<?xml version="1.0" encoding="UTF-8"?>
<!--REG30 V1.0 (16-10-2025)-->
<xbrli:xbrl xmlns:in-capmkt="http://www.sebi.gov.in/xbrl/2025-08-31/in-capmkt" xmlns:in-capmkt-ent="http://www.sebi.gov.in/xbrl/Regulation_30_Restructuring/2025-08-31/in-capmkt/in-capmkt-ent" xmlns:in-capmkt-roles="http://www.sebi.gov.in/xbrl/Regulation_30_Restructuring/2025-08-31/in-capmkt-roles" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:nonnum="http://www.xbrl.org/dtr/type/non-numeric" 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-2025-08-31.xsd"/><xbrli:context id="OneI"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/ScripCode">544700</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-07-24</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="OneD"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/ScripCode">544700</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-07-24</xbrli:startDate><xbrli:endDate>2026-07-24</xbrli:endDate></xbrli:period></xbrli:context><in-capmkt:ScripCode contextRef="OneI">544700</in-capmkt:ScripCode><in-capmkt:NameOfTheCompany contextRef="OneI">Fractal Analytics Limited</in-capmkt:NameOfTheCompany><in-capmkt:NSESymbol contextRef="OneI">FRACTAL</in-capmkt:NSESymbol><in-capmkt:MSEISymbol contextRef="OneI">NOTLISTED</in-capmkt:MSEISymbol><in-capmkt:ISIN contextRef="OneI">INE212S01015</in-capmkt:ISIN><in-capmkt:TypeOfAnnouncementPertainingToRegulation30Restructuring contextRef="OneD">Update</in-capmkt:TypeOfAnnouncementPertainingToRegulation30Restructuring><in-capmkt:WhetherEventOrInformationDisclosedIsAnOutcomeOfBoardMeeting contextRef="OneD">true</in-capmkt:WhetherEventOrInformationDisclosedIsAnOutcomeOfBoardMeeting><in-capmkt:DateOfBoardMeeting contextRef="OneI">2026-07-23</in-capmkt:DateOfBoardMeeting><in-capmkt:EndTimeOfBoardMeeting contextRef="OneD">20:31:00</in-capmkt:EndTimeOfBoardMeeting><in-capmkt:DateOfInitialAnnouncement contextRef="OneI">2026-03-21</in-capmkt:DateOfInitialAnnouncement><in-capmkt:DateOfLatestAnnouncement contextRef="OneI">2026-07-23</in-capmkt:DateOfLatestAnnouncement><in-capmkt:DateOfReport contextRef="OneI">2026-07-24</in-capmkt:DateOfReport><in-capmkt:UpdateForTheEvent contextRef="OneD">Slump Sale</in-capmkt:UpdateForTheEvent><in-capmkt:BriefDetailsOfInitialAnnouncement contextRef="OneI">The Board of Directors of the Company had approved sale and transfer of the business units namely EdTech, Fractal Analytics Academy (FAA) and Iqigai.ai together with their respective employees, contracts, consultants, intellectual property rights, licenses and such other assets and liabilities as may be identified by the Company and attributable to the said business units, to Analytics Vidhya Educon Private Limited (“AVEPL”), a wholly owned subsidiary of the Company, as a whole and on a going concern basis, by way of a slump sale, for an aggregate consideration of INR 10.9 crore [the final consideration was subject to adjustments, if any, as on the date of transfer as per the terms of the Business Transfer Agreement (“BTA”)], which exceeds the materiality thresholds of the Company as stipulated in the Policy for Determination of Materiality of Events or Information. The BTA for the aforesaid transaction was yet to be executed and was to be effective from April 1, 2026.</in-capmkt:BriefDetailsOfInitialAnnouncement><in-capmkt:ReasonForUpdate contextRef="OneD">Transaction Delayed</in-capmkt:ReasonForUpdate><in-capmkt:TransactionDelayed contextRef="OneI">The Board of Directors of the Company have approved the change in ‘effective date’ of the Business Transfer Agreement (“BTA”), from April 1, 2026 to May 1, 2026 pursuant to implementation and operational reasons.

Consequent to the change in the effective date and the updated valuation/closing adjustments, the aggregate consideration payable under the BTA has also been revised from INR 10.9 crore to INR 11.6 crore.

The remaining terms and conditions of the BTA, remain materially unchanged.</in-capmkt:TransactionDelayed><in-capmkt:InitialDateOfCompletion contextRef="OneI">2026-04-01</in-capmkt:InitialDateOfCompletion><in-capmkt:RevisedDate contextRef="OneI">2026-05-01</in-capmkt:RevisedDate><in-capmkt:ReasonForDelay contextRef="OneI">Implementation and operational reasons.</in-capmkt:ReasonForDelay></xbrli:xbrl>
