<?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">544491</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-06-23</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="OneD"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/ScripCode">544491</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-06-23</xbrli:startDate><xbrli:endDate>2026-06-23</xbrli:endDate></xbrli:period></xbrli:context><xbrli:unit id="pure"><xbrli:measure>xbrli:pure</xbrli:measure></xbrli:unit><in-capmkt:ScripCode contextRef="OneI">544491</in-capmkt:ScripCode><in-capmkt:NameOfTheCompany contextRef="OneI">Gem Aromatics Limited</in-capmkt:NameOfTheCompany><in-capmkt:NSESymbol contextRef="OneI">GEMAROMA</in-capmkt:NSESymbol><in-capmkt:MSEISymbol contextRef="OneI">NOTLISTED</in-capmkt:MSEISymbol><in-capmkt:ISIN contextRef="OneI">INE06XZ01023</in-capmkt:ISIN><in-capmkt:TypeOfAnnouncementPertainingToRegulation30Restructuring contextRef="OneD">New</in-capmkt:TypeOfAnnouncementPertainingToRegulation30Restructuring><in-capmkt:TypeOfEventOfAnnouncementPertainingToRegulation30Restructuring contextRef="OneD">Acquisition of “to be incorporated companies”</in-capmkt:TypeOfEventOfAnnouncementPertainingToRegulation30Restructuring><in-capmkt:WhetherEventOrInformationDisclosedIsAnOutcomeOfBoardMeeting contextRef="OneD">true</in-capmkt:WhetherEventOrInformationDisclosedIsAnOutcomeOfBoardMeeting><in-capmkt:DateOfBoardMeeting contextRef="OneI">2026-06-23</in-capmkt:DateOfBoardMeeting><in-capmkt:EndTimeOfBoardMeeting contextRef="OneD">15:35:00</in-capmkt:EndTimeOfBoardMeeting><in-capmkt:DateOfReport contextRef="OneI">2026-06-23</in-capmkt:DateOfReport><in-capmkt:NameOfHoldingCompany contextRef="OneI">Gem Aromatics Limited</in-capmkt:NameOfHoldingCompany><in-capmkt:RelationshipOfHoldingCompanyWithTheListedEntity contextRef="OneD">Listed Entity (self)</in-capmkt:RelationshipOfHoldingCompanyWithTheListedEntity><in-capmkt:NameOfTheIncorporatedEntity contextRef="OneI">Not yet finalized</in-capmkt:NameOfTheIncorporatedEntity><in-capmkt:IndustryToWhichTheEntityBeingIncorporatedBelongs contextRef="OneI">Chemical industry</in-capmkt:IndustryToWhichTheEntityBeingIncorporatedBelongs><in-capmkt:BriefBackgroundAboutTheEntityIncorporatedInTermsOfProductsOrLineOfBusiness contextRef="OneI">The proposed entity will be engaged in the business of distribution of Essential oils, Aromatic chemicals and Specialty chemicals for Gem Aromatics Limited and its material Wholly Owned Subsidiary Krystal Ingredients Private Limited.</in-capmkt:BriefBackgroundAboutTheEntityIncorporatedInTermsOfProductsOrLineOfBusiness><in-capmkt:WhetherAnyGovernmentalOrRegulatoryApprovalsRequiredForTheIncorporation contextRef="OneD">Yes</in-capmkt:WhetherAnyGovernmentalOrRegulatoryApprovalsRequiredForTheIncorporation><in-capmkt:ProvideBriefDetailsOfAnyGovernmentalOrRegulatoryApprovalsForTheIncorporation contextRef="OneI">Incorporation of the Foreign Wholly Owned Subsidiary will be as per the applicable provisions of the Foreign Exchange Management Act &amp; Regulations made thereunder, Reserve Bank of India Regulations / Guidelines, other such authorities in or outside India and subject to the necessary regulatory approvals/licences as may be required from the appropriate Authority(ies) in Brazil.</in-capmkt:ProvideBriefDetailsOfAnyGovernmentalOrRegulatoryApprovalsForTheIncorporation><in-capmkt:NatureOfConsiderationForIncorporation contextRef="OneD">Others</in-capmkt:NatureOfConsiderationForIncorporation><in-capmkt:DetailsOfConsiderationForIncorporation contextRef="OneI">The entity is proposed to be incorporated with an equity investment of up to ₹2,00,00,000 (Rupees Two Crore Only) through Overseas Direct Investment (ODI), along with a Standby Letter of Credit (SBLC) of up to ₹15,00,00,000 (Rupees Fifteen Crore Only), to be infused in one or more tranches, in accordance with applicable local laws, regulations, and statutory requirements.</in-capmkt:DetailsOfConsiderationForIncorporation><in-capmkt:CostOfSubscriptionOrThePriceAtWhichTheSharesAreSubscribed contextRef="OneD">Cost/Price</in-capmkt:CostOfSubscriptionOrThePriceAtWhichTheSharesAreSubscribed><in-capmkt:DetailsOfCostOfSubscriptionOrThePriceAtWhichTheSharesAreSubscribed contextRef="OneI">Necessary update will be given once the proposed company is incorporated.</in-capmkt:DetailsOfCostOfSubscriptionOrThePriceAtWhichTheSharesAreSubscribed><in-capmkt:PercentageOfShareholdingOrControl contextRef="OneI" unitRef="pure" decimals="INF">1</in-capmkt:PercentageOfShareholdingOrControl><in-capmkt:DateOfIncorporation contextRef="OneI">2026-06-23</in-capmkt:DateOfIncorporation><in-capmkt:CountryInWhichTheEntityIsIncorporated contextRef="OneI">Brazil</in-capmkt:CountryInWhichTheEntityIsIncorporated><in-capmkt:AnyOtherBriefSignificantInformationForIncorporationEvent contextRef="OneI">The final date of incorporation will be determined upon completion of the incorporation process.</in-capmkt:AnyOtherBriefSignificantInformationForIncorporationEvent></xbrli:xbrl>
