<?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">532612</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-05-01</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="OneD"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/ScripCode">532612</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-05-01</xbrli:startDate><xbrli:endDate>2026-05-01</xbrli:endDate></xbrli:period></xbrli:context><xbrli:context id="D_UnitOrDivisionOrSubsidiary1"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/ScripCode">532612</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-05-01</xbrli:startDate><xbrli:endDate>2026-05-01</xbrli:endDate></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:SaleOrDisposalUnitOrDivisionOrSubsidiaryAxis"><in-capmkt:UnitOrDivisionOrSubsidiaryDomain>UnitOrDivisionOrSubsidiaryDomain1</in-capmkt:UnitOrDivisionOrSubsidiaryDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:context id="I_UnitOrDivisionOrSubsidiary1"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/ScripCode">532612</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-05-01</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:SaleOrDisposalUnitOrDivisionOrSubsidiaryAxis"><in-capmkt:UnitOrDivisionOrSubsidiaryDomain>UnitOrDivisionOrSubsidiaryDomain1</in-capmkt:UnitOrDivisionOrSubsidiaryDomain></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><in-capmkt:ScripCode contextRef="OneI">532612</in-capmkt:ScripCode><in-capmkt:NameOfTheCompany contextRef="OneI">Indoco Remedies Limited</in-capmkt:NameOfTheCompany><in-capmkt:NSESymbol contextRef="OneI">INDOCO</in-capmkt:NSESymbol><in-capmkt:MSEISymbol contextRef="OneI">NOTLISTED</in-capmkt:MSEISymbol><in-capmkt:ISIN contextRef="OneI">INE873D01024</in-capmkt:ISIN><in-capmkt:TypeOfAnnouncementPertainingToRegulation30Restructuring contextRef="OneD">New</in-capmkt:TypeOfAnnouncementPertainingToRegulation30Restructuring><in-capmkt:TypeOfEventOfAnnouncementPertainingToRegulation30Restructuring contextRef="OneD">Sale or disposal of unit(s)/division(s)/subsidiary</in-capmkt:TypeOfEventOfAnnouncementPertainingToRegulation30Restructuring><in-capmkt:WhetherEventOrInformationDisclosedIsAnOutcomeOfBoardMeeting contextRef="OneD">true</in-capmkt:WhetherEventOrInformationDisclosedIsAnOutcomeOfBoardMeeting><in-capmkt:DateOfBoardMeeting contextRef="OneI">2026-04-30</in-capmkt:DateOfBoardMeeting><in-capmkt:EndTimeOfBoardMeeting contextRef="OneD">18:30:00</in-capmkt:EndTimeOfBoardMeeting><in-capmkt:DateOfReport contextRef="OneI">2026-05-01</in-capmkt:DateOfReport><in-capmkt:RemarksForWebsiteDissemination contextRef="OneI">The amount of Networth of the Opthalmic Division is mentioned as Rs. 110 Crores, which is infact the consideration for sale of the Ophthalmic Division, subject to adjustments in accordance with the terms of the Agreement to Transfer Business (ATB). &lt;BR&gt; 
 &lt;BR&gt; 
The calculation of Networth computation for the  Opthalmic Division of the Company is not computed. &lt;BR&gt; 
 &lt;BR&gt; 
Assuming the Networth for the  Opthalmic Division of the Company is Rs. 110 Crores, the Percentage of NetWorth against the total Networth of the Company as on March 31, 2025 would be 10.02%.</in-capmkt:RemarksForWebsiteDissemination><in-capmkt:DetailsOfSaleOrDisposalUnitOrDivisionOrSubsidiaryOfTheListedEntity contextRef="I_UnitOrDivisionOrSubsidiary1">Indoco Remedies Limited</in-capmkt:DetailsOfSaleOrDisposalUnitOrDivisionOrSubsidiaryOfTheListedEntity><in-capmkt:TypeOfUnitOrDivisionOrSubsidiaryOfTheListedEntity contextRef="D_UnitOrDivisionOrSubsidiary1">Division</in-capmkt:TypeOfUnitOrDivisionOrSubsidiaryOfTheListedEntity><in-capmkt:NameOfUnitOrDivisionOrSubsidiaryOfTheListedEntity contextRef="I_UnitOrDivisionOrSubsidiary1">Ophthalmic Division</in-capmkt:NameOfUnitOrDivisionOrSubsidiaryOfTheListedEntity><in-capmkt:PreviousYearRevenueOfUnitOrDivisionOrSubsidiaryOfTheListedEntity contextRef="D_UnitOrDivisionOrSubsidiary1" unitRef="INR" decimals="-5">475900000</in-capmkt:PreviousYearRevenueOfUnitOrDivisionOrSubsidiaryOfTheListedEntity><in-capmkt:PreviousYearPercentageOfRevenueOfUnitOrDivisionOrSubsidiaryOfTheListedEntity contextRef="D_UnitOrDivisionOrSubsidiary1" unitRef="pure" decimals="INF">0.032</in-capmkt:PreviousYearPercentageOfRevenueOfUnitOrDivisionOrSubsidiaryOfTheListedEntity><in-capmkt:PreviousYearNetWorthOfUnitOrDivisionOrSubsidiaryOfTheListedEntity contextRef="D_UnitOrDivisionOrSubsidiary1" unitRef="INR" decimals="-7">1100000000</in-capmkt:PreviousYearNetWorthOfUnitOrDivisionOrSubsidiaryOfTheListedEntity><in-capmkt:PreviousYearPercentageOfNetWorthOfUnitOrDivisionOrSubsidiaryOfTheListedEntity contextRef="D_UnitOrDivisionOrSubsidiary1" unitRef="pure" decimals="INF">0.1002</in-capmkt:PreviousYearPercentageOfNetWorthOfUnitOrDivisionOrSubsidiaryOfTheListedEntity><in-capmkt:DateOnWhichTheAgreementForSaleHasBeenEnteredInto contextRef="OneI">2026-04-30</in-capmkt:DateOnWhichTheAgreementForSaleHasBeenEnteredInto><in-capmkt:TheExpectedDateOfCompletionOfSaleOrDisposal contextRef="OneI">2026-07-31</in-capmkt:TheExpectedDateOfCompletionOfSaleOrDisposal><in-capmkt:NatureOfConsiderationForSaleOrDisposal contextRef="OneD">Cash</in-capmkt:NatureOfConsiderationForSaleOrDisposal><in-capmkt:DetailsOfConsiderationForSaleOrDisposal contextRef="OneI">The consideration for sale of the Ophthalmic Division in the Territory is Rs. 110 Crores (Indian Rupees One Hundred and Ten Crores), subject to adjustments in accordance with the terms of the Agreement to Transfer Business.</in-capmkt:DetailsOfConsiderationForSaleOrDisposal><in-capmkt:BriefDetailsOfBuyers contextRef="OneI">The buyer is Sunways (India) Private Limited ("Sunways/Buyer"), a private limited company bearing corporate identification number U85195MH1990PTC057447, duly incorporated and organised under the laws of India, having its registered office address at Jay Prakash Rd No 2, Goregaon, Mumbai, Maharashtra, India 400063.
