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<!--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">503100</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-08-10</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="I_OutcomeOfAnalystsOrInstitutionalInvestorsMeeting1"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/ScripCode">503100</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-08-10</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:OutcomeOfAnalystsOrInstitutionalInvestorsMeetingAxis"><in-capmkt:OutcomeOfAnalystsOrInstitutionalInvestorsMeetingDomain>OutcomeOfAnalystsOrInstitutionalInvestorsMeetingDomain1</in-capmkt:OutcomeOfAnalystsOrInstitutionalInvestorsMeetingDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><in-capmkt:NSESymbol contextRef="MainI">PHOENIXLTD</in-capmkt:NSESymbol><in-capmkt:NameOfTheCompany contextRef="MainI">THE PHOENIX MILLS LIMITED</in-capmkt:NameOfTheCompany><in-capmkt:ScripCode contextRef="MainI">503100</in-capmkt:ScripCode><in-capmkt:MSEISymbol contextRef="MainI">NOTLISTED</in-capmkt:MSEISymbol><in-capmkt:ISIN contextRef="MainI">INE211B01039</in-capmkt:ISIN><in-capmkt:TypeOfAnnouncement contextRef="MainI">New</in-capmkt:TypeOfAnnouncement><in-capmkt:PurposeOfDisclosure contextRef="MainI">Schedule of Analysts or Institutional Investors Meet</in-capmkt:PurposeOfDisclosure><in-capmkt:StageOfMeetingOrCallOrConferenceOrEvent contextRef="MainI">Outcome</in-capmkt:StageOfMeetingOrCallOrConferenceOrEvent><in-capmkt:DateOfReport contextRef="MainI">2026-08-10</in-capmkt:DateOfReport><in-capmkt:TypeOfMeetingForWhichOutcomeIsProvided contextRef="I_OutcomeOfAnalystsOrInstitutionalInvestorsMeeting1">Institutional Investor Meet</in-capmkt:TypeOfMeetingForWhichOutcomeIsProvided><in-capmkt:WhetherPriorIntimationOrScheduleOfMeetingOrCallOrConferenceOrEventWasDisclosedForOutcome contextRef="I_OutcomeOfAnalystsOrInstitutionalInvestorsMeeting1">true</in-capmkt:WhetherPriorIntimationOrScheduleOfMeetingOrCallOrConferenceOrEventWasDisclosedForOutcome><in-capmkt:DateOfPriorIntimationOrScheduleOfMeetingOrCallOrConferenceOrEventWasDisclosedForOutcome contextRef="I_OutcomeOfAnalystsOrInstitutionalInvestorsMeeting1">2026-08-10</in-capmkt:DateOfPriorIntimationOrScheduleOfMeetingOrCallOrConferenceOrEventWasDisclosedForOutcome><in-capmkt:WhetherUnpublishedPriceSensitiveInformationSharedInMeetingOrCallOrConferenceOrEvent contextRef="I_OutcomeOfAnalystsOrInstitutionalInvestorsMeeting1">false</in-capmkt:WhetherUnpublishedPriceSensitiveInformationSharedInMeetingOrCallOrConferenceOrEvent><in-capmkt:WhetherOutcomeOfMeetingIncludesPresentation contextRef="I_OutcomeOfAnalystsOrInstitutionalInvestorsMeeting1">true</in-capmkt:WhetherOutcomeOfMeetingIncludesPresentation><in-capmkt:RemarksForWebsiteDisseminationForOutcomeOfMeeting contextRef="MainI">Please note that with respect to the presentation column we have mentioned "yes". We want to clarify that the said presentation pretains to Quarter Ended June 30, 2026 as intimated to Stock Exchanges was discussed in the conference.</in-capmkt:RemarksForWebsiteDisseminationForOutcomeOfMeeting></xbrli:xbrl>
