Preheat the oven to 350°F. Grease an 8-inch square glass or ceramic baking dish.
In a large saucepan over medium heat, combine the water and rice and bring to a boil. Reduce the heat to low, cover, and simmer for 15 minutes.
Remove the saucepan from the heat and let sit, covered, for 5 minutes.
Stir the sugar and coconut milk into the cooked rice. Transfer the rice mixture into the prepared baking dish, smoothing the top. Bake for 30 minutes, or until the pudding is thick.
Remove from the oven and carefully stir in the almond milk, adding more as needed to thin the pudding to the desired consistency.
Scoop the pudding into serving dishes and sprinkle with toasted coconut. The pudding can be served hot or chilled. It will last up to 4 days refrigerated.