This has been one of my most favorite sweets since childhood. But I knew nothing about it, until I put the question on a food group. Seems, as I suspected, it is related to Mysore Pak. Mahisur being a local pronunciation of Mysore.
The version in the picture is called honeycombed mysore pak, I am sure that is not the local term. Anyone know the local names, please let me know in the comments. It is made of besan (gram flour), same as Mysore Pak. It is the drier, less ghee and oil laden version of the regular pak.
So far, some of the biggest foodies have spotted it, some have had it in South India. But no one seems to know exactly how it is made or where from it gets its gradient color. I am trying to get in touch with guys who make it in Odisha. Will update once I know more, if you do already, let me know.