mahā-bhūtāni - the gross elements; pañca - five; eva - exactly; bhūḥ - earth; āpaḥ - water; agniḥ - fire; marut - air; nabhaḥ - ether; tat-mātrāṇi - the subtle elements; ca - also; tāvanti - so many; gandha-ādīni - smell and so on (taste, color, touch and sound); matāni - considered; me - by Me.

There are five gross elements, namely earth, water, fire, air and ether. There are also five subtle elements: smell, taste, color, touch and sound.