Wash the carrots with water and peel them using a vegetable peeler. Now grate the carrots using the medium hole of a box grater.
Add grated carrots and milk to a heavy bottom pan and mix well.
Cook on medium-low heat until all the milk is absorbed (20-25 minutes), stirring frequently.
Once the milk is absorbed and the carrot mixture looks thick, add ghee to the pan and cook for 10-12 minutes, stirring continuously.
Now add sugar and cook for another 4-5 minutes.
Once the sugar is dissolved well, add khoya to the pan and cook for 25-30 minutes or until ghee starts to leave on the sides, stirring at regular intervals.
Add cardamom powder and slivered almonds and pistachios and mix well. Serve hot.