Heat ghee or butter in a pan. Saute 3/4 cup cashew nuts on low-medium flame till they turn little golden brown in color. Keep stirring cashews or they will burn on one side.
Remove fried cashew nuts in a plate, draining butter or ghee.
In a the same pan, add prepared onion paste. Cook for 5-7 minutes on medium flame or till all the liquid is evaporated. Paste should turn dry.
Add cashew paste, garam masala and cardamom powder to it. Cook it for 2 minutes, stirring constantly or cashew paste will stick to pan and turn brown at the bottom.
Add mawa or khoya to it and mix it thoroughly.
Add 1 cup of water, sugar and salt to taste. Let it boil for 2-3 minutes. To adjust the consistency of gravy, add more water if required.
This is optional: you can add some canned pineapple or cherries to it.
Stir in fried cashew nuts keeping some for garnish. Turn of the gas and add light cream or heavy cream to it.
Garnish it with remaining fried cashews.
Serve hot with Naan, Roti or Kulcha.