<?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">533271</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-06-13</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="OneD"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/ScripCode">533271</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-06-13</xbrli:startDate><xbrli:endDate>2026-06-13</xbrli:endDate></xbrli:period></xbrli:context><in-capmkt:ScripCode contextRef="OneI">533271</in-capmkt:ScripCode><in-capmkt:NameOfTheCompany contextRef="OneI">ASHOKA BUILDCON LIMITED</in-capmkt:NameOfTheCompany><in-capmkt:NSESymbol contextRef="OneI">ASHOKA</in-capmkt:NSESymbol><in-capmkt:MSEISymbol contextRef="OneI">NA</in-capmkt:MSEISymbol><in-capmkt:ISIN contextRef="OneI">INE442H01029</in-capmkt:ISIN><in-capmkt:TypeOfAnnouncementPertainingToRegulation30Restructuring contextRef="OneD">New</in-capmkt:TypeOfAnnouncementPertainingToRegulation30Restructuring><in-capmkt:TypeOfEventOfAnnouncementPertainingToRegulation30Restructuring contextRef="OneD">Other Restructuring</in-capmkt:TypeOfEventOfAnnouncementPertainingToRegulation30Restructuring><in-capmkt:WhetherEventOrInformationDisclosedIsAnOutcomeOfBoardMeeting contextRef="OneD">false</in-capmkt:WhetherEventOrInformationDisclosedIsAnOutcomeOfBoardMeeting><in-capmkt:DateOfOccurrenceOfEvent contextRef="OneI">2026-06-12</in-capmkt:DateOfOccurrenceOfEvent><in-capmkt:TimeOfOccurrenceOfEvent contextRef="OneD">15:00:00</in-capmkt:TimeOfOccurrenceOfEvent><in-capmkt:DateOfReport contextRef="OneI">2026-06-13</in-capmkt:DateOfReport><in-capmkt:DetailsAndReasonsForOtherRestructuring contextRef="OneI">The Company was holding 59% of the equity share capital of Ashoka Purestudy Technologies Private Limited ("APTPL"), making it a subsidiary of the Company. Pursuant to a preferential allotment of 29,879 equity shares of Rs.10/- each, fully paid, by APTPL to certain third-party investor who is not related party of the Company, the shareholding of the Company in APTPL has been diluted from 59% to 39.33%. Consequently, APTPL has ceased to be a subsidiary of the Company and has become an associate company with effect from June 12, 2026. 
The preferential allotment was undertaken by APTPL to raise growth capital for its business operations, expansion plans and general corporate purposes.
</in-capmkt:DetailsAndReasonsForOtherRestructuring><in-capmkt:QuantitativeEffectOfOtherRestructuring contextRef="OneI">Upon completion of the preferential allotment, the Company's shareholding in APTPL stands reduced from 59% to 39.33%. Accordingly, APTPL ceases to be a subsidiary and becomes an associate company. The financial statements of APTPL will no longer be consolidated as a subsidiary in accordance with applicable IND AS. The investment shall thereafter be accounted for as an investment in an associate company in accordance with applicable accounting and regulatory requirements. There is no impact on the share capital or shareholding pattern of the Company.</in-capmkt:QuantitativeEffectOfOtherRestructuring><in-capmkt:QualitativeEffectOfOtherRestructuring contextRef="OneI">Upon completion of the preferential allotment, the Company's shareholding in APTPL stands reduced from 59% to 39.33%. Accordingly, APTPL ceases to be a subsidiary and becomes an associate company. The financial statements of APTPL will no longer be consolidated as a subsidiary in accordance with applicable IND AS. The investment shall thereafter be accounted for as an investment in an associate company in accordance with applicable accounting and regulatory requirements. There is no impact on the share capital or shareholding pattern of the Company.</in-capmkt:QualitativeEffectOfOtherRestructuring><in-capmkt:WhetherThePromoterOrPromoterGroupOrGroupCompaniesIncludingAssociateOrHoldingOrSubsidiaryOrDirectorOrKMPOrSMPAndItsRelativesHaveAnyInterestInTheEntityBeingRestructuring contextRef="OneD">false</in-capmkt:WhetherThePromoterOrPromoterGroupOrGroupCompaniesIncludingAssociateOrHoldingOrSubsidiaryOrDirectorOrKMPOrSMPAndItsRelativesHaveAnyInterestInTheEntityBeingRestructuring><in-capmkt:BriefDetailsOfChangeInShareholdingPatternOfAllEntitiesForOtherRestructuring contextRef="OneI">APTPL: Shareholding of the Company has been diluted from 59% to 39.33% pursuant to the preferential allotment of 29,879 equity shares of Rs.10/- each, fully paid, to third-party investor. The shareholding of the new investor aggregates to 33.33% post allotment.   
Company: There is no change in the shareholding pattern of the Company pursuant to the aforesaid transaction.
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