUnderPublicCategoryPreEvent contextRef="I_DemergedEntity1" unitRef="shares" decimals="INF">0</in-capmkt:NumberOfSharesUnderPublicCategoryPreEvent><in-capmkt:PercentageOfSharesUnderPublicCategoryPreEvent contextRef="I_DemergedEntity1" unitRef="pure" decimals="INF">0</in-capmkt:PercentageOfSharesUnderPublicCategoryPreEvent><in-capmkt:NumberOfSharesUnderOtherCategoryPreEvent contextRef="I_DemergedEntity1" unitRef="shares" decimals="INF">0</in-capmkt:NumberOfSharesUnderOtherCategoryPreEvent><in-capmkt:PercentageOfSharesUnderOtherCategoryPreEvent contextRef="I_DemergedEntity1" unitRef="pure" decimals="INF">0</in-capmkt:PercentageOfSharesUnderOtherCategoryPreEvent><in-capmkt:TotalNumberOfSharesPreEvent contextRef="I_DemergedEntity1" unitRef="shares" decimals="INF">38000000</in-capmkt:TotalNumberOfSharesPreEvent><in-capmkt:TotalPercentageOfSharesPreEvent contextRef="I_DemergedEntity1" unitRef="pure" decimals="INF">1</in-capmkt:TotalPercentageOfSharesPreEvent><in-capmkt:NumberOfSharesUnderPromoterAndPromoterGroupCategoryPostEvent contextRef="I_DemergedEntity1" unitRef="shares" decimals="INF">38000000</in-capmkt:NumberOfSharesUnderPromoterAndPromoterGroupCategoryPostEvent><in-capmkt:PercentageOfSharesUnderPromoterAndPromoterGroupCategoryPostEvent contextRef="I_DemergedEntity1" unitRef="pure" decimals="INF">1</in-capmkt:PercentageOfSharesUnderPromoterAndPromoterGroupCategoryPostEvent><in-capmkt:NumberOfSharesUnderPublicCategoryPostEvent contextRef="I_DemergedEntity1" unitRef="shares" decimals="INF">0</in-capmkt:NumberOfSharesUnderPublicCategoryPostEvent><in-capmkt:PercentageOfSharesUnderPublicCategoryPostEvent contextRef="I_DemergedEntity1" unitRef="pure" decimals="INF">0</in-capmkt:PercentageOfSharesUnderPublicCategoryPostEvent><in-capmkt:NumberOfSharesUnderOtherCategoryPostEvent contextRef="I_DemergedEntity1" unitRef="shares" decimals="INF">0</in-capmkt:NumberOfSharesUnderOtherCategoryPostEvent><in-capmkt:PercentageOfSharesUnderOtherCategoryPostEvent contextRef="I_DemergedEntity1" unitRef="pure" decimals="INF">0</in-capmkt:PercentageOfSharesUnderOtherCategoryPostEvent><in-capmkt:TotalNumberOfSharesPostEvent contextRef="I_DemergedEntity1" unitRef="shares" decimals="INF">38000000</in-capmkt:TotalNumberOfSharesPostEvent><in-capmkt:TotalPercentageOfSharesPostEvent contextRef="I_DemergedEntity1" unitRef="pure" decimals="INF">1</in-capmkt:TotalPercentageOfSharesPostEvent><in-capmkt:NatureOfConsiderationForDemerger contextRef="OneD">Others</in-capmkt:NatureOfConsiderationForDemerger><in-capmkt:DetailsOfConsiderationForDemerger contextRef="OneI">NA</in-capmkt:DetailsOfConsiderationForDemerger><in-capmkt:RationaleForDemerger contextRef="OneI">The demerged undertaking business is in line with the business of the Company and thus the management has decided to consolidate the similar businesses by demerging the EPC segment into the Company.

The management of Demerged Company believes that the demerger of EPC will help them focus on the remaining segment O&amp;M, wherein they can undertake various operation and maintenance services for projects.

The main objective of the proposed restructuring, by way of a scheme, is to re-organize and segregate the different business verticals and focus on core businesses, in compliance with relevant regulations. In this manner, the two entities can each pursue growth opportunities that are more aligned with their own industry dynamics, leading to improved operational efficiencies and profitability.</in-capmkt:RationaleForDemerger><in-capmkt:BriefDetailsOfChangeInShareholdingPatternOfAllEntitiesForDemerger contextRef="OneI">There will be no change in the shareholding pattern of the Company pursuant to the Scheme, as no shares are being issued by the Transferee Company in connection with the Scheme.</in-capmkt:BriefDetailsOfChangeInShareholdingPatternOfAllEntitiesForDemerger><in-capmkt:WhetherListingWouldBeSoughtForTheResultingEntity contextRef="OneD">false</in-capmkt:WhetherListingWouldBeSoughtForTheResultingEntity><in-capmkt:AnyOtherBriefSignificantInformationForDemerger contextRef="OneI">NA</in-capmkt:AnyOtherBriefSignificantInformationForDemerger></xbrli:xbrl>