Soak saffron in 1 tbsp of milk and set aside. Get ready with the mawa/Khoya. Heat a pan with ghee.
Once it melts add in the cashew nuts and fry till golden brown and set aside. In the remining ghee add in the khoya and stir quickly such that it roasts a little in ghee and then add in the milk.
Make sure not to burn the khoya so keep the flame in the lowest. Next cook in a medium flame after adding the milk. Wait till the milk boils and then add in the condensed milk and sugar.
Next add in the soaked saffron and cardamom powder. Mix well and cook in a low flame until the milk slightly reduces and becomes thick and creamy.
Finally add in the ghee roasted cashew nuts and switch off the flame.
Notes
Adjust the sweetness as per your taste. But adding both sugar and condensed milk makes the kheer rich.