Set up before the heat goes on: peda mixture waits for nobody, so measure everything out first, grease a plate lightly with ghee for the finished pedas, and keep the pistachios ready. Sift the milk powder into a bowl so it goes into the pan without lumps.
In a wide, heavy or non-stick pan (off the heat for the moment), whisk together the milk and the condensed milk until smooth. Tip in the milk powder a little at a time, whisking hard after each addition, until you have a thick, lump-free paste. Doing this cold is the whole trick — milk powder stirred into a hot pan clumps in seconds.
Put the pan on the lowest heat and add the ghee. Cook, stirring continuously and scraping the base and sides, for 8 to 10 minutes. The mixture will loosen first, then slowly thicken, darken very slightly and start to come together as one soft mass that leaves the sides of the pan and holds the trail of the spoon.
Stir in the cardamom, the saffron milk if using, and the nutmeg. Cook for 1 to 2 minutes more, then take the pan off the heat. The mixture should be soft and pliable, like a very thick fudge — it firms up as it cools, so stop while it still looks a touch too soft rather than cooking it dry.
Tip the mixture onto the greased plate and leave it until it is cool enough to handle comfortably but still warm — about 10 minutes. If you try to shape it piping hot it will stick to everything; left too long, it turns stiff and cracks.
Grease your palms with a little ghee, pinch off small portions (roughly a tablespoon each) and roll them into smooth balls between your palms. Flatten each ball gently into a disc about 1.5 inches wide and press a shallow dent in the centre with your thumb.
Press a few pistachio slivers into the dent of each peda. Leave the pedas at room temperature for 30 minutes to set and lose their surface gloss before serving or packing them away.