Here is a way to multiply three matrices elementwise. The solution can be generalized to more than three matrices, or to functions other than multiplication.
from sympy import Matrix, pprint
a = Matrix([[1,2],[3,4]])
b = Matrix([[1,10],[100,1000]])
c = Matrix([[-1,1],[1,-1]])
x = Matrix(2,2, lambda i,j,m1=a,m2=b,m3=c: m1[i,j]*m2[i,j]*m3[i,j])
pprint(a)
pprint(b)
pprint(c)
pprint(x)
For simplicity, this solution is for matrices of shape 2X2, but it could easily be adapted for other sizes (using the shape property)
Here is the output
⎡1 2⎤
⎢ ⎥
⎣3 4⎦
⎡ 1 10 ⎤
⎢ ⎥
⎣100 1000⎦
⎡-1 1 ⎤
⎢ ⎥
⎣1 -1⎦
⎡-1 20 ⎤
⎢ ⎥
⎣300 -4000⎦