Pour full-fat milk into a heavy-bottomed pan and bring it to a gentle boil.
Simmer on low heat until the milk reduces slightly and becomes creamy.
Add coconut milk, condensed milk, and sugar, then stir well.
Add cardamom powder and grated coconut, mixing until well combined.
Cook for another 2–3 minutes, then allow the mixture to cool completely.
Pour into kulfi molds and freeze for at least 6 hours or overnight.
Remove from the molds, garnish with toasted coconut flakes, and serve chilled.