Mahayogi Shiva is located as you enter the main cave, opposite to the panel of Nataraja at Elephanta . This is an unusual posture of Shiva portrayed as sitting on a lotus flower in meditating attitude. Alternatively this aspect of Shiva is called Yogeshwara (Lord of Yogis).
The lower portion of this image is seriously damaged. The petals of lotus are not easily recognizable, but the stem of the lotus is prominent. On a philosophical ground the lotus springs from the abyss of primeval water. Even one can spot the traces of Nagas (celestial creatures) holding the stem of the lotus.
Though both the arms are damaged, the expansive chest and the head with matted hair is largely undamaged. The sculpture captures the calm and composed expression of a yogi brilliantly. Though partially damaged, the face still retains the aura. The beaded neck ornament and the matted hair that falls gracefully over the shoulders add to charm of the composition.
Above the Mahayogi image on either side are flying celestial attendants and other gods from the Hindu pantheon. On the upper corner to your left is the image of Brahma (the creator god in Hindu trinity) sitting on a swan. Next to Brahma is Indra, the king of Gods, sitting on the elephant called Airawath.
On your right somewhere on the middle on the panel is Vishnu, the preserver god of the trinity, sitting on the eagle Garuda. Though traceable, all the subsidiary images mentioned above are in a badly damaged state.