Warm the heavy cream for 30 seconds and add saffron strands. Set aside to infuse the flavor and color.
In a non-stick pan, add ricotta cheese and cook on medium heat for 5–7 minutes, stirring continuously, to remove excess moisture.
Add the saffron-infused cream and stir well.
Cook on low heat, stirring often, until the mixture thickens and begins to leave the sides of the pan, about 10–12 minutes. Note: Do not overcook as the modaks may become dry.
Reduce heat to low. Add powdered sugar and cardamom powder.
Mix until the sugar dissolves completely, and continue cooking just until the mixture thickens into a dough-like consistency.
Stir in ghee and mix well. Turn off the heat and allow the mixture to cool slightly.
Grease modak mold lightly with ghee. Take small portions of the mixture, roll into smooth balls, and press into the mold to shape. Garnish the tips with sliced pistachios.
No Modak mold? Simply roll the mixture into round laddus, or flatten them slightly to make pedas. Add a small dent in the center using the back of a marker or highlighter, then garnish with sliced pistachios.
Continue shaping until all the mixture is used.