<?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">532163</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-07-22</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="OneD"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/ScripCode">532163</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-07-22</xbrli:startDate><xbrli:endDate>2026-07-22</xbrli:endDate></xbrli:period></xbrli:context><xbrli:unit id="INR"><xbrli:measure>iso4217:INR</xbrli:measure></xbrli:unit><xbrli:unit id="pure"><xbrli:measure>xbrli:pure</xbrli:measure></xbrli:unit><in-capmkt:ScripCode contextRef="OneI">532163</in-capmkt:ScripCode><in-capmkt:NameOfTheCompany contextRef="OneI">SAREGAMA INDIA LIMITED</in-capmkt:NameOfTheCompany><in-capmkt:NSESymbol contextRef="OneI">SAREGAMA</in-capmkt:NSESymbol><in-capmkt:MSEISymbol contextRef="OneI">NOTLISTED</in-capmkt:MSEISymbol><in-capmkt:ISIN contextRef="OneI">INE979A01025</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">2026-07-22</in-capmkt:DateOfOccurrenceOfEvent><in-capmkt:TimeOfOccurrenceOfEvent contextRef="OneD">18:30:00</in-capmkt:TimeOfOccurrenceOfEvent><in-capmkt:DateOfInitialAnnouncement contextRef="OneI">2023-09-28</in-capmkt:DateOfInitialAnnouncement><in-capmkt:DateOfLatestAnnouncement contextRef="OneI">2025-03-29</in-capmkt:DateOfLatestAnnouncement><in-capmkt:DateOfReport contextRef="OneI">2026-07-22</in-capmkt:DateOfReport><in-capmkt:UpdateForTheEvent contextRef="OneD">Acquisition (including agreement to acquire)</in-capmkt:UpdateForTheEvent><in-capmkt:BriefDetailsOfInitialAnnouncement contextRef="OneI">(i) Acquire upto 6,60,650 shares and other securities of M/s. Pocket Aces Pictures Private Limited (“Pocket Aces”), by way of secondary acquisition, in one or more tranches, for a consideration of (i) ~INR 174 crores (+/- any agreed adjustments) for the first tranche representing 51.82% of the issued and paid-up share capital (determined on a fully diluted basis) of Pocket Aces; and (ii) consideration to be determined for the second tranche basis the enterprise value being the higher of (a) the adjusted equity value for the first tranche; or (b) enterprise value determined basis revenue multiples of Pocket Aces, subject to agreed adjustments; (ii) Invest an amount of INR 15 crores by way of primary subscription of 25,974 shares of Pocket Aces; together, representing 92.61% of the issued and paid-up share capital (determined on a fully diluted basis) of Pocket Aces.</in-capmkt:BriefDetailsOfInitialAnnouncement><in-capmkt:ReasonForUpdate contextRef="OneD">Transaction Completed</in-capmkt:ReasonForUpdate><in-capmkt:TransactionCompleted contextRef="OneI">Completion of third tranche of the acquisition</in-capmkt:TransactionCompleted><in-capmkt:AmountOfTransactionCompleted contextRef="OneD" unitRef="INR" decimals="-5">200500000</in-capmkt:AmountOfTransactionCompleted><in-capmkt:DateOfTransactionCompleted contextRef="OneI">2026-07-22</in-capmkt:DateOfTransactionCompleted><in-capmkt:PercentageOfTransactionCompleted contextRef="OneI" unitRef="pure" decimals="INF">0.0482</in-capmkt:PercentageOfTransactionCompleted><in-capmkt:AnyOtherBriefSignificantInformationForAnnouncementUpdate contextRef="OneI">Saregama India Limited (‘the Company’) has now acquired 35,635 Equity shares  representing approximately 4.82 % of the issued and paid- up share capital (determined on a fully diluted basis) of Pocket Aces Pictures Private Limited("Pocket Aces") for a total sale consideration of ~INR 20,05,24,559 (Indian Rupees Twenty Crores Five Lakhs Twenty Four Thousand Five Hundred Fifty Nine) paid to the selling shareholders of Pocket Aces, as third tranche sale consideration. Post-Acquisition, the Shareholding of the Company in Pocket Aces has increased to 95.76 %.</in-capmkt:AnyOtherBriefSignificantInformationForAnnouncementUpdate></xbrli:xbrl>
