Melt ghee in a pan over low-medium heat, then add pistachios and stir until all of the nuts are coated with ghee.
If you are making mithai (carrot fudge), remove the pistachios from the pan and set aside. If you are making halwa (carrot pudding) remove only a few of the pistachios to save for garnish.
Add grated carrots and sauté in ghee for about 10 minutes, then add coconut milk.
Bring the mixture to a boil, then reduce heat to low. Stir often to avoid burning.
After about 20 minutes, add cardamom powder. Mix well and then stir in the honey. Continue stirring until all of the milk has evaporated.
Eat as a pudding or if you are making carrot fudge, spread the pudding mixture onto a greased plate, garnish and let it cool in the fridge. After a couple of hours, cut into squares.