In a wide bottomed pan, heat up the ghee until it has melted. Fry the almonds and cashews until golden brown and then set them aside.
In a separate pot, mix together the sugar and water. Allow this mixture to cook until it forms a one-string sugar syrup. One string means that when you drop the syrup from your teaspoon, it creates a long string and coats the back of the spoon. Allow the syrup to cool.
In a separate bowl, sift the semolina, plain flour and wheat flour together.
Add the flours into the ghee and fry until the flours get a slightly brown colour and are no longer raw. Add in the milk and cook on low heat until it has all combined. Ensure you stir continuously through this process so that the flour does not form lumps.
Now, add in the sugar syrup, vanilla extract and the cardamom-nutmeg powder. Cook this mixture until all the syrup is absorbed and the mixture starts to get thick. Remove from the flame and allow it to cool.
When the malido mixture is cool enough so that you can touch it with your finger, break an egg into the mixture and stir vigorously. Put the mixture back onto a slow flame and once again start mixing until everything is combined and the ghee floats to the top.
Add in 3/4 of the fried nuts that you had kept aside and mix well.
Remove the malido from the heat and transfer into a serving bowl. Garnish it with the rest of the nuts. Serve warm.