Panchamakara, also known as the Five Ms, is a Tantric term referring to the five substances used in a Tantric practice.
Taboo-breaking elements are only practiced literally by "left-hand path" tantrics (vāmācārins), whereas "right-hand path" tantrics (dakṣiṇācārins) oppose these.(Rawson, 1978).
In the introduction of his translation of the Mahanirvana Tantra, Sir John Woodroffe, under the pseudonym Arthur Avalon, describes the Panchamakara thus.
There are, as already stated, three classes of men: Pashu, Vira and Divya. The operation of the Guna which produce these types affect, on the gross material plane, the animal tendencies; manifesting in the three chief physical functions: eating and drinking, whereby the Annamayakosha is maintained; and sexual intercourse, by which it is reproduced. These functions are the subject of the Panchatattva or Panchamakara ("five Ms"), as they are vulgarly called--viz.: Madya (wine), Mangsa (meat), Matsya (fish), Mudra (parched grain), and Maithuna. In ordinary parlance, Mudra means ritual gestures or positions of the body in worship and Hatha Yoga but as one of the five elements it is parched cereal and is defined as 'Bhrishta-danya dikang yadyad chavya-niyam prachaks-hate, sa mudra kathita devi sarvves-hang naganam-dini'. The Tantras speak of the five elements as Panchatattva, Kuladravya, Kulatattva and certain of the elements have esoteric names, such as Karanavari or Tirtha-vari, for wine, the fifth element being usually called Lata-sadhana (Sadhana with woman or Shakti). The five elements, moreover have various meanings, according as they form part of the Tamasika (Pashvachara), Rajasika (Virachara) or Divya or Sattvika sadhanas respectively.
According to the spiritual leader Prabhat Ranjan Sarkar, also named Shrii Shrii Anandamurti, the five M's have dual meanings, one crude and one subtle.
The Panchamakaras have deep Esoteric meanings in the Dakshinachara or Right-handed path of Tantra.