Add paalada and thin coconut milk into a pressure cooker and cook on medium high until one whistle blows. Then reduce heat to lowest and cook for 15 minutes.
Once fully cooked and soft, pour thick coconut milk and sweetened condensed milk. Mix well.
Add cardamom powder. Bring it to a slight boil and turn it off.
Heat ghee in a pan and add cashew nuts. Once the cashew turns golden brown in color, take it off the heat and pour into the payasam.
The payasam is ready. You can serve it warm or cold.