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<xbrli:xbrl xmlns:in-capmkt="https://www.sebi.gov.in/xbrl/2023-11-30/in-capmkt" xmlns:in-capmkt-ent="https://www.sebi.gov.in/xbrl/Announcement_For_OneTimeSettlement_And_RestructuringLoansOrBorrowings/2023-11-30/in-capmkt/in-capmkt-ent" xmlns:in-capmkt-roles="https://www.sebi.gov.in/xbrl/Announcement_For_OneTimeSettlement_And_RestructuringLoansOrBorrowings/2023-11-30/in-capmkt-roles" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:nonnum="http://www.xbrl.org/dtr/type/non-numeric" xmlns:in-capmkt-type="https://www.sebi.gov.in/xbrl/2023-11-30/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-2023-11-30.xsd"/><xbrli:context id="MainD"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/NSESymbol">SWASTIK</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-06-08</xbrli:startDate><xbrli:endDate>2026-06-08</xbrli:endDate></xbrli:period></xbrli:context><xbrli:context id="MainI"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/NSESymbol">SWASTIK</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-06-08</xbrli:instant></xbrli:period></xbrli:context><in-capmkt:NSESymbol contextRef="MainI">SWASTIK</in-capmkt:NSESymbol><in-capmkt:NameOfTheCompany contextRef="MainI">SWASTIK PIPE LIMITED</in-capmkt:NameOfTheCompany><in-capmkt:TypeOfAnnouncement contextRef="MainI">New</in-capmkt:TypeOfAnnouncement><in-capmkt:TypeRestructuringInRelationToLoansOrBorrowingsOrOneTimeSettlement contextRef="MainI">Restructuring in relation to loans/borrowings</in-capmkt:TypeRestructuringInRelationToLoansOrBorrowingsOrOneTimeSettlement><in-capmkt:DateOfOccurrenceOfEvent contextRef="MainI">2026-06-08</in-capmkt:DateOfOccurrenceOfEvent><in-capmkt:TimeOfOccurrenceOfEvent contextRef="MainI">16:05:00</in-capmkt:TimeOfOccurrenceOfEvent><in-capmkt:DateOfReport contextRef="MainI">2026-06-08</in-capmkt:DateOfReport><in-capmkt:WhetherRestructuringInRelationToLoansOrBorrowingsDisclosureFiledForListedCompany contextRef="MainD">true</in-capmkt:WhetherRestructuringInRelationToLoansOrBorrowingsDisclosureFiledForListedCompany><in-capmkt:DetailsOfRestructuringInRelationToLoansOrBorrowings contextRef="MainI">Holding on Operation in the Bank Account with SBI. An automatic appropriation/cutback at the rate  of 2.50% (Two Point Five Zero Percent) on all receipts/proceeds in the repayment of outstanding dues.
</in-capmkt:DetailsOfRestructuringInRelationToLoansOrBorrowings><in-capmkt:WhetherTheDisclosuresWasFiledWithExchangesAsPerCircularNumberSEBIHOCFDCMD1CIRP2019140ForRestructuringInRelationToLoansOrBorrowings contextRef="MainD">false</in-capmkt:WhetherTheDisclosuresWasFiledWithExchangesAsPerCircularNumberSEBIHOCFDCMD1CIRP2019140ForRestructuringInRelationToLoansOrBorrowings><in-capmkt:ReasonForTheDisclosuresWasNotFiledWithExchangesAsPerCircularNumberSEBIHOCFDCMD1CIRP2019140ForRestructuringInRelationToLoansOrBorrowings contextRef="MainI">Reconciliation of Loan Account was going on with State Bank of India and Consortium</in-capmkt:ReasonForTheDisclosuresWasNotFiledWithExchangesAsPerCircularNumberSEBIHOCFDCMD1CIRP2019140ForRestructuringInRelationToLoansOrBorrowings><in-capmkt:DetailsOfLendersRelatingToRestructuringInRelationToLoansOrBorrowings contextRef="MainI">SBI and Consortium</in-capmkt:DetailsOfLendersRelatingToRestructuringInRelationToLoansOrBorrowings><in-capmkt:AmountOfDebtInvolvedForTheRestructuringInRelationToLoansOrBorrowings contextRef="MainI">139.29 crore</in-capmkt:AmountOfDebtInvolvedForTheRestructuringInRelationToLoansOrBorrowings><in-capmkt:SalientFeaturesNotInvolvingCommercialSecretsOfTheResolutionOrRestructuringPlanAsDecidedByLenders contextRef="MainI">Holding on Operation in the Bank Account with SBI. An automatic appropriation/cutback at the rate  of 2.50% (Two Point Five Zero Percent) on all receipts/proceeds in the repayment of outstanding dues.</in-capmkt:SalientFeaturesNotInvolvingCommercialSecretsOfTheResolutionOrRestructuringPlanAsDecidedByLenders><in-capmkt:StageAtWhichTheDisclosureIsMadeForResolutionPlanOrRestructuringInRelationToLoansAndBorrowingsFromBanksOrFinancialInstitutions contextRef="MainI">Decision to initiate resolution of loans / borrowings</in-capmkt:StageAtWhichTheDisclosureIsMadeForResolutionPlanOrRestructuringInRelationToLoansAndBorrowingsFromBanksOrFinancialInstitutions><in-capmkt:BriefDetailsOfTheStageAtWhichTheDisclosureIsMadeByResolutionPlanOrRestructuringInRelationToLoansAndBorrowingsFromBanksOrFinancialInstitutions contextRef="MainI">Holding on Operation in the Bank Account with SBI.An automatic appropriation/cutback at the rate  of 2.50% (Two Point Five Zero Percent) on all receipts/proceeds in the repayment of outstanding dues.
</in-capmkt:BriefDetailsOfTheStageAtWhichTheDisclosureIsMadeByResolutionPlanOrRestructuringInRelationToLoansAndBorrowingsFromBanksOrFinancialInstitutions></xbrli:xbrl>
