Yes, you have correctly identified the coin as a Jodhpur rupee i.n.o. Shah Alam II, mint Pali (Dar-al-Mansur), possibly KM#183, 184, or 185. The date is off the flan. As for the marked regnal year of 54, Mughal princely states coins often have erroneous dates, partly due no doubt to semi-literate die makers. I do not see this RY listed in either Krause or Zeno, so it might be an unusual error. Here for reference are a couple of similar rupees with more normal RY 45.
https://www.zeno.ru/showphoto.php?photo=262274
https://www.zeno.ru/showphoto.php?photo=262256