﻿<?xml version="1.0" encoding="UTF-8"?>
<!--ICGIG V1.1 (01-01-2026)-->
<xbrli:xbrl xmlns:in-capmkt="http://www.sebi.gov.in/xbrl/2024-12-31/in-capmkt" xmlns:in-capmkt-ent="http://www.sebi.gov.in/xbrl/IntegratedGovernance/2024-12-31/in-capmkt/in-capmkt-ent" xmlns:in-capmkt-roles="http://www.sebi.gov.in/xbrl/IntegratedGovernance/2024-12-31/in-capmkt-roles" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:nonnum="http://www.xbrl.org/dtr/type/non-numeric" xmlns:in-capmkt-types="http://www.sebi.gov.in/xbrl/2024-12-31/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-2024-12-31.xsd" />
  <xbrli:context id="MainD">
    <xbrli:entity>
      <xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/MSEISymbol">ITLFIN</xbrli:identifier>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2025-10-01</xbrli:startDate>
      <xbrli:endDate>2025-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="MainI">
    <xbrli:entity>
      <xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/MSEISymbol">ITLFIN</xbrli:identifier>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2025-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="PY_I">
    <xbrli:entity>
      <xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/MSEISymbol">ITLFIN</xbrli:identifier>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2025-09-30</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:unit id="pure">
    <xbrli:measure>xbrli:pure</xbrli:measure>
  </xbrli:unit>
  <in-capmkt:Symbol contextRef="MainI">NOTLISTED</in-capmkt:Symbol>
  <in-capmkt:MSEISymbol contextRef="MainI">ITLFIN</in-capmkt:MSEISymbol>
  <in-capmkt:ISIN contextRef="MainI">INE767V01012</in-capmkt:ISIN>
  <in-capmkt:NameOfTheCompany contextRef="MainI">ITL FINLEASE AND SECURITIES LIMITED</in-capmkt:NameOfTheCompany>
  <in-capmkt:DateOfStartOfFinancialYear contextRef="MainI">2025-04-01</in-capmkt:DateOfStartOfFinancialYear>
  <in-capmkt:DateOfEndOfFinancialYear contextRef="MainI">2026-03-31</in-capmkt:DateOfEndOfFinancialYear>
  <in-capmkt:ReportingQuarter contextRef="MainI">Quarterly</in-capmkt:ReportingQuarter>
  <in-capmkt:DateOfEndOfReportingPeriod contextRef="MainI">2025-12-31</in-capmkt:DateOfEndOfReportingPeriod>
  <in-capmkt:TypeOfCompany contextRef="MainD">Equity</in-capmkt:TypeOfCompany>
  <in-capmkt:WhetherPartAOfAnnexureIOfTheSEBICircularDated31December2024RelatedToComplianceReportOnCorporateGovernanceIsApplicableToTheEntity contextRef="MainD">false</in-capmkt:WhetherPartAOfAnnexureIOfTheSEBICircularDated31December2024RelatedToComplianceReportOnCorporateGovernanceIsApplicableToTheEntity>
  <in-capmkt:ReasonForPartAOfAnnexureIOfTheSEBICircularDated31December2024RelatedToComplianceReportOnCorporateGovernanceIsNotApplicableToTheEntity contextRef="MainD">The company has a Paid up Share Capital of Rs. 473.53 Lakhs and a Net Worth of Rs. 1022.07 lakhs   as on March 31, 2025.

Thus, As per Regulation- 27(2) read with Regulation 15(2) of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, the listed entity having paid up equity share capital not exceeding rupees Ten Crore and net worth not exceeding rupees Twenty Five Crore shall not be required to comply with the said regulation.

Thus, our company falls under above said criteria and is not required to submit Corporate Governance Report under Regulation-27(2) of SEBI Listing Regulations 2015 (LODR).
