Bring the coconut milk to a boil in a heavy-bottomed Dutch oven and add the beef cubes.
Cover and simmer on low heat for 40 minutes until the beef is almost tender.
Transfer beef to a bowl and strain the coconut milk over it to keep the meat moist. Clean the pot thoroughly.
Heat ghee in the same pot over medium-low heat. Fry the onions and garlic until light golden, about 5-6 minutes. Remove and set aside.
Add cumin, coriander, cayenne, turmeric, garam masala, cardamom, bay leaves, and cinnamon stick to the remaining ghee.
Fry spices for 1 minute, stirring constantly to prevent burning. (The spices should be fragrant but not dark)
Add the beef cubes (reserve the coconut liquid) and tomato paste. Fry until the mixture turns a rich brown color, 8-10 minutes.
Stir in the yogurt, salt, and fried onions. Cover and simmer for 20 minutes to meld the flavors.
If the curry gets too thick, add the reserved coconut liquid gradually until you reach your desired consistency.
Remove from heat, discard whole spices, garnish with cilantro and serve immediately.
This curry is even better the next day — the flavors really develop overnight. If using a tender cut like sirloin, reduce the coconut milk simmering time to just 15 minutes.
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