The revenue from operations as per the audited financial statements of Buyer for FY 2024-2025 (i) on a standalone basis is Rs. 137.42 Crores; and (ii) on a consolidated basis is Rs. 135.59 Crores.
</in-capmkt:BriefDetailsOfBuyers><in-capmkt:WhetherThePromoterOrPromoterGroupOrGroupCompaniesIncludingAssociateOrHoldingOrSubsidiaryOrDirectorOrKMPOrSMPAndItsRelativesHaveAnyInterestInTheEntityBeingSaleOrDisposed contextRef="OneD">false</in-capmkt:WhetherThePromoterOrPromoterGroupOrGroupCompaniesIncludingAssociateOrHoldingOrSubsidiaryOrDirectorOrKMPOrSMPAndItsRelativesHaveAnyInterestInTheEntityBeingSaleOrDisposed><in-capmkt:WhetherSaleOrDisposalWouldFallWithinRelatedPartyTransactions contextRef="OneD">false</in-capmkt:WhetherSaleOrDisposalWouldFallWithinRelatedPartyTransactions><in-capmkt:WhetherSaleOrDisposalEventIsDoneAtArmsLength contextRef="OneD">true</in-capmkt:WhetherSaleOrDisposalEventIsDoneAtArmsLength><in-capmkt:WhetherTheSaleOrLeaseOrDisposalOfTheUndertakingIsOutsideSchemeOfArrangement contextRef="OneD">true</in-capmkt:WhetherTheSaleOrLeaseOrDisposalOfTheUndertakingIsOutsideSchemeOfArrangement><in-capmkt:DetailsOfTheSaleOrLeaseOrDisposalOfTheUndertakingIsOutsideSchemeOfArrangement contextRef="OneI">The proposed slump sale Transaction is not being undertaken through a Scheme of Arrangement.</in-capmkt:DetailsOfTheSaleOrLeaseOrDisposalOfTheUndertakingIsOutsideSchemeOfArrangement><in-capmkt:WhetherTheComplianceWithRegulation37AOfLODR contextRef="OneD">false</in-capmkt:WhetherTheComplianceWithRegulation37AOfLODR><in-capmkt:DetailsOfNonComplianceWithRegulation37AOfLODR contextRef="OneD">The sale of the Ophthalmic Division does not attract the terms of Regulation 37A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as it does not constitute an undertaking or substantially the whole of the undertaking of the Company under section 180 (1)(a) of the Companies Act,
2013.
</in-capmkt:DetailsOfNonComplianceWithRegulation37AOfLODR><in-capmkt:AnyOtherBriefSignificantInformationForSaleOrDisposal contextRef="OneI">Additional Disclosures in case of a Slump Sale:        Details of Seller:- The Seller is a public limited company incorporated under laws of India bearing Corporate Identification Number: L85190MH1947PLC005913, and having its registered office at Indoco House, 166 C.S.T. Road, Vidyanagari Marg, Kalina, Santacruz East, Mumbai-400098, India. The equity shares of the Company are listed on BSE Ltd. and the National Stock Exchange of India Ltd. The Company is a fully integrated, research-oriented pharma company engaged in the manufacturing and marketing of Formulations (Finished Dosage Forms) and Active Pharmaceutical Ingredients (APIs). The turnover i.e. total revenue from continuing operations of the Company as per the audited financial statements of the Company for FY 2024-2025 (i) on a standalone basis is Rs. 1,494.78 Crores; and (ii) on a consolidated basis is Rs. 1,641.29 Crores.  Rationale for slump sale:-The Company intends to focus on core therapeutic areas and the Ophthalmic Division for the Territory being non-core therapeutic area represent around 3.2% contribution to the Company's Standalone total revenue from continuing operations for the financial year ended 31st March, 2025.                     Brief details of change in shareholding pattern (if any) of listed entity:-There will be no change in the shareholding pattern of the Company pursuant to the Transaction.</in-capmkt:AnyOtherBriefSignificantInformationForSaleOrDisposal></xbrli:xbrl>
