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<xbrli:xbrl xmlns:in-capmkt="https://www.sebi.gov.in/xbrl/2024-05-31/in-capmkt" xmlns:in-capmkt-roles="https://www.sebi.gov.in/xbrl/Announcements_Pertaining_To_Outcome_Of_Board_Meeting/2024-05-31/in-capmkt/in-capmkt-ent" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:nonnum="http://www.xbrl.org/dtr/type/non-numeric" xmlns:in-capmkt-types="https://www.sebi.gov.in/xbrl/2024-05-31/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.w3.org/1999/xlink"><link:schemaRef xlink:type="simple" xlink:href="in-capmkt-ent-2024-05-31.xsd"/><xbrli:context id="MainD"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">532624</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-07-16</xbrli:startDate><xbrli:endDate>2026-07-16</xbrli:endDate></xbrli:period></xbrli:context><xbrli:context id="MainI"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">532624</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-07-16</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="VoluntaryD"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">532624</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-07-16</xbrli:startDate><xbrli:endDate>2026-07-16</xbrli:endDate></xbrli:period></xbrli:context><xbrli:context id="VoluntaryI"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">532624</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-07-16</xbrli:instant></xbrli:period></xbrli:context><in-capmkt:NSESymbol contextRef="MainI">JINDALPHOT</in-capmkt:NSESymbol><in-capmkt:NameOfTheCompany contextRef="MainI">JINDAL PHOTO LIMITED</in-capmkt:NameOfTheCompany><in-capmkt:TypeOfAnnouncementOfBoardMeeting contextRef="MainD">New</in-capmkt:TypeOfAnnouncementOfBoardMeeting><in-capmkt:FirstEventOfBoardMeeting contextRef="MainD">Voluntary Delisting</in-capmkt:FirstEventOfBoardMeeting><in-capmkt:RemarksForWebsiteDissemination contextRef="MainI">Yes</in-capmkt:RemarksForWebsiteDissemination><in-capmkt:DateOfReport contextRef="MainI">2026-07-16</in-capmkt:DateOfReport><in-capmkt:DateOfBoardMeetingForVoluntaryDelisting contextRef="VoluntaryI">2026-07-16</in-capmkt:DateOfBoardMeetingForVoluntaryDelisting><in-capmkt:StartTimeOfBoardMeetingForVoluntaryDelisting contextRef="VoluntaryD">19:00:00</in-capmkt:StartTimeOfBoardMeetingForVoluntaryDelisting><in-capmkt:EndTimeOfBoardMeetingForVoluntaryDelisting contextRef="VoluntaryD">19:55:00</in-capmkt:EndTimeOfBoardMeetingForVoluntaryDelisting><in-capmkt:WhetherPriorIntimationOfBoardMeetingForConsideringTheProposalForVoluntaryDelistingFiledWithExchange contextRef="VoluntaryI">true</in-capmkt:WhetherPriorIntimationOfBoardMeetingForConsideringTheProposalForVoluntaryDelistingFiledWithExchange><in-capmkt:DateOfPriorIntimationSubmittedToStockExchangeOnBoardMeetingForConsideringTheProposalForVoluntaryDelistingFiledWithExchange contextRef="VoluntaryI">2026-07-13</in-capmkt:DateOfPriorIntimationSubmittedToStockExchangeOnBoardMeetingForConsideringTheProposalForVoluntaryDelistingFiledWithExchange><in-capmkt:WhetherProposalForVoluntaryDelistingApprovedOrRecommendedByTheBoard contextRef="VoluntaryD">Yes</in-capmkt:WhetherProposalForVoluntaryDelistingApprovedOrRecommendedByTheBoard><in-capmkt:TypeOfVoluntaryDelisting contextRef="VoluntaryD">Delisting (from all the stock exchanges)</in-capmkt:TypeOfVoluntaryDelisting><in-capmkt:NameOfTheStockExchangeFromWhichTheCompanyDecidedToDelistItsSecurities contextRef="VoluntaryI">BSE,NSE</in-capmkt:NameOfTheStockExchangeFromWhichTheCompanyDecidedToDelistItsSecurities><in-capmkt:WhetherTheCompanyToBeDelistedIsASmallCompanyAndSatisfiesTheConditionsSpecifiedUnderRegulationSubsection1OfSection35OfSEBIDelistingOfEquitySharesRegulations2021 contextRef="VoluntaryI">false</in-capmkt:WhetherTheCompanyToBeDelistedIsASmallCompanyAndSatisfiesTheConditionsSpecifiedUnderRegulationSubsection1OfSection35OfSEBIDelistingOfEquitySharesRegulations2021><in-capmkt:DateOfInitialPublicAnnouncementMadeToStockExchangeForVoluntaryDelisting contextRef="VoluntaryI">2026-06-29</in-capmkt:DateOfInitialPublicAnnouncementMadeToStockExchangeForVoluntaryDelisting><in-capmkt:TheCompanyIsInComplianceWithTheApplicableProvisionsOfSecuritiesLaws contextRef="VoluntaryI">true</in-capmkt:TheCompanyIsInComplianceWithTheApplicableProvisionsOfSecuritiesLaws><in-capmkt:TheAcquirerAndItsRelatedEntitiesAreInComplianceWithTheApplicableProvisionsOfSecuritiesLawsInTermsOfTheReportOfTheCompanySecretaryIncludingComplianceWithSubRegulation5OfRegulation4OfSEBIDelistingRegulations contextRef="VoluntaryI">true</in-capmkt:TheAcquirerAndItsRelatedEntitiesAreInComplianceWithTheApplicableProvisionsOfSecuritiesLawsInTermsOfTheReportOfTheCompanySecretaryIncludingComplianceWithSubRegulation5OfRegulation4OfSEBIDelistingRegulations><in-capmkt:InTheirOpinionTheDelistingIsInTheInterestOfTheShareholdersOfTheCompany contextRef="VoluntaryI">true</in-capmkt:InTheirOpinionTheDelistingIsInTheInterestOfTheShareholdersOfTheCompany><in-capmkt:ReasonForDelistingFromAllTheRecognisedStockExchanges contextRef="VoluntaryI">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:ReasonForDelistingFromAllTheRecognisedStockExchanges><in-capmkt:WhetherDateOfAGMOrEGMOrPostalBallotIsFixedByTheCompanyForDelistingFromAllTheRecognisedStockExchanges contextRef="VoluntaryI">true</in-capmkt:WhetherDateOfAGMOrEGMOrPostalBallotIsFixedByTheCompanyForDelistingFromAllTheRecognisedStockExchanges><in-capmkt:DateOfAGMOrEGMOrPostalBallotForDelistingOfTheCompany contextRef="VoluntaryI">2026-07-20</in-capmkt:DateOfAGMOrEGMOrPostalBallotForDelistingOfTheCompany><in-capmkt:NameOfMerchantBankerRegisteredWithTheSEBI contextRef="VoluntaryI">Saffron Capital Advisors Private Limited</in-capmkt:NameOfMerchantBankerRegisteredWithTheSEBI><in-capmkt:DueDiligenceHasBeenCarriedOutByAPeerReviewCompanySecretary contextRef="VoluntaryI">true</in-capmkt:DueDiligenceHasBeenCarriedOutByAPeerReviewCompanySecretary><in-capmkt:RemarksForWebsiteDisseminationForVoluntaryDelisting contextRef="VoluntaryI">Yes</in-capmkt:RemarksForWebsiteDisseminationForVoluntaryDelisting></xbrli:xbrl>
