Bring milk to a boil in a large heavy bottomed wide vessel over medium heat.
Once the milk starts boiling, reduce the heat to low. Allow the milk to simmer for 12-15 minutes, stirring in intervals of 2 to 3 minutes.
Add 2 tablespoons of sugar at this point and keep stirring constantly.
Caramel Syrup: Place the water and sugar into a heavy bottomed pan or saucepan and bring to the boil. Once the sugar reaches a dark amber colour, remove it from the heat and place the saucepan into a bowl of ice water to prevent the sugar from continuing to cook, remove and allow it to stand for 2 – 3 minutes until it thickens.
Now add the caramel syrup to the boiling milk and stir.
You will see that the milk starts to thicken slowly. This could take anywhere between 50 minutes to an hour.
Turn off the heat once it reduces to less than 2/3 rd of the initial quantity.
Allow to cool down slightly. Add cardamom powder and mix well.
Garnish with the chopped nuts. Ladle into serving bowls and serve warm.
You can even chill and serve it cold.