<?xml version="1.0" encoding="UTF-8" standalone="no"?><!--VoluntaryPre V1.0 (25-11-2025)--><xbrli:xbrl xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:in-capmkt="http://www.sebi.gov.in/xbrl/2025-10-31/in-capmkt" xmlns:in-capmkt-ent="http://www.sebi.gov.in/xbrl/Voluntary_Delisting_Pre_Tendering_Phase/2025-10-31/in-capmkt/in-capmkt-ent" xmlns:in-capmkt-roles="http://www.sebi.gov.in/xbrl/Voluntary_Delisting_Pre_Tendering_Phase/2025-10-31/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-2025-10-31.xsd" 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scheme="http://www.sebi.gov.in/in-capmkt/NSESymbol">JINDALPHOT</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-10-28</xbrli:startDate><xbrli:endDate>2026-10-28</xbrli:endDate></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:ShareholdingOfAcquirerAxis"><in-capmkt:ShareholdingOfAcquirerDomain>ShareholdingOfAcquirerDomain1</in-capmkt:ShareholdingOfAcquirerDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:context id="I_ShareholdingOfAcquirer1"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/NSESymbol">JINDALPHOT</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-10-28</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:ShareholdingOfAcquirerAxis"><in-capmkt:ShareholdingOfAcquirerDomain>ShareholdingOfAcquirerDomain1</in-capmkt:ShareholdingOfAcquirerDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:context id="D_ShareholdingOfAcquirer2"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/NSESymbol">JINDALPHOT</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-10-28</xbrli:startDate><xbrli:endDate>2026-10-28</xbrli:endDate></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:ShareholdingOfAcquirerAxis"><in-capmkt:ShareholdingOfAcquirerDomain>ShareholdingOfAcquirerDomain2</in-capmkt:ShareholdingOfAcquirerDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:context id="I_ShareholdingOfAcquirer2"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/NSESymbol">JINDALPHOT</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-10-28</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:ShareholdingOfAcquirerAxis"><in-capmkt:ShareholdingOfAcquirerDomain>ShareholdingOfAcquirerDomain2</in-capmkt:ShareholdingOfAcquirerDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:context id="D_CompanySecretaryAndComplianceOfficer1"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/NSESymbol">JINDALPHOT</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-10-28</xbrli:startDate><xbrli:endDate>2026-10-28</xbrli:endDate></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:CompanySecretaryAndComplianceOfficerAxis"><in-capmkt:CompanySecretaryAndComplianceOfficerDomain>CompanySecretaryAndComplianceOfficerDomain1</in-capmkt:CompanySecretaryAndComplianceOfficerDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:unit id="shares"><xbrli:measure>xbrli:shares</xbrli:measure></xbrli:unit><xbrli:unit id="INRPerShare"><xbrli:divide><xbrli:unitNumerator><xbrli:measure>iso4217:INR</xbrli:measure></xbrli:unitNumerator><xbrli:unitDenominator><xbrli:measure>xbrli:shares</xbrli:measure></xbrli:unitDenominator></xbrli:divide></xbrli:unit><xbrli:unit id="pure"><xbrli:measure>xbrli:pure</xbrli:measure></xbrli:unit><in-capmkt:NameOfTheCompany contextRef="MainI">JINDAL PHOTO LIMITED</in-capmkt:NameOfTheCompany><in-capmkt:ISIN contextRef="MainI">INE796G01012</in-capmkt:ISIN><in-capmkt:ScripID contextRef="MainI">JINDALPHOT </in-capmkt:ScripID><in-capmkt:ScripCode