<?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">532638</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-05-20</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="OneD"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/ScripCode">532638</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-05-20</xbrli:startDate><xbrli:endDate>2026-05-20</xbrli:endDate></xbrli:period></xbrli:context><in-capmkt:ScripCode contextRef="OneI">532638</in-capmkt:ScripCode><in-capmkt:NameOfTheCompany contextRef="OneI">SHOPPERS STOP LIMITED</in-capmkt:NameOfTheCompany><in-capmkt:NSESymbol contextRef="OneI">SHOPERSTOP</in-capmkt:NSESymbol><in-capmkt:MSEISymbol contextRef="OneI">NOTLISTED</in-capmkt:MSEISymbol><in-capmkt:ISIN contextRef="OneI">INE498B01024</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">2026-05-20</in-capmkt:DateOfOccurrenceOfEvent><in-capmkt:TimeOfOccurrenceOfEvent contextRef="OneD">18:10:00</in-capmkt:TimeOfOccurrenceOfEvent><in-capmkt:DateOfInitialAnnouncement contextRef="OneI">2026-05-05</in-capmkt:DateOfInitialAnnouncement><in-capmkt:DateOfLatestAnnouncement contextRef="OneI">2026-05-05</in-capmkt:DateOfLatestAnnouncement><in-capmkt:DateOfReport contextRef="OneI">2026-05-20</in-capmkt:DateOfReport><in-capmkt:UpdateForTheEvent contextRef="OneD">Acquisition (including agreement to acquire)</in-capmkt:UpdateForTheEvent><in-capmkt:BriefDetailsOfInitialAnnouncement contextRef="OneI">Subscription to the issue of 2000 0.01 Non-Cumulative Optionally Convertible Preference Shares NOCPS of Rs. 1,00,000 Rupees One Lakh Only of GSSBL on Right basis</in-capmkt:BriefDetailsOfInitialAnnouncement><in-capmkt:ReasonForUpdate contextRef="OneD">Others</in-capmkt:ReasonForUpdate><in-capmkt:OtherUpdates contextRef="OneI">Update regarding investment in Global SS Beauty Brands Limited GSSBL, Wholly Owned Material Subsidiary of the Company Intimation under Regulation 30 of the Securities and Exchange Board of India Listing Obligations and Disclosure Requirements Regulations, 2015 Listing Regulations Subscription of 2000 0.01 Non-Cumulative Optionally Convertible Preference Shares NOCPS of Rs. 1,00,000 Rupees One Lakh Only of GSSBL.</in-capmkt:OtherUpdates><in-capmkt:AnyOtherBriefSignificantInformationForAnnouncementUpdate contextRef="OneI">The Company has today ie May 20, 2026 completed the investment in the first tranche of  Issue made by GSSBL, aggregating to Rs. 20 Crores in the preference share capital of GSSBL, by way of subscription to Rights Issue of 2000 NOCPS of Rs. 1,00,000 Rupees One Lakh Only. With the above subscription, the overall investment of the Company in the Preference Share Capital of GSSBL is enhanced to Rs. 125 Crores.</in-capmkt:AnyOtherBriefSignificantInformationForAnnouncementUpdate></xbrli:xbrl>
