Heat the ghee in a pan on medium. Add cardamom, bay leaf, cinnamon, cloves, and cumin. When the cumin sizzles, add the sliced onion and a pinch of salt. Cook 7 to 8 minutes, stirring, until light gold.
Add ginger-garlic paste. Cook 1 to 2 minutes until the raw smell fades.
Add tomatoes, cashews, and 3/4 teaspoon salt. Cook 8 minutes, covered if needed, until the tomatoes are mushy.
Stir in Kashmiri chili, coriander, and garam masala. Cook 3 minutes on medium-high until the masala smells toasted, not dusty. Discard the bay leaf. Cool 10 minutes.
Blend with 1 cup cold water until very smooth.