Hell Or Highwater has rallied to win at Caulfield to give the Lindsay Park stable an early two-state double.

Five-year-old Hell Or Highwater's long neck win in the Pegasus Leisure Group Plate, came after classy filly Formality took out the Silver Shadow Stakes at Randwick.

The stable also made it a double at Caulfield with Sullivan Bay taking out the Legacy 2017 Badge Appeal Handicap.

Hell Or Highwater was coming off a last-start win at Flemington and stalked leader Miss It And A Bit before taking over approaching the home turn.

Sea The Sparkle ($4.60) ranged up to challenge under jockey Craig Williams before Hell Or Highwater ($6.50) responded.

"She was really tough," co-trainer David Hayes said.

"I was worried, I must say, but she kicked in really well."

Hell Or Highwater was ridden by apprentice Chris Caserta whose 3kg claim reduced the mare's weight to 59kg.

"She got eye-balled there for a second and Craig did hit the front for a stride or two," Caserta said.

"I put the stick away and went hands and heels and she just picked up another gear and away she went."