Stir the milk, condensed milk, and dry milk powder together in a large saucepan until boiling.
Add sugar and saffron to the boiling milk, then reduce heat to low.
Stir milk constantly for 10 minutes as it simmers. Remove from heat and allow to cool,then stir in the cashews.
Pour the mixture into kulfi molds or popsicle moulds and freeze until hardened.