Add in carrots, paneer and sugar and cook on simmer until it starts thickening.
Continue stirring and cooking until all the moisture from carrots and paneer is absorbed.
Add in cardamom powder and almonds and stir to combine.
Transfer the mixture into a greased square baking tray and press it down into an even layer with the back of the spoon.
Top with more almonds and let in set in the refrigerator.
Once set cut out in equal size squares or desired shape.
Store in airtight container and store the leftovers in the refrigerator.
Notes
I used the minimal amount of sugar just to set the kalakand but you can always increase the amount of sugar as per your taste. You may also use condensed milk instead of sugar to set the kalakand.