I recall Julian posted a similar badge belonging to a relative who served in WW2
https://www.britishbadgeforum.com/fo...ad.php?t=77702 (realise there will be a lot of ‘similar’ badges).
May well be mistaken but I think on another thread he showed the back and the pin had a similar look to the pagri style one like yours so I wondered if it was actually the original fixing.
The central device on 15th/19th Hussars badges is a lion and crown so certainly a possibility. Hopefully a cavalry guru and Julian can chip in.