Blanch almonds and remove skin. Soak almonds and cashewnuts in 2 cups of hot milk for 30 minutes. Grind to a paste along with milk.
Heat the remaining milk to boil. Add NESTLÉ MILKMAID Sweetened Condensed Milk and the ground almond paste and cook for another 5 minutes with constant stirring.
Remove from fire and add almond essence. Serve hot or cold.