Heat a thick bottomed pan and pour the milk into it.
Bring the milk to a boil and stir occasionally to prevent it from sticking to the bottom of the pan.
Add the sugar and continue to boil the milk on low to medium heat until it reduces to half.
Add the grated khoya, chopped pistachios, chopped almonds, saffron strands, and cardamom powder to the reduced milk.
Mix well and cook for another 5 minutes on low heat.
Remove the pan from the heat and let the mixture cool.
Once cooled, pour the kulfi mixture into kulfi molds or any airtight container.
Place the molds/containers in the freezer and let it set for at least 6 hours or overnight.
Remove the kulfi from the molds/containers and serve it chilled.