Put carrots, milk and cardamom pods in a heavy saucepan; bring to a boil over high heat. Reduce heat to medium and cook, uncovered, about 50 minutes, until liquid has been absorbed, stirring occasionally.
Remove cardamom pods.
Heat oil in a large skillet, add carrot mixture and cook, stirring constantly, 10 to15 minutes, until mixture turns a deep red color. Stir in sugar, raisins and half the pistachios.
Cook 1 to 2 minutes more to heat through.
Serve warm sprinkled with remaining pistachios.