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<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">524164</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-09-17</xbrli:instant></xbrli:period></xbrli:context><in-capmkt:NSESymbol contextRef="MainI">IOLCP</in-capmkt:NSESymbol><in-capmkt:NameOfTheCompany contextRef="MainI">IOL Chemicals and Pharmaceuticals Limited</in-capmkt:NameOfTheCompany><in-capmkt:ScripCode contextRef="MainI">524164</in-capmkt:ScripCode><in-capmkt:MSEISymbol contextRef="MainI">NOTLISTED</in-capmkt:MSEISymbol><in-capmkt:ISIN contextRef="MainI">INE485C01029</in-capmkt:ISIN><in-capmkt:TypeOfAnnouncement contextRef="MainI">New</in-capmkt:TypeOfAnnouncement><in-capmkt:PurposeOfDisclosure contextRef="MainI">Transcripts - earnings or quarterly calls</in-capmkt:PurposeOfDisclosure><in-capmkt:DateOfReport contextRef="MainI">2026-09-17</in-capmkt:DateOfReport><in-capmkt:DateOfCallForTranscriptsOfEarningsOrQuarterlyCalls contextRef="MainI">2026-09-11</in-capmkt:DateOfCallForTranscriptsOfEarningsOrQuarterlyCalls><in-capmkt:TimeOfConclusionOfCallForTranscriptsOfEarningsOrQuarterlyCalls contextRef="MainI">15:44:00</in-capmkt:TimeOfConclusionOfCallForTranscriptsOfEarningsOrQuarterlyCalls><in-capmkt:DateOfDisclosureOfPriorIntimationOfEarningsOrQuarterlyCallsToTheExchange contextRef="MainI">2026-09-10</in-capmkt:DateOfDisclosureOfPriorIntimationOfEarningsOrQuarterlyCallsToTheExchange><in-capmkt:DateOfTranscriptsUploadedOnWebsiteOfTheCompany contextRef="MainI">2026-09-17</in-capmkt:DateOfTranscriptsUploadedOnWebsiteOfTheCompany><in-capmkt:TimeOfTranscriptsUploadedOnWebsiteOfTheCompany contextRef="MainI">17:20:00</in-capmkt:TimeOfTranscriptsUploadedOnWebsiteOfTheCompany><in-capmkt:WeblinkOfTranscripts contextRef="MainI">https://www.iolcp.com/uploads/IntimationN_17-09-2026_1.pdf</in-capmkt:WeblinkOfTranscripts><in-capmkt:AnyOtherDisclosureWithRespectToComplianceOfAnySEBIActOrRegulationOrCircularOrProvisionForTranscripts contextRef="MainI">The aforesaid Investor/Analyst Call was scheduled at shorter notice in view of the urgent nature of the business update. Accordingly, pursuant to Clause 19.1 of the Industry Standards Note on Regulation 30 of the SEBI Listing Regulations, issued pursuant to the SEBI Circular dated 25th February 2025, the requirement of providing two working days’ advance notice is not applicable to the present call and accordingly, the same may be dispensed with.</in-capmkt:AnyOtherDisclosureWithRespectToComplianceOfAnySEBIActOrRegulationOrCircularOrProvisionForTranscripts></xbrli:xbrl>