Wash the rice and rinse well. Soak in clean water for about 30 minutes to 1 hour.
Later, drain away the water and spread the rice on a paper towel.
Ensuring there is no excess water, grind the rice in a coffee/ spice grinder until the ground rice resembles sooji (rava/ semolina).
Keep the ground rice aside.
Heat the milk in a thick/ heavy bottomed pan. Let it warm and slowly come to a boil on low flame.
In the meantime, take the saffron strands in 2 tablespoons of warm milk in a small bowl and keep it aside.
Take the peeled almonds and thinly slice them for garnish later.
Once the milk comes to a boil, lower the heat and let it simmer for about 10 minutes. Thereafter, add the ground rice and continue to cook. Stir and add sugar after about 5 minutes.
Continue to cook the ground rice in the milk, and do not cover the pan. Also ensure that no lumps are formed while the rice cooks.
After about 10 minutes, add the almonds, cardamom powder and saffron milk.
Mix well and cook for another 5 minutes. By now, the phirni should be thick, cooked well and creamy at the same time.
Pour the phirni in individual ceramic or glass serving bowls. Garnish with sliced almonds/ pistachios (optional).
Cover the bowls well and let cool at room temperature first. Once cool, refrigerate the phirni for about 4 to 6 hours. Serve the phirni chilled.