I don't see why not. He had the much larger army who, as individuals were probably better fighters. Babur was an excellent general with a more modern army but his soldiers nearly panicked about the disparity of forces. Sanga's coalition was destined to collapse but defeating Babur seems perfectly reasonable.
If Sanga was a little less traditionalist and some luck then definitely it could have gone the other way. Based on the description of the Battle of Khanwa it appears that Sanga was very predictable and Babur basically got Sanga to attack field fortifications, negating the numbers advantage.