Meaning
There is no one or correct “meaning” in hero stone research, a meaning is dependent upon the questions asked, who is asking, what are the motivations of research or inquiry and who is the receiver of this information. Therefore, what I wish to present here is what meanings can be derived from the specific, individual images present on the hero stone.
Some stones, such as the one above have a standardized (with exceptions of course) layout and theme.

The lower level of the Hero-stones illustrate the manner in which the death occurred. There are representations of battles and predatory confrontations and female sati sacrifices. You can see these images here.

The Middle layer illustrates the hero or heroine ascending to the afterlife. This is sometimes carved with the hero being led by apsaras, or angle like women who carry insect wisps emphasizing a comfortable and honorable transition from worldly to afterworld.

The top level of the stone often shows the hero in the afterlife . This can be derived from religious motifs of priests, the Lingam, which is the phallic representation of the god Shiva and Shiva’s animal transportation of the bull Nandi.
Hero Stone References to Consider
Kambe, M.T. "Some Aspects of Hero Stones of Karnataka". Quarterly Journal of the Mythic Society
72:104-112.1981
Natana, Kasinathan Hero-Stones in Tamil Nadu. Arun Publications, Madras.1978
Noble, William A.Nilgiri Dolmens (South India). Anthropos 71:90-128.1976
Rajan, K., South Indian Memorial Stones, Sasirajan Publishers, Thanjavur, Tamil Nadu, 2000
Settar, S., Sontheimer, Gunther D., Ed. Memorial Stones: a study of their Origin Significance and
Variety Manipal: Manipal Power Press, 1982
Weinberger-Thomas, Catherine, Ashes of Immortality Widow-Burning in India. The University of
Chicago Press,
Chicago.1999
Zagarell, Allen "Gender and Social Organization in the Relief’s of the Nilgiri Hills". In Forager-Traders in
South and Southeast Asia, edited by Kathleen D. Morrison, Junker, Laura L., pp. 77-104.
Cambridge University Press, Cambridge.2002