Pour the milk into a heavy-bottomed saucepan and bring it to a boil over medium heat.
Once boiling, add the sugar, cardamom powder, and saffron, and stir well.
Lower the heat and let the milk simmer for 15–20 minutes, stirring regularly, until it reduces to about half.
In a small bowl, mix a little milk with cornstarch to create a smooth slurry, then add the slurry to the saucepan and stir until fully incorporated.
Continue cooking for another 5–10 minutes, stirring often, until the mixture thickens and develops a slight caramelized flavor. It should coat the back of a spoon.
Remove from heat and chill completely in the refrigerator.
Kulfi Whipped Cream: Combine the cooled kulfi with whipping cream and whip until it reaches medium peaks.