</in-capmkt:ReasonForPartAOfAnnexureIOfTheSEBICircularDated31December2024RelatedToComplianceReportOnCorporateGovernanceIsNotApplicableToTheEntity>
  <in-capmkt:WhetherPartBOfAnnexureIOfTheSEBICircularDated31December2024RelatedToInvestorGrievanceRedressalReportIsApplicableToTheEntity contextRef="MainD">true</in-capmkt:WhetherPartBOfAnnexureIOfTheSEBICircularDated31December2024RelatedToInvestorGrievanceRedressalReportIsApplicableToTheEntity>
  <in-capmkt:WhetherPartCOfAnnexureIOfTheSEBICircularDated31December2024RelatedToDisclosureOfAcquisitionOfSharesOrVotingRightsInUnlistedCompaniesIsApplicableToTheEntity contextRef="MainD">false</in-capmkt:WhetherPartCOfAnnexureIOfTheSEBICircularDated31December2024RelatedToDisclosureOfAcquisitionOfSharesOrVotingRightsInUnlistedCompaniesIsApplicableToTheEntity>
  <in-capmkt:ReasonForPartCOfAnnexureIOfTheSEBICircularDated31December2024RelatedToDisclosureOfAcquisitionOfSharesOrVotingRightsInUnlistedCompaniesIsNotApplicableToTheEntity contextRef="MainD">No acquisition of Unlisted Company's  shares during the quarter ended 31ST DECEMBER,2025.</in-capmkt:ReasonForPartCOfAnnexureIOfTheSEBICircularDated31December2024RelatedToDisclosureOfAcquisitionOfSharesOrVotingRightsInUnlistedCompaniesIsNotApplicableToTheEntity>
  <in-capmkt:WhetherPartDOfAnnexureIOfTheSEBICircularDated31December2024RelatedToDisclosureOfImpositionOfFineOrPenaltyIsApplicableToTheEntity contextRef="MainD">false</in-capmkt:WhetherPartDOfAnnexureIOfTheSEBICircularDated31December2024RelatedToDisclosureOfImpositionOfFineOrPenaltyIsApplicableToTheEntity>
  <in-capmkt:ReasonForPartDOfAnnexureIOfTheSEBICircularDated31December2024RelatedToDisclosureOfImpositionOfFineOrPenaltyIsNotApplicableToTheEntity contextRef="MainD">No fine/ penalty imposed during the quarter ended 31ST DECEMBER , 2025 by SEBI or the Stock Exchange.</in-capmkt:ReasonForPartDOfAnnexureIOfTheSEBICircularDated31December2024RelatedToDisclosureOfImpositionOfFineOrPenaltyIsNotApplicableToTheEntity>
  <in-capmkt:WhetherPartEOfAnnexureIOfTheSEBICircularDated31December2024RelatedToDisclosureOfUpdatesToOngoingTaxLitigationsOrDisputesIsApplicableToTheEntity contextRef="MainD">false</in-capmkt:WhetherPartEOfAnnexureIOfTheSEBICircularDated31December2024RelatedToDisclosureOfUpdatesToOngoingTaxLitigationsOrDisputesIsApplicableToTheEntity>
  <in-capmkt:ReasonForPartEOfAnnexureIOfTheSEBICircularDated31December2024RelatedToDisclosureOfUpdatesToOngoingTaxLitigationsOrDisputesIsNotApplicableToTheEntity contextRef="MainD">No ongoing Tax Litigation or disputes applicable during the quarter ended 31ST DECEMBER, 2025.</in-capmkt:ReasonForPartEOfAnnexureIOfTheSEBICircularDated31December2024RelatedToDisclosureOfUpdatesToOngoingTaxLitigationsOrDisputesIsNotApplicableToTheEntity>
  <in-capmkt:IsSCORESIDAvailable contextRef="MainI">true</in-capmkt:IsSCORESIDAvailable>
  <in-capmkt:SCORESRegistrationID contextRef="MainI">i00335</in-capmkt:SCORESRegistrationID>
  <in-capmkt:TypeOfSubmission contextRef="MainI">Original</in-capmkt:TypeOfSubmission>
  <in-capmkt:NoOfInvestorComplaints contextRef="PY_I" unitRef="pure" decimals="0">0</in-capmkt:NoOfInvestorComplaints>
  <in-capmkt:NoOfInvestorComplaintsReceivedDuringThePeriod contextRef="MainD" unitRef="pure" decimals="0">0</in-capmkt:NoOfInvestorComplaintsReceivedDuringThePeriod>
  <in-capmkt:NoOfInvestorComplaintsDisposedOffDuringThePeriod contextRef="MainD" unitRef="pure" decimals="0">0</in-capmkt:NoOfInvestorComplaintsDisposedOffDuringThePeriod>
  <in-capmkt:NoOfInvestorComplaints contextRef="MainI" unitRef="pure" decimals="0">0</in-capmkt:NoOfInvestorComplaints>
  <in-capmkt:NoOfInvestorComplaintsDuringThePeriod contextRef="MainD" unitRef="pure" decimals="0">0</in-capmkt:NoOfInvestorComplaintsDuringThePeriod>
</xbrli:xbrl>