Grind together chilli powder, coriander powder, turmeric powder (1/2 tsp), pepper powder, cloves, cinnamon, fenugreek, small onion (3) and garlic with 2-3 tbsp water to a smooth paste.
Add 1/4 turmeric powder and a pinch of salt to coconut bits and fry it. Keep it aside.
Add the ground paste, fried coconut bits, salt and 1.5 cups water to cleaned beef. Mix well using your hands. Pressure cook till it's done (refer notes). Separate the cooked beef from the gravy/stock.
Heat oil in a pan and crackle mustard seeds. Add sliced small onion (2.5 tbsp) and fry till golden brown. Add curry leaves and cooked beef. Mix well and cook for 2-3 mins. Add the reserved gravy gradually, bring to a boil. Reduce flame and cook till till the gravy has thickened and oil starts appearing on top.
Let the curry rests for half an hour or so, for the flavour to settle in.
You can serve it with Puttu, Pathiri, Parotta, Chapathi or even normal Rice and Curry.
Notes
I use Indian beef. After the first whistle on full flame, I reduce the heat to low-medium and cook for 8-10 whistles. Switch off the gas and keep it closed for 15-20 mins or till the pressure drops. The cooking time varies for different types of beef. Adjust your cooking time accordingly. The consistency of the curry is semi dry. But you can adjust the qty of gravy to suit your requirements. Keep in mind that the gravy thickens as it rests, so adjust the consistency accordingly. When I tasted the curry soon after making it, I felt the masala taste a bit overpowering, but when I tasted it after sometime it was ok. However if you dont like strong masala taste, adjust the qty of spices, also after preparing the curry, if you feel masala is a bit high, just add 1/4 - 1/2 cup of thin(diluted) coconut milk to reduce the masala taste.