<?xml version="1.0" encoding="UTF-8"?>
<!--SAIIM V1.0 (22-04-2026)-->
<xbrli:xbrl xmlns:in-capmkt="http://www.sebi.gov.in/xbrl/2026-03-31/in-capmkt" xmlns:in-capmkt-ent="http://www.sebi.gov.in/xbrl/Schedule_Of_Analysts_Or_Institutional_Investors_Meeting/2026-03-31/in-capmkt/in-capmkt-ent" xmlns:in-capmkt-roles="http://www.sebi.gov.in/xbrl/Schedule_Of_Analysts_Or_Institutional_Investors_Meeting/2026-03-31/in-capmkt-roles" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:nonnum="http://www.xbrl.org/dtr/type/non-numeric" xmlns:in-capmkt-types="http://www.sebi.gov.in/xbrl/2026-03-31/in-capmkt-types" 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-2026-03-31.xsd"/><xbrli:context id="MainI"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/ScripCode">532720</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-10-21</xbrli:instant></xbrli:period></xbrli:context><in-capmkt:NSESymbol contextRef="MainI">M&amp;MFIN</in-capmkt:NSESymbol><in-capmkt:NameOfTheCompany contextRef="MainI">Mahindra &amp; Mahindra Financial Services Limited</in-capmkt:NameOfTheCompany><in-capmkt:ScripCode contextRef="MainI">532720</in-capmkt:ScripCode><in-capmkt:MSEISymbol contextRef="MainI">NOTLISTED</in-capmkt:MSEISymbol><in-capmkt:ISIN contextRef="MainI">INE774D01024</in-capmkt:ISIN><in-capmkt:TypeOfAnnouncement contextRef="MainI">New</in-capmkt:TypeOfAnnouncement><in-capmkt:PurposeOfDisclosure contextRef="MainI">Audio Recording/Video Recording</in-capmkt:PurposeOfDisclosure><in-capmkt:DateOfReport contextRef="MainI">2026-10-21</in-capmkt:DateOfReport><in-capmkt:TypeOfAudioRecordingOrVideoRecording contextRef="MainI">Audio Recording</in-capmkt:TypeOfAudioRecordingOrVideoRecording><in-capmkt:DateOfCallForAudioRecording contextRef="MainI">2026-10-21</in-capmkt:DateOfCallForAudioRecording><in-capmkt:TimeOfConclusionOfCallForAudioRecording contextRef="MainI">19:43:00</in-capmkt:TimeOfConclusionOfCallForAudioRecording><in-capmkt:DateOfDisclosureOfPriorIntimationOfEarningsCallToTheExchangeForAudioRecording contextRef="MainI">2026-10-13</in-capmkt:DateOfDisclosureOfPriorIntimationOfEarningsCallToTheExchangeForAudioRecording><in-capmkt:DateOfAudioRecordingUploadedOnWebsiteOfCompany contextRef="MainI">2026-10-21</in-capmkt:DateOfAudioRecordingUploadedOnWebsiteOfCompany><in-capmkt:TimeOfAudioRecordingUploadedOnWebsiteOfCompany contextRef="MainI">21:12:00</in-capmkt:TimeOfAudioRecordingUploadedOnWebsiteOfCompany><in-capmkt:WeblinkOfAudioRecording contextRef="MainI">https://media.mahindrafinance.com/2026/10/Mahindra-Finance-Q2FY27-Audio-Concall.mp3?_gl=1*18lm65y*_gcl_au*MTU1NDIyMzk0OS4xNzkyNTk0MDky*_ga*MTE4Mjg5NTk4NC4xNzkyNTk0MDky*_ga_1D9L489JZ4*czE3OTI1OTQwOTIkbzEkZzEkdDE3OTI1OTg0OTMkajU3JGwwJGgw</in-capmkt:WeblinkOfAudioRecording></xbrli:xbrl>