<?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">531642</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-06-29</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="OneD"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/ScripCode">531642</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-06-29</xbrli:startDate><xbrli:endDate>2026-06-29</xbrli:endDate></xbrli:period></xbrli:context><in-capmkt:ScripCode contextRef="OneI">531642</in-capmkt:ScripCode><in-capmkt:NameOfTheCompany contextRef="OneI">MARICO LIMITED</in-capmkt:NameOfTheCompany><in-capmkt:NSESymbol contextRef="OneI">MARICO</in-capmkt:NSESymbol><in-capmkt:MSEISymbol contextRef="OneI">NOTLISTED</in-capmkt:MSEISymbol><in-capmkt:ISIN contextRef="OneI">INE196A01026</in-capmkt:ISIN><in-capmkt:TypeOfAnnouncementPertainingToRegulation30Restructuring contextRef="OneD">Update</in-capmkt:TypeOfAnnouncementPertainingToRegulation30Restructuring><in-capmkt:WhetherEventOrInformationDisclosedIsAnOutcomeOfBoardMeeting contextRef="OneD">false</in-capmkt:WhetherEventOrInformationDisclosedIsAnOutcomeOfBoardMeeting><in-capmkt:DateOfOccurrenceOfEvent contextRef="OneI">2026-06-29</in-capmkt:DateOfOccurrenceOfEvent><in-capmkt:TimeOfOccurrenceOfEvent contextRef="OneD">10:30:00</in-capmkt:TimeOfOccurrenceOfEvent><in-capmkt:DateOfInitialAnnouncement contextRef="OneI">2026-01-27</in-capmkt:DateOfInitialAnnouncement><in-capmkt:DateOfLatestAnnouncement contextRef="OneI">2026-04-01</in-capmkt:DateOfLatestAnnouncement><in-capmkt:DateOfReport contextRef="OneI">2026-06-29</in-capmkt:DateOfReport><in-capmkt:RemarksForWebsiteDissemination contextRef="OneI">Please note that the filing is not a "Revision" but an "Update" to our earlier intimation dated April 1, 2026. This XBRL is being submitted by selecting Type of Event as "Revision"  due to technical reasons.</in-capmkt:RemarksForWebsiteDissemination><in-capmkt:UpdateForTheEvent contextRef="OneD">Sale or disposal of unit(s)/division(s)/subsidiary</in-capmkt:UpdateForTheEvent><in-capmkt:BriefDetailsOfInitialAnnouncement contextRef="OneI">We refer to our letters dated January 27, 2026 and April 1, 2026 regarding the intra‐group restructuring involving integration of business of Zed by way of voluntary liquidation and distribution of its entire business undertaking to the Company on a going concern basis.</in-capmkt:BriefDetailsOfInitialAnnouncement><in-capmkt:ReasonForUpdate contextRef="OneD">Others</in-capmkt:ReasonForUpdate><in-capmkt:OtherUpdates contextRef="OneI">Further to the above, the Liquidator has distributed the business undertaking of Zed to the Company on a going concern basis and issued a Letter of Distribution dated June 29, 2026. Consequently, the business undertaking of Zed stands consolidated with that of the Company effective June 29, 2026. The Liquidator shall in due course initiate requisite steps to obtain approval of the Hon’ble National Company Law Tribunal (NCLT), Ahmedabad for dissolution of Zed in accordance with applicable laws.
For further details regarding this intra‐group restructuring, please refer to our disclosure dated January 27, 2026 filed under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.</in-capmkt:OtherUpdates></xbrli:xbrl>
