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Heat milk and water in a large pot over low heat until it begins to boil.
Allow the milk to simmer for approximately 20 minutes, or until it has reduced to one-third of its original volume.
Add condensed milk and stir well, cooking for an additional 6-7 minutes.
Next, add sugar and continue cooking until it completely dissolves.
Be sure to stir occasionally to prevent burning.
Turn off the heat and let the thickened milk cool to room temperature.
Peel the orange and separate the segments, removing any seeds and discarding the peel.
While separating the segments, gently squeeze a few to release their juice.
Lightly mix the orange juice and segments into the thickened milk.
Once thoroughly combined, either serve the Komola Kheer at room temperature or chill for an hour before serving.