Fine an dandy nothing wrong there ,this style of pegasus ( the India examples ) have a very ` certain ` look to the surface when they are well worn a kind of salt an pepper look i call it where the base color shows through the red /maroon and have a certain smooth silky ? feel to them and the lettering should be clunky and crude with large poor lettering.
A lot of these were made on poor quality machinery and its quite common for each individual badge to vary also to get two together cut of the roll that are different , number of feathers etc. dont pay a lot pal there not that rare.
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kind regards, Michael
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