Cook the khoya and sugar together in a large non-stick kadai on low heat, stirring continuously, till the sugar dissolves and the khoya starts to melt.
Add the liquid glucose and continue to cook, stirring continuously. Add the yellow and orange colour, and mix well. Cook for twenty minutes or till the mixture thickens and begins to leave the sides of the kadai.
Sprinkle the cardamom powder and saffron, and mix well.
Let the mixture cool sufficiently so that you can handle it. Divide into sixteen equal portions and shape each one into a peda. Place a pistachio slice on each peda and press lightly.