<?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">500411</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-07-30</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>2026-07-30</xbrli:startDate><xbrli:endDate>2026-07-30</xbrli:endDate></xbrli:period></xbrli:context><xbrli:unit id="INR"><xbrli:measure>iso4217:INR</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">2026-07-30</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 12th August 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 Transferee Company.

Resulting Company/Transferee Company:

Thermax Limited was originally incorporated as a public limited company under the erstwhile Companies Act, 1956, on 30th June, 1980 in the State of Maharashtra. The CIN of the Resulting 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:NatureOfConsiderationForDemerger contextRef="OneD">Others</in-capmkt:NatureOfConsiderationForDemerger><in-capmkt:DetailsOfConsiderationForDemerger contextRef="OneI">The entire issued, subscribed and paid-up share capital of the Demerged Company is held by the resulting company along with its nominees. Hence, the Demerged Company is directly and beneficially owned by the resulting company along with its nominees. Accordingly, the Demerged Company is a direct wholly-owned subsidiary of the Transferee Company. Thus, upon the Scheme becoming effective, neither any consideration will be paid nor any shares shall be issued by the Transferee Company to the shareholders of the Demerged Company.</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>