contextRef="MainI">532624</in-capmkt:ScripCode><in-capmkt:NSESymbol contextRef="MainI">JINDALPHOT</in-capmkt:NSESymbol><in-capmkt:MSEISymbol contextRef="MainI">NOTLISTED</in-capmkt:MSEISymbol><in-capmkt:RegisteredOfficeAddressOfTheCompany contextRef="MainD">19th, K.M., Hapur Bulandshahr Road, P.O. Gulaothi, Bulandshahr , Uttar Pradesh, 203408</in-capmkt:RegisteredOfficeAddressOfTheCompany><in-capmkt:NumberOfShareholdingPromoterAndPromoterGroup contextRef="MainI" decimals="INF" unitRef="shares">7612143</in-capmkt:NumberOfShareholdingPromoterAndPromoterGroup><in-capmkt:PercentageOfShareholdingPromoterAndPromoterGroup contextRef="MainD" decimals="INF" unitRef="pure">0.742</in-capmkt:PercentageOfShareholdingPromoterAndPromoterGroup><in-capmkt:WebsiteOfTheCompany contextRef="MainD">http://jindalphoto.com</in-capmkt:WebsiteOfTheCompany><in-capmkt:ExchangesWhereListed contextRef="MainD">BSE and NSE</in-capmkt:ExchangesWhereListed><in-capmkt:PlatformForVoluntaryDelisting contextRef="MainD">Other than small company</in-capmkt:PlatformForVoluntaryDelisting><in-capmkt:DelistingType contextRef="MainD">Voluntary Delisting</in-capmkt:DelistingType><in-capmkt:NameOfRegistrarToOffer contextRef="MainI">Link Intime India Private Limited</in-capmkt:NameOfRegistrarToOffer><in-capmkt:EmailIDOfRegistrarToOffer contextRef="MainD">delhi@linkintime.co.in</in-capmkt:EmailIDOfRegistrarToOffer><in-capmkt:HelplineNumberOfRegistrarToOffer contextRef="MainI" decimals="0" unitRef="pure">1141410592</in-capmkt:HelplineNumberOfRegistrarToOffer><in-capmkt:ManagersToTheOffer contextRef="MainD">Saffron Capital Advisors Private Limited</in-capmkt:ManagersToTheOffer><in-capmkt:EmailIDOfManagerToOffer contextRef="MainD">delistings@saffronadvisor.com</in-capmkt:EmailIDOfManagerToOffer><in-capmkt:HelplineNumberOfManagerToOffer contextRef="MainI" decimals="0" unitRef="pure">02249730394</in-capmkt:HelplineNumberOfManagerToOffer><in-capmkt:DelistingFrom contextRef="MainD">BSE and NSE</in-capmkt:DelistingFrom><in-capmkt:ReasonOfDelisting contextRef="MainD">a) obtain full ownership of the Target Company, which will in turn provide enhanced operational flexibility to support the Company’s business and to make strategic investment and increase economic interest in the Target Company
b)save compliance costs and reduction in dedicating management time to comply with the requirements associated with the continued listing, which can be refocused on the Company’s Business; and
c) provide an exit opportunity to the public shareholder of the Company</in-capmkt:ReasonOfDelisting><in-capmkt:DateOfApprovalFromBODsInRespectOfTheProposalOfTheAcquirerToDelistTheEquityShares contextRef="MainI">2026-07-16</in-capmkt:DateOfApprovalFromBODsInRespectOfTheProposalOfTheAcquirerToDelistTheEquityShares><in-capmkt:DateOfReferenceDeterminationOfFloorPrice contextRef="MainI">2026-06-29</in-capmkt:DateOfReferenceDeterminationOfFloorPrice><in-capmkt:FloorPrice contextRef="MainD" decimals="INF" unitRef="INRPerShare">1119.5</in-capmkt:FloorPrice><in-capmkt:IndicativePrice contextRef="MainD" decimals="INF" unitRef="INRPerShare">1120</in-capmkt:IndicativePrice><in-capmkt:RevisedIndicativePrice contextRef="MainD" decimals="INF" unitRef="INRPerShare">0</in-capmkt:RevisedIndicativePrice><in-capmkt:DateOfApprovalOfShareholdersThroughSpecialResolution contextRef="MainI">2026-08-18</in-capmkt:DateOfApprovalOfShareholdersThroughSpecialResolution><in-capmkt:DateOfInPrincipleApprovalGrantedByTheStockExchanges contextRef="MainI">2026-10-21</in-capmkt:DateOfInPrincipleApprovalGrantedByTheStockExchanges><in-capmkt:DateOfSpecifiedDeterminingTheNamesOfShareholdersToWhomTheLetterOfOfferShallBeSent contextRef="MainI">2026-10-21</in-capmkt:DateOfSpecifiedDeterminingTheNamesOfShareholdersToWhomTheLetterOfOfferShallBeSent><in-capmkt:DesignatedStockExchange contextRef="MainD">BSE</in-capmkt:DesignatedStockExchange><in-capmkt:DateOfStartOfTendering contextRef="MainI">2026-11-02</in-capmkt:DateOfStartOfTendering><in-capmkt:DateOfLastUpwardRevisionOrWithdrawalOfBids contextRef="MainI">2026-11-05</in-capmkt:DateOfLastUpwardRevisionOrWithdrawalOfBids><in-capmkt:DateOfEndOfTendering contextRef="MainI">2026-11-06</in-capmkt:DateOfEndOfTendering><in-capmkt:DateOfLastAnnouncementOfCounterOffer contextRef="MainI">2026-11-11</in-capmkt:DateOfLastAnnouncementOfCounterOffer><in-capmkt:DateOfLastPublicAnnouncementRegardingSuccessOrFailureOfTheDelistingOffer contextRef="MainI">2026-11-11</in-capmkt:DateOfLastPublicAnnouncementRegardingSuccessOrFailureOfTheDelistingOffer><in-capmkt:DateOfProposedPaymentOfConsiderationToPublicShareholdersWhoValidlyTenderedInTheDelistingOffer contextRef="MainI">2026-11-18</in-capmkt:DateOfProposedPaymentOfConsiderationToPublicShareholdersWhoValidlyTenderedInTheDelistingOffer><in-capmkt:DateOfSubmissionForVoluntaryDelistingPreTenderingPhase contextRef="MainI">2026-10-28</in-capmkt:DateOfSubmissionForVoluntaryDelistingPreTenderingPhase><in-capmkt:NameOfPromoter contextRef="D_Promoter1">Shyam Sundar Jindal</in-capmkt:NameOfPromoter><in-capmkt:AddressOfPromoter contextRef="D_Promoter1">12A, GREEN AVENUE, D3, VASANT KUNJ, NEW DELHI 110070</in-capmkt:AddressOfPromoter><in-capmkt:NameOfPromoter contextRef="D_Promoter2">Futuristic Trust (Trustees Mr. Shyam Sunder Jindal and Mrs. Subhadra Jindal)</in-capmkt:NameOfPromoter><in-capmkt:AddressOfPromoter contextRef="D_Promoter2">12A, GREEN AVENUE, D3, VASANT KUNJ, NEW DELHI 110070</in-capmkt:AddressOfPromoter><in-capmkt:NameOfPersonActingInConcert contextRef="D_ShareholdingPersonsActingInConcert1">Jindal India Power Limited</in-capmkt:NameOfPersonActingInConcert><in-capmkt:NumberOfShares contextRef="I_ShareholdingPersonsActingInConcert1" decimals="INF" unitRef="shares">0</in-capmkt:NumberOfShares><in-capmkt:PercentageOfShareholding contextRef="D_ShareholdingPersonsActingInConcert1" decimals="INF" unitRef="pure">0</in-capmkt:PercentageOfShareholding><in-capmkt:NameOfTheAcquirers contextRef="D_ShareholdingOfAcquirer1">Concatenate Power Advest Private Limited</in-capmkt:NameOfTheAcquirers><in-capmkt:NumberOfShares contextRef="I_ShareholdingOfAcquirer1" decimals="INF" unitRef="shares">7507162</in-capmkt:NumberOfShares><in-capmkt:PercentageOfShareholding contextRef="D_ShareholdingOfAcquirer1" decimals="INF" unitRef="pure">0.7318</in-capmkt:PercentageOfShareholding><in-capmkt:NameOfTheAcquirers contextRef="D_ShareholdingOfAcquirer2">Concatenate Advest Advisory Private Limited</in-capmkt:NameOfTheAcquirers><in-capmkt:NumberOfShares contextRef="I_ShareholdingOfAcquirer2" decimals="INF" unitRef="shares">0</in-capmkt:NumberOfShares><in-capmkt:PercentageOfShareholding contextRef="D_ShareholdingOfAcquirer2" decimals="INF" unitRef="pure">0</in-capmkt:PercentageOfShareholding><in-capmkt:NameOfCompanySecretaryAndComplianceOfficer contextRef="D_CompanySecretaryAndComplianceOfficer1">Manish Kumar</in-capmkt:NameOfCompanySecretaryAndComplianceOfficer><in-capmkt:EmailID contextRef="D_CompanySecretaryAndComplianceOfficer1">CS_Jphoto@Jindalgroup.com</in-capmkt:EmailID></xbrli:xbrl>