Peel and chop 500 grams of ripe peaches into small pieces. Set aside.
In a heavy-bottomed pan, heat 2 tablespoons of ghee on medium flame.
Add the chopped peaches and cook for 5-7 minutes, stirring occasionally, until they become soft and mushy.
Add 150 grams of sugar to the pan and mix well. Cook for another 5 minutes, stirring continuously, until the sugar dissolves and the mixture thickens.
In a separate bowl, mix 100 grams of milk powder with 100 ml of milk to form a smooth paste. Add this paste to the peach mixture and mix well.
Cook the mixture on low flame for 10-12 minutes, stirring continuously, until it thickens and starts leaving the sides of the pan.
In a small pan, heat 1 tablespoon of ghee and roast 50 grams of chopped mixed nuts (cashews, almonds, and pistachios) until golden brown. Add the roasted nuts to the peach halwa and mix well.
Remove the halwa from heat and let it cool for a few minutes. Garnish with a few more chopped nuts and serve warm or chilled.