Infuse the saffron:
In a mortar and pestle, crush saffron threads. Add warm milk and let it sit to release its golden color and aroma.
Prepare the milk base:
In a heavy-bottomed kadhai or large saucepan, add full-fat milk. Pour in the saffron-infused milk and stir.
Make the nut-cardamom powder:
Coarsely crush almonds and cashews along with ¼ tsp cardamom seeds using a grinder or mortar. Add this mixture into the milk.
Sweeten and thicken:
Stir in sweetened condensed milk and milk powder. Mix well and cook on medium flame, stirring continuously to prevent burning until it starts thickening.
Add cream:
Once the milk begins to thicken, add fresh cream. Mix and continue to cook until the mixture starts bubbling and is thick enough to coat the back of a spoon.
Cool completely:
Turn off the heat and let the mixture cool down fully at room temperature. Stir again before pouring into molds.
Set the kulfi:
Pour the cooled mixture into kulfi molds or small shot glasses. Cover the tops with foil and insert an ice cream stick in the center. Freeze for at least 3-4 hours or until fully set.
Serve:
To demold, dip the molds in warm water for a few seconds (be careful not to let water enter), then gently roll between your palms and pull the kulfi out by the stick.
Garnish (optional):
Sprinkle slivered almonds, pistachios, and dried rose petals on top before serving for a festive, royal touch.