To prepare the Phirni, wash and soak rice in water for about 15 minutes. Next, drain water, and spread soaked rice on a metal strainer or dry kitchen towel. Allow the rice to become completely dry. It should not be wet or moist.
Make a coarse powder (you should feel the rice texture) of rice in the blender. DO NOT make a fine powder. Keep aside in a bowl.
Grind almonds and pistachio to a coarse powder. Set aside. You can grind green cardamom as well with them.
Boil milk in a heavy bottomed pan, reduce the heat to low once the milk starts bubbling. Add saffron, cardamom powder, and dry fruits powder. Stir to combine.
Simmer the milk over low heat and stir at regular intervals until milk is reduced to almost half from the original quantity.
Add rice powder. Stir continuously to avoid any lump formation. Cook till rice is soft, mushy, and the texture of phirni is thick.
Once phirni is thick, add sugar and stir to combine nicely. Taste and add more sugar if required. After cooling down, the phirni taste less sweet. Cook for few more minutes for the sugar to dissolve. Turn off the heat.
Let Phirni cool down for some time. Once Phirni has cooled down transfer it into earthenware containers. Keep in the fridge for at least 1 hour before serving.
Serve Phirni chilled garnished with chopped nuts and saffron strands.