Pour milk into a heavy-bottomed pan, bring it to a boil, then simmer on low heat while stirring and scraping the sides until reduced to half.
Add fresh malai and sugar to the reduced milk, stirring continuously until the sugar dissolves and the mixture thickens further.
Mix in saffron and cardamom powder, then cook briefly until the mixture becomes creamy and aromatic.
Turn off the heat, let the mixture cool, pour into moulds, garnish with chopped nuts, and freeze for 6–8 hours until fully set.
To demold, dip the moulds briefly in warm water, gently remove the kulfi, and serve chilled.