Blanch, peel and grind the almonds into a coarse paste. Mix into half the quantity of milk (unboiled) and set aside.
Pour the remaining milk in a thick bottomed vessel and bring to a boil. Add the sugar and simmer for 5-7 minutes.
Gently pour in the milk with the almond paste, stirring continuously until it comes to a boil. Mix the saffron in 1 tablespoon of warm milk and rub until the milk turns orange. Pour into the payasam just before taking off the flame.
Add the cardamom powder and decorate with pistachio slivers. Serve hot or at room temperature.