Heat the milk in a thick bottom pan. When the milk begins to boil, add saffron, lower the heat and simmer, stirring, till the milk is reduced by half.
Add the condensed milk, almonds and pistachios and mix well. Cook for three to four minutes, stirring continuously.
Take the pan off the heat and set aside to let the mixture cool.
Add the khoya and mix well. Pour into individual kulfi moulds and place them in the freezer to set.
When well set, demould and serve immediately.