Add the lukewarm milk, sugar, and active dry yeast to the bowl of a stand mixer fitted with a dough hook. Leave for 5–10 minutes, until the mixture becomes foamy.
Add the flour, salt, beaten egg, and oil. Mix on low speed until the ingredients come together into a dough.
Continue mixing for 10–12 minutes. The dough should become soft and smooth and should pass the windowpane test, meaning a small piece can be gently stretched thin enough for light to pass through without immediately tearing.
Shape the dough into a ball and place it in a lightly greased bowl. Cover with plastic wrap and refrigerate for at least 3 hours, or overnight.
Turn the chilled dough onto a very lightly floured surface. Roll it to approximately ½ inch (1.2cm) thick.
Cut out rounds using a 3¼-inch circle cutter. Use a 1-inch cutter to remove the centers.
Place each doughnut on an individual square of parchment paper and arrange them on a baking sheet with space between each one. Place the doughnut holes on the baking sheet as well.
Gather the scraps, gently press them together, and roll again to make more doughnuts. Alternatively, cut the scraps into small pieces and proof them alongside the doughnuts for bite-sized fried dough snacks.
Cover the doughnuts loosely and let them proof for 35–45 minutes. They should look puffy, and a gentle fingertip press should leave a small indentation that slowly springs back.
While the doughnuts proof, heat the frying oil in a large, heavy-bottomed pot or deep fryer to 350°F (180°C). Place a wire rack over a parchment-lined baking sheet.
Mix the granulated sugar, cinnamon, cardamom, and salt in a shallow bowl.
Test the oil temperature with a small piece of dough before frying the first batch. Gently lower two doughnuts at a time into the hot oil.
Fry for about 3 minutes total, turning halfway through, until both sides are evenly golden brown.
Remove the doughnuts with a slotted spoon and transfer them to the wire rack to drain.
Let each doughnut cool for approximately 30 seconds, then toss it generously in the cinnamon sugar while it is still warm.
Repeat with the remaining doughnuts and doughnut holes. Allow them to cool slightly before serving. These Cinnamon Sugar Doughnuts are best enjoyed on the day they are made.