Preheat the Oven: Start by preheating your oven to 180 °C (350 °F).
Prepare the Caramel: In a saucepan over medium heat, add the sugar and cook until it melts and turns a golden color. Pour this caramel into your flan mold and tilt it around to coat the bottom before it hardens.
Make the Flan Mixture: In a large bowl, whisk together coconut milk, condensed milk, evaporated milk, eggs, and grated coconut until everything is well combined and smooth.
Pour into Mold: Gently pour the flan mixture over your prepared caramel in the mold.
Maria Bath Setup: Cover the mold with aluminum foil and place it in a larger baking tray. Add hot water to the tray until it reaches halfway up the sides of the flan mold.
Bake: Bake in the preheated oven for approximately 1 hour, or until a toothpick inserted in the center comes out clean.
Cool and Unmold: Allow the flan to cool at room temperature, then refrigerate for at least 4 hours or overnight. To unmold, run a knife around the edges and turn it upside down onto a plate.