<?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">500092</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-07-21</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="OneD"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/ScripCode">500092</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-07-21</xbrli:startDate><xbrli:endDate>2026-07-21</xbrli:endDate></xbrli:period></xbrli:context><in-capmkt:ScripCode contextRef="OneI">500092</in-capmkt:ScripCode><in-capmkt:NameOfTheCompany contextRef="OneI">Crisil Limited</in-capmkt:NameOfTheCompany><in-capmkt:NSESymbol contextRef="OneI">CRISIL</in-capmkt:NSESymbol><in-capmkt:MSEISymbol contextRef="OneI">NOTLISTED</in-capmkt:MSEISymbol><in-capmkt:ISIN contextRef="OneI">INE007A01025</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">2026-07-21</in-capmkt:DateOfOccurrenceOfEvent><in-capmkt:TimeOfOccurrenceOfEvent contextRef="OneD">10:30:00</in-capmkt:TimeOfOccurrenceOfEvent><in-capmkt:DateOfInitialAnnouncement contextRef="OneI">2025-07-22</in-capmkt:DateOfInitialAnnouncement><in-capmkt:DateOfLatestAnnouncement contextRef="OneI">2026-07-21</in-capmkt:DateOfLatestAnnouncement><in-capmkt:DateOfReport contextRef="OneI">2026-07-21</in-capmkt:DateOfReport><in-capmkt:UpdateForTheEvent contextRef="OneD">Other Restructuring</in-capmkt:UpdateForTheEvent><in-capmkt:BriefDetailsOfInitialAnnouncement contextRef="OneI">In order to streamline Crisil’s global entity structure, it is proposed to close Coalition Development Singapore Pte. Ltd.</in-capmkt:BriefDetailsOfInitialAnnouncement><in-capmkt:ReasonForUpdate contextRef="OneD">Transaction Delayed</in-capmkt:ReasonForUpdate><in-capmkt:InitialDateOfCompletion contextRef="OneI">2026-07-21</in-capmkt:InitialDateOfCompletion><in-capmkt:RevisedDate contextRef="OneI">2027-07-20</in-capmkt:RevisedDate><in-capmkt:ReasonForDelay contextRef="OneI">This is further to our disclosure dated July 22, 2025, regarding the proposed closure of Coalition Development Singapore Pte. Ltd. (“Coalition Singapore”), a wholly owned subsidiary of Crisil Limited.  The closure was originally expected to be completed within one year i.e. July 21, 2026, however, the same is yet to be completed as certain approvals of regulatory authorities in Singapore are still awaited. Coalition Singapore is no longer operational and does not have any ongoing business activities as on date.</in-capmkt:ReasonForDelay><in-capmkt:AnyOtherBriefSignificantInformationForAnnouncementUpdate contextRef="OneI">The closure of Coalition Singapore is now expected to be completed within the next 12 months i.e. by July 20, 2027, subject to receipt of necessary statutory approvals. The effective date of closure will be intimated on receipt of the necessary approvals in due course.</in-capmkt:AnyOtherBriefSignificantInformationForAnnouncementUpdate></xbrli:xbrl>
