The badge is genuine. A PY of that type is pictured in the 1969 edition of F.Wilkinsons ‘Badges of the British Army 1820-1960’ i.e. before the fake flood in the 1970s. Indeed I’m yet to find a spurious cap badge pictured in that edition, most appear to be from a circa WW1 collection.
This type has not been restruck from the original die, quite simply they’re scarce and not seen in the volumes associated with restrikes, none of the usual eBay suspects sell this sort and it’s not in the MM catalogue. Add to that the age, patina, ok slider, quality of strike and metal etc. that’s apparent on your badge, I don’t see anything to cause any doubt.
Keith Hook tells me he has identified 14 OR PY cap badge variations of which this is one and one he has had for a considerable amount of time.
Please by all means send it to me as this is a variation I’d like
