<?xml version="1.0" encoding="UTF-8" standalone="no"?><xbrli:xbrl xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:in-capmkt="https://www.sebi.gov.in/xbrl/2023-02-28/in-capmkt" xmlns:in-capmkt-ent="https://www.sebi.gov.in/xbrl/Takeover_Open_Offer_Pre_Tendering_Phase/2023-02-28/in-capmkt/in-capmkt-ent" xmlns:in-capmkt-roles="https://www.sebi.gov.in/xbrl/Takeover_Open_Offer_Pre_Tendering_Phase/2023-02-28/in-capmkt-roles" xmlns:iso4217="http://www.xbrl.org/2003/iso4217" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:negated="http://www.xbrl.org/2009/role/negated" xmlns:net="http://www.xbrl.org/2009/role/net" xmlns:nonnum="http://www.xbrl.org/dtr/type/non-numeric" xmlns:num="http://www.xbrl.org/dtr/type/numeric" xmlns:xbrldi="http://xbrl.org/2006/xbrldi" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:xl="http://www.xbrl.org/2003/XLink" xmlns:xlink="http://www.w3.org/1999/xlink"><link:schemaRef xlink:href="in-capmkt-ent-2023-02-28.xsd" xlink:type="simple"/><xbrli:context 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id="INR"><xbrli:measure>iso4217:INR</xbrli:measure></xbrli:unit><in-capmkt:NameOfTargetCompany contextRef="MainI">KWALITY WALL'S (INDIA) LIMITED</in-capmkt:NameOfTargetCompany><in-capmkt:ISINOfTargetCompany contextRef="MainI">INE2KCE01013</in-capmkt:ISINOfTargetCompany><in-capmkt:CorporateIdentityNumberOfTargetCompany contextRef="MainD">L10505MH2025PLC437886</in-capmkt:CorporateIdentityNumberOfTargetCompany><in-capmkt:PermanentAccountNumberOfTargetCompany contextRef="MainD">AALCK5019K</in-capmkt:PermanentAccountNumberOfTargetCompany><in-capmkt:ExchangesWhereTargetCompanyListed contextRef="MainD">BSE and NSE</in-capmkt:ExchangesWhereTargetCompanyListed><in-capmkt:TypeOfOffer contextRef="MainD">Substantial acquisition (Reg. 3(1))</in-capmkt:TypeOfOffer><in-capmkt:NumberOfSharesFullyPaidUpToBeAquired contextRef="MainI" decimals="INF" unitRef="shares">610893729</in-capmkt:NumberOfSharesFullyPaidUpToBeAquired><in-capmkt:PercentageOfSharesFullyPaidUpToBeAquired contextRef="MainI" decimals="INF" unitRef="pure">0.26</in-capmkt:PercentageOfSharesFullyPaidUpToBeAquired><in-capmkt:NumberOfSharesPartlyPaidUpToBeAquired contextRef="MainI" decimals="INF" unitRef="shares">0</in-capmkt:NumberOfSharesPartlyPaidUpToBeAquired><in-capmkt:PercentageOfSharesPartlyPaidUpToBeAquired contextRef="MainI" decimals="INF" unitRef="pure">0</in-capmkt:PercentageOfSharesPartlyPaidUpToBeAquired><in-capmkt:OfferPricePerShareFullyPaidUp contextRef="MainD" decimals="INF" unitRef="INRPerShare">21.33</in-capmkt:OfferPricePerShareFullyPaidUp><in-capmkt:OfferPricePerSharePartlyPaidUp contextRef="MainD" decimals="INF" unitRef="INRPerShare">0</in-capmkt:OfferPricePerSharePartlyPaidUp><in-capmkt:OfferSize contextRef="MainD" decimals="2" unitRef="INR">13030.36</in-capmkt:OfferSize><in-capmkt:DateOfStartOfTendering contextRef="MainI">2026-04-23</in-capmkt:DateOfStartOfTendering><in-capmkt:DateOfEndOfTendering contextRef="MainI">2026-05-07</in-capmkt:DateOfEndOfTendering><in-capmkt:RegistrarToOfferAppointedByAcquirer contextRef="MainD">Other RTA</in-capmkt:RegistrarToOfferAppointedByAcquirer><in-capmkt:DetailsOfOtherRegistrarToOffer contextRef="MainI">KFin Technologies Limited</in-capmkt:DetailsOfOtherRegistrarToOffer><in-capmkt:ContactDetailsOfRegistrarToOfferAppointedByAcquirer contextRef="MainD">Contact Person: M. Murali Krishna
Tel: +91 40 6716 2222/ 18003094001 
kwality.openoffer@kfintech.com</in-capmkt:ContactDetailsOfRegistrarToOfferAppointedByAcquirer><in-capmkt:DesignatedStockExchangePreTakeover contextRef="MainD">BSE</in-capmkt:DesignatedStockExchangePreTakeover><in-capmkt:DateOfSubmissionForTakeoverPreTenderingPhase contextRef="MainI">2026-04-13</in-capmkt:DateOfSubmissionForTakeoverPreTenderingPhase><in-capmkt:NameOfAcquirer contextRef="I_Acquirer1">THE MAGNUM ICE CREAM COMPANY HOLDCO 1 NETHERLANDS B.V.</in-capmkt:NameOfAcquirer><in-capmkt:NameOfPersonsActingInConcert contextRef="D_PersonsActing1">MAGNUM ICC FINANCE B.V.</in-capmkt:NameOfPersonsActingInConcert><in-capmkt:NameOfPersonsActingInConcert contextRef="D_PersonsActing2">THE MAGNUM ICE CREAM COMPANY N.V.</in-capmkt:NameOfPersonsActingInConcert><in-capmkt:NameOfManagersToTheOffer contextRef="D_DetailofManagers1">Kotak Mahindra Capital Company Limited</in-capmkt:NameOfManagersToTheOffer><in-capmkt:ContactDetailsOfManagersToTheOffer contextRef="D_DetailofManagers1">Contact Person: Mr. Ganesh Rane
Email: kwil.openoffer@kotak.com
Tel. +91 22 4336 0758</in-capmkt:ContactDetailsOfManagersToTheOffer><in-capmkt:NameOfStockBrokerAppointedByAcquirer contextRef="D_StockBroker1">Kotak Securities Limited</in-capmkt:NameOfStockBrokerAppointedByAcquirer><in-capmkt:ContactDetailsOfStockBrokerAppointedByAcquirer contextRef="D_StockBroker1">Contact Person: Mr. Tabrez Anwar
Email: service.securities@kotak.com
Tel. 1800 209 9191</in-capmkt:ContactDetailsOfStockBrokerAppointedByAcquirer><in-capmkt:NameOfCompanySecretary contextRef="D_CompanySecretary1">Anand Upadhyay</in-capmkt:NameOfCompanySecretary><in-capmkt:ContactDetailsOfCompanySecretary contextRef="D_CompanySecretary1">Contact: 022 - 4574 7000 | Email - anand.upadhyay@magnumicecream.com</in-capmkt:ContactDetailsOfCompanySecretary></xbrli:xbrl>