Blanch almonds. Drain and peel them. Cut six to seven almonds into thin slivers for garnishing.
Soak the remaining almonds and cashewnuts in one cup of hot milk for about half an hour. Grind to a smooth paste. Heat the remaining milk.
After it comes to a boil add the condensed milk and stir. Add the almond-cashewnut paste and cook on medium heat, stirring continuously, for about five minutes or till the mixtures thickens a little.
Remove from heat and add almond essence. Garnish with almond slivers and serve hot or cold.