The verse-by-verse meaning of this mantra is as follows:
Verse 1 :
Nagendraharaya Trilochanaya
Bhasmangaragaya Maheshwaraya
Nityaya Suddhaya Digambaraya
Tasmai “Na” Karaya Namah Shivaya
~
Meaning :
The One around whom the King of snakes rests as a garland, the One who has three divine eyes,
The One whose body is covered in holy ashes, the One who is All-Powerful
The Eternal One, the Purest One, who wears the vast sky and all directions as
clothes
I seek the blessings of that Lord Shiva, who is expressed in the syllable “Na”
"Na" is also a representation of the Prithvi Tattva, i.e. the earth element.
Verse 2 :
Mandakini Salila Chandana Charchitaya
Nandishwara Pramathanatha Maheswaraya
Mandara Pushpa Bahupushpa Supujitaya
Tasmai “Ma” Karaya Namah Shivaya
~
Meaning :
The One who is revered by the holy Mandakini river, the One whose form is
smeared with fragrant sandal paste,
The Lord of Nandi, and all forms of spirits; whose greatness knows no bounds,
The One adored and caressed by the Mandara and a multitude of other flowers
I seek the blessings of that Lord Shiva, who is expressed in the syllable “Ma”
"Ma" is also a representation of the Jal Tattva, i.e. the water element.
Verse 3 :
Shivaya Gauri Vandanabja Brunda
Suryaya Dakshadhvara Nasakaya
Sri Nilakanthaya Vrshabhadhvajaya
Tasmai “Shi” Karaya namah Shivaya
~
Meaning :
The Auspicious One, radiant like the Sun, the reason that the lotus-like face of
Goddess Parvati blossoms
The One who destroys all evil and shields the good,
The One whose throat is blue and whose emblem is the powerful bull
I seek the blessings of that Lord Shiva, who is expressed in the syllable “Shi”
"Shi" is also a representation of the Agni Tattva, i.e. the water element.
Verse 4 :
Vasishta Kumbhodbhava Gautamarya
Munindra Devarchita Sekharaya
Chandrarka Vaishwanara Lochanaya
Tasmai “Va” Karaya Namah Shivaya
~
Meaning :
The One worshipped by the wisest sages, like Sage Vashisha, Sage Agastya, and Sage Gautama
The Lord of celestial beings, and the Crown of the Universe
The One who has the moon, the sun, and fire as eyes
I seek the blessings of that Lord Shiva, who is expressed in the syllable “Va”
"Va" is also a representation of the Vayu Tattva, i.e. the air element.
Verse 5 :
Yagya Svarupaya Jatadharaya
Pinaka Hastaya Sanatanaya
Divaya Devaya Digambaraya
Tasmai “Ya” Karaya Namah Shivaya
~
Meaning :
The One who is incarnated in Yagna or Holy Fire,
The One with dreadlocks and holds a powerful trident in his hand,
The Divine, the Blazing, the Eternal One,
I seek the blessings of that Lord Shiva, who is expressed in the syllable “Ya”
"Ya" is also a representation of the Akasha Tattva, i.e. sky/space element.