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<xbrli:xbrl xmlns:in-capmkt="https://www.sebi.gov.in/xbrl/2023-05-31/in-capmkt" xmlns:in-capmkt-ent="https://www.sebi.gov.in/xbrl/Prior_Intimation_Of_Board_Meeting/2023-05-31/in-capmkt/in-capmkt-ent" xmlns:in-capmkt-roles="https://www.sebi.gov.in/xbrl/Prior_Intimation_Of_Board_Meeting/2023-05-31/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/2023-05-31/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-2023-05-31.xsd"/><xbrli:context id="MainI"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/NSESymbol">PHANTOMFX</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-04-14</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="MainD"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/NSESymbol">PHANTOMFX</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-04-14</xbrli:startDate><xbrli:endDate>2026-04-14</xbrli:endDate></xbrli:period></xbrli:context><in-capmkt:NSESymbol contextRef="MainI">PHANTOMFX</in-capmkt:NSESymbol><in-capmkt:NameOfTheCompany contextRef="MainI">PHANTOM DIGITAL EFFECTS LIMITED</in-capmkt:NameOfTheCompany><in-capmkt:WhetherCompanyIsSME contextRef="MainD">true</in-capmkt:WhetherCompanyIsSME><in-capmkt:ISIN contextRef="MainI">INE0MLZ01019</in-capmkt:ISIN><in-capmkt:TypeOfMeeting contextRef="MainI">Board Meeting</in-capmkt:TypeOfMeeting><in-capmkt:TypeOfIntimation contextRef="MainD">New</in-capmkt:TypeOfIntimation><in-capmkt:DateOfProposedMeeting contextRef="MainD">2026-04-17</in-capmkt:DateOfProposedMeeting><in-capmkt:WhetherTradingWindowIsClosed contextRef="MainD">true</in-capmkt:WhetherTradingWindowIsClosed><in-capmkt:DateOfStartOfTradingWindowClosure contextRef="MainI">2026-04-17</in-capmkt:DateOfStartOfTradingWindowClosure><in-capmkt:DetailsOfDateOfEndOfTradingWindowClosure contextRef="MainI">As per the Securities and Exchange Board of India (Prohibition of Insider Trading)  Regulations, 2015 and the Company's Code of Conduct, the Trading Window for dealing in  the securities of the Company shall remain closed with immediate effect till the expiry of 48  hours after the conclusion of the Board meeting</in-capmkt:DetailsOfDateOfEndOfTradingWindowClosure><in-capmkt:DateOfReport contextRef="MainI">2026-04-14</in-capmkt:DateOfReport><in-capmkt:Agenda1 contextRef="MainD">Fund raising</in-capmkt:Agenda1><in-capmkt:Agenda2 contextRef="MainD">Increase in authorised capital</in-capmkt:Agenda2><in-capmkt:Agenda3 contextRef="MainD">Other business</in-capmkt:Agenda3><in-capmkt:ModeOfRaisingFunds contextRef="MainD">Preferential issue</in-capmkt:ModeOfRaisingFunds><in-capmkt:RemarksWebsiteDissemination contextRef="MainI">NA</in-capmkt:RemarksWebsiteDissemination></xbrli:xbrl>