Panayannarkavu temple is where the Sapta Matas or the Seven Mother Goddesses are worshipped as the presiding power. Chamundi is the most furious of them all. On the premises there is also a Shiva temple.

The major deities of this sacred temple are `Sree Bhadrakali`, `Sree Durga Devi`, and `Maha Ganapathi`. The other deities include `Karinkali Murthy`, `Yekshi Amma`, `Yogeeswaran` and `Brahma Rakshas`. On the south and north to the temple there are deities of `Nagaraja` and `Nagayekshi`.

It is believed that centuries back, a group of brahmins from North Malabar on their way to Thiruvananthapuram happened to take rest at the `Kalari`. They had to attend `Murajapa` at the `Sree Padmanabha Swami`. When they decided to leave the sword which they carried with them could not be taken out from the place where it was laid. The chief priest had an insight that `the Devi` wished to dwell in that place. Therefore the Holy Sword with Devi idol was installed at the place and temple was set up later on. `Sree Chakra` and `Salagrama` are also set up in the Sanctum-Sanctorum.

The festivals celebrated in this festival are: Thiru Ulsavam, Bhagavatha Sapthaha Yanjam, Anpoli, Meena Bharani kettukazcha Samarppanam, Navarathri Vidyarambha and Sarppapooja